INDUSTRY INSIGHT
SAVING MONEY
SPONSORED CONTENT
Back-to-School Savings Tips
Can you believe that it’ s that time of year again? Preparing to send our children back to school can be a very stressful time. To our kids, shopping for new clothes and school supplies might be the only happy thing about going back to the classroom. But spending a fortune doesn’ t have to be a reality. Here are eight great ideas for how to maximize your dollar, while still being able to get everything that you need.
And don’ t forget to ask your friends to invite you to Facebook groups like Kidz Steals and Deals, which provide sales notifications, recalls and links to coupons. n Use credit wisely – Pay with cash if possible. Try layaway if you need time to save up for purchases. If you have to use credit, limit purchases to items you can pay off in 90 days. If you have more than one credit card, use the card with the lowest interest rate to minimize the amount you’ ll have to pay back. Remember, using a credit card is like taking out a short-term loan. n Set a budget and stick to it – Check how much money was spent last year and attempt to spend around the same amount or less. This will also help teach your child how to budget and to get what is necessary before purchasing the“ wants.” n Ask the family to pitch in – Ask family members to purchase sporting equipment, lessons or uniforms as birthday or holiday gifts. n Start a back-to-school savings account – Putting a little bit of money away every month is a lot easier than coming up with a large amount all at one time. If you start saving for back-to-school shopping in January by putting away $ 50 each month, you’ ll have $ 350 saved by the time August rolls around. Your local community credit union is a great place to save those dollars!
Going back to school can be a stressful and exciting time for both our children and ourselves. Hopefully, if you follow these tips, backto-school time will be a little less stressful, you’ ll have extra money in your pocket, and maybe, just maybe, you’ ll even have a little fun this year! n Take an inventory of school necessities – If you missed spring cleaning, this is a good time to pull out your child’ s clothing, shoes and supplies for an inventory of what’ s still usable. Have the kids try on clothes and shoes to see if they still fit. Consider donating clothes that no longer fit to Goodwill or the Salvation Army. Be sure to get a receipt, since the items could be applied to your personal income taxes as charitable contributions. n Raid the home office – Let your kids raid the home office for supplies and personalize them in unique ways, like decorating an inexpensive pen or plain binder with pictures or stickers. n End-of-Summer Sales – It’ s a great time to shop end-of-summer sales to stock up on discounted clothing that can be worn throughout the year. Short-sleeve shirts aren’ t just for the summer! n Social Savings – Look for advance sales notices and exclusive coupon links from your favorite stores on Facebook and Twitter.
This Industry Insight was written by Wendy Kingsland. Wendy Kingsland is the CEO of Visionary FCU in Bridgeville. Prior to joining Visionary in 2011, she was employed by Clearview FCU from 1991-2011. Kingsland currently serves as Vice President of South West Communities Chamber of Commerce. She is active in the Pittsburgh Chapter of Credit Unions, serving as a board member since 1991 and currently serving as Treasurer. She also serves as a Director for the Pennsylvania Credit Union Association.
Chartiers Valley | Fall 2016 | icmags. com 9