Once back-to-school shopping is over and the school year kicks off, other expenses can quickly add up. Sports, extracurricular activities, and on-the-go meal prices can unexpectedly impact your expenses. Here are some tips to keep you on track and on budget.
Create a Back-to-School Budget
Determine how much you can afford to spend on sports, groceries, and other necessities throughout the school year and stick to it. Plan for field trips, parties, and teacher gifts ahead of time so they don't throw off your budget later. Involve the whole family in the process to teach budgeting and financial literacy skills that go beyond what they will learn in school. Need help? Use the budget calculator and learn more on our Financial Literacy page.
Plan Meals and Pack Lunches
Planning and preparing meals at home can save you money and be more healthy. Find the weekly sales and coupons offered and start planning meals around what you will be purchasing that week. Planning meals ahead allows you to be more prepared on busy nights, avoid last-minute fast food runs, and ensure your kids are eating nutritious meals. Get the whole family involved to find recipes everyone will enjoy and make the process more fun.
š”Tip: Prepare make-ahead breakfast and dinner options over the weekend so they just need to be reheated on busy days.
Carpool
If your children are in sports or other extracurricular activities, rotate pick-ups and drop-offs with other trusted parents. This helps everyone save time, gas, and wear and tear on your vehicle.
Use Cashback and Loyalty Options
Sign up for loyalty programs where you frequently spend money like gas stations and grocery stores. If where you shop does not offer these, consider looking at alternatives that offer exclusive savings, coupons, or discounts. Accounts like Tyndall First offers 1% cashback* on everyday purchase as well as automatic round-up savings.
Managing expenses during the school year can be less stressful by budgeting, planning ahead, and smart spending. By implementing these strategies, families can manage school-year expenses more effectively and build good financial habits for both parents and children.