The school year can be an expensive time, especially if you have more than one child. Luckily, there are ways to save for not only the expenses that come up during the current school year, but for years to come. By preparing for long- and short-term educational expenses, you will be in a better place financially when the time comes to cover costs, according to Deidre Davis, chief marketing officer for Michigan State University Federal Credit Union.
- Savings accounts
- “MSUFCU offers Sweet Pea, Dollar Dog and Cha-Ching! accounts for children ages newborn to 17, helping your children begin learning the importance of saving at any age,” Davis said. “Parents can also open savings accounts or create sub-savings accounts designated for school-related expenses. Certificates or IMMAs could also be useful for long-term saving, as they will enable you to earn higher dividends than a normal savings account.”
- Lansing SAVE
- MSUFCU has partnered with the Lansing School District and the City of Lansing for the Student Accounts Valuing Education (SAVE) program, which helps families save for their child’s future education
- “Kindergarten students in select schools within the Lansing School District will have special savings accounts opened in their names, with an initial $5 deposited,” Davis said. “The program will focus on teaching children and their families the importance of saving, as well as begin savings accounts for college or career-training expenses.”
A few ways Davis suggested to save money this school year and beyond are to:
- Stock up on items you’ll need throughout the year
- Making bulk purchases can often save you money per item
- It will also prevent extra trips to the store, allowing you to save money on gas
- Pack lunches for less expensive (and often healthier) meals than in the cafeteria
- Individual ingredients will last longer and will provide more meal options in the long run
- Start saving for college
- The earlier you start saving, the better off your child will be
- “Having something saved for when he or she begins college will help prevent you and/or your child from taking out significant loans, which means less to pay after graduation,” Davis said. “You’ll also earn dividends on your savings throughout the years.”