INDUSTRY INSIGHT
BUDGET TIPS
SPONSORED CONTENT
Back to School
Budget Tips –
How to Save
for Year-Round
Spending
I
f you’re like most people you probably have a rough idea of your monthly
budget. It might not be a perfectly laid-out plan on a spreadsheet with
columns, but you likely have an idea of how much money you spend on basic
living expenses from month to month. Back-to-school time can certainly have
an impact on those expenses. But with a little year-round planning, you can be
sure that you aren’t caught by surprise when these extra expenses come due.
Here are some tips to help you get through the season hopefully with money still
in the bank!
ENJOY A
BETTER LIFE,
WE’LL HELP
YOU GET THERE!
201 Beram Ave. | Bridgeville, PA 15017
Phone: 412-221-6660 | www.visionaryfcu.org
1. Putting extra aside for the extras – If you have kids enrolled in a lot of
activities, those activities likely come with a price tag attached. Money may
be needed for new uniforms, new equipment, and new footwear. If you
factor these costs into your monthly budget, these costs are easier to
manage. If money is tight, talk to your child about possibly limiting extra
activities to one per semester. Or even better, if your child has a part
time job, talk to him/her about pitching in to help cover the costs. This way
children will be contributing and have a better understanding of the costs
surrounding these expenses.
2. Know before you go – Parents with kids in grades K through 12 can expect to
spend $684.79 per child. College and graduate students can expect to spend
$984.72 per child.
3. Shop around the house – The best way to save may be not to spend at all;
you may already have on hand some of the things on your shopping list. Look
around your house before you shop.
4. Have a Neighborhood Shop – Coordinate with your friends and neighbors
and host a “supply swap” before you head out shopping. You’d be surprised
how much money you can save when you give up the extra 10 folders your
child won’t use and get a cool backpack for them to use from someone else
who doesn’t need it.
5. Skip the new clothes shopping until after school starts – Consumer
Reports recently stated that the best time to shop for a new wardrobe for
your kids is in September, after the big clothes buying rush is over.
6. Use Payroll Deduction to your advantage throughout the year – Typically
you can set up an automated saving plan directly through your payroll.
Instead of having your entire paycheck go to one bank account, it can
automatically go into two or more different bank accounts. A tip to avoid
accessing the second bank account is to use an account that you do not have
a debit card for. Therefore, you aren’t tempted to take money from the
account.
Keep in mind that the key to financial success is being aware of how you’re
spending your money and cutting out the bad habits. It’s never too late to start a
new good money savings habit!
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 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 2018
CHARTIERS
VALLEY
❘ SUMMER
13