Back to School Budgeting: Managing Expenses for the New Academic Year

As the new school year approaches, families face the challenge of managing expenses from school supplies to new clothes. At Waterfront, we understand that back-to-school season can be both exciting and financially overwhelming. Here's your guide to navigating these expenses without breaking the bank, and how your credit union can help you manage more efficiently.

• Create a Budget. Start by listing all the anticipated school-related expenses. This includes not just supplies and clothing, but also additional costs like lunch money, extracurricular fees, and transportation. Once you have a comprehensive list, set a realistic budget for each category.
• Shop Smart. Take advantage of back-to-school sales and compare prices online and in-store to ensure you're getting the best deals. Don't shy away from using coupons, discounts, or loyalty programs that can significantly cut costs.
• Reuse and Recycle. Before buying new items, check what you already have from last year. Often, supplies like binders and backpacks can be reused. This not only saves money but also helps reduce waste.
• Plan for Bigger Expenses. If your child is participating in activities that require uniforms or specific gear (like sports or band), consider these costs well in advance. Setting aside money gradually can prevent these larger expenses from causing financial stress.
• Use Waterfront’s Classic Visa®. For many school expenses, from books to uniforms, having a reliable credit card is essential. Waterfront’s Classic Visa® offers a low, FIXED rate of 9.90% APR* for EVERYONE, making it a dependable and affordable option for your educational purchases. It's a great way to manage cash flow and spread out payments over time without facing high interest charges.
• Consider a Personal Loan. If you’re facing significant upfront school expenses, a personal loan from Waterfront can be a sensible option. With competitive rates, taking out a personal loan can help you cover costs without dipping into emergency savings or racking up high-interest debt on other credit cards.
• Track Your Spending. Keep an eye on your spending throughout the school year. Apps and digital tools can help you monitor where your money goes and adjust your budget as needed. Waterfront offers online banking solutions that make tracking your spending straightforward and accessible.
• Involve Your Kids. Use back-to-school shopping as an opportunity to teach your children about budgeting and money management. Give them a small budget for their supplies and guide them on how to make choices within that limit.
• Save Early for Next Year. Once this school year is underway, start setting aside a small amount each month for next year’s expenses. This early planning can ease the financial burden when back-to-school rolls around again.

Managing back-to-school expenses doesn't have to be a stressful ordeal. With a bit of planning, smart use of resources, and help from your credit union’s offerings, you can tackle the academic year without compromising your financial health. Stop by or contact us today to explore how we our products and services can help you budget better this back-to-school season.

*On approved credit. Some restrictions may apply. Contact us for any changes that may have occurred since the effective date of 4/1/2020 at 800.423.1071. Click here for our Visa Credit Card Disclosure document. APR = Annual Percentage Rate.