With a new school year comes many expenses, from homecoming and football games to new clothes, school supplies and field trips, especially if you have more than one child. Don’t worry, Deidre Davis, chief Marketing officer for Michigan State University Federal Credit Union, has some ways to help you budget so those school expenses don’t hit your savings account inopportunely.
- Savings accounts
“MSUFCU members can create up to 10 sub-savings accounts within each account they have at the credit union,” said Davis. “Try saving a small amount each month to put toward school expenses throughout the year.”
- Youth accounts
Get your children involved,” Davis said. “Help them set up their very own savings accounts and have them help pay for the events they want to participate in at school. If they have a dance coming up, have your child contribute $20 to the outfit that they want, or have them pay for their own dinner out with friends before the dance. This will help teach them about budgeting and saving, while also saving the money in your wallet.”
If your children are younger, Davis noted that you can open them a Sweet Pea account and put money into it once a month. When your child gets older and needs money for school field trips or the sports they want to play, you already have a small savings nest to draw from.
Davis offered these suggestions as a few ways to budget for school expenses:
- “Lay out events you know will be coming up at the beginning of the school year,” she said. “Check with your child’s teacher to learn about field trips and check the school calendar for dates of upcoming dances and games.”
- This will allow you to know when you need some extra cash and can plan accordingly to save enough for when those times come around.
- Determine how much you want to spend.
- “Set a price point for each child and for each event,” Davis said. “Maybe you are willing to help your children by giving them $100 for each dance and $20 for each field trip. Then, let them know your budget and help them create their own. If they want extra money to buy a souvenir on their field trip, help them see how much they will be spending and how that extra money might come out of another event, like the school dance at the end of the year.”
- Find ways to save money elsewhere.
- School is a busy and expensive time between all of the sports games, dances, and fieldtrips. You can save money in other ways:
- Pack school lunches. Individual ingredients will last longer and will provide more meal options in the long run.
- Shop deals at stores, and make sure you go with a list. Decide which items you will need and how much you’re willing to spend in each category, e.g., school supplies, new clothes, dresses/suits for dances, etc.
- If you drive your children to school, try carpooling with friends or family. If your kids have friends that live down the street, offer to carpool with their parents and split the gas money. This will save you both money and cut down on environmental emissions.
- School is a busy and expensive time between all of the sports games, dances, and fieldtrips. You can save money in other ways: