Back-To-School Tips

 Back-to-School Financial Tips Every Parent Should Know – Brought to you by Aeroquip Credit Union

As summer winds down and the school year approaches, parents are juggling supply lists, schedules, and back-to-school expenses. Backpacks, lunch boxes, new clothes, and classroom supplies can quickly strain your budget. But, with smart strategies and the right financial partner, you can set your family up for academic and financial success.

Here are practical tips from Aeroquip Credit Union to help you confidently manage back-to-school costs:

1. Smart Shopping Starts at Home

• Inventory Check: Before heading to the stores, take stock of last year's supplies. You might be surprised at what you already have!
• Reuse and Repurpose: Notebooks with unused pages, folders in good condition, and gently used backpacks can save you money. Get creative!
• Make it a Family Activity: Turn inventory into a fun scavenger hunt with your kids. This helps them understand the value of what they already own.

2. Create a Back-to-School Budget – and Stick to It!

• Define Spending Limits: Determine how much you'll allocate for clothes, school supplies, electronics, and extracurricular activities.
• Prioritize Needs vs. Wants: Focus on essential items first. "Wants" can be considered if there’s room in your budget.
• Utilize Budgeting Tools: Use budgeting apps or Aeroquip Credit Union's online banking tools to track your spending and stay within your budget.

3. Maximize Sales

• Scout Local Deals: Keep an eye on local store circulars, online promotions, and Aeroquip Credit Union’s website for exclusive back-to-school loan special.
• Early Bird Gets the Worm: Shop early to avoid the last-minute rush and ensure you get the best selection of discounted items.

4. Strategize Clothing Purchases

• Buy a Few Key Outfits: Start the school year with a few essential outfits.
• Spread Out Purchases: As kids grow and their preferences change, staggering clothing purchases throughout the year prevents waste and saves money.
• Consider Mix-and-Match Options: Choose versatile clothing items that can be easily mixed and matched to create multiple outfits, maximizing your wardrobe options.

5. Explore Pre-Owned Tech and Gear

• Refurbished Electronics: Look into certified refurbished laptops, tablets, and calculators. These can offer significant savings without sacrificing performance.
• School Resources: Check with your school to understand required versus optional technology.
• Online Marketplaces: Explore online marketplaces and local classifieds for gently used textbooks, musical instruments, and sports equipment at discounted prices.

 6. Maximize Your Aeroquip Credit Union Membership

• Low-Interest Loans: Aeroquip Credit Union offers personal loans with competitive interest rates to help you manage back-to-school expenses. Talk to one of our financial advisors to see if a personal loan is right for you.
• Youth Savings Accounts: Open a youth savings account for your child to teach them about financial responsibility and saving for their future. Receive a $20 deposit for NEW youth accounts. Deposit must remain in account for 6 months.
• Financial Education Resources: Aeroquip Credit Union provides a variety of free financial education resources to help families make informed decisions about their money. Visit our website or stop by a branch to learn more.

7. Teach Valuable Money Lessons

• Involve Your Kids: Back-to-school season is an excellent opportunity to teach your children about budgeting, saving, and making smart purchasing decisions.
• Set Financial Goals: Help your kids set financial goals for the school year, such as saving for a new gadget or contributing to a class trip.
• Open Communication: Create an open dialogue about money and finances to help your children develop a healthy relationship with money from a young age.

Back-to-school season can be both exciting and overwhelming. By implementing these strategies and leveraging the resources available at Aeroquip Credit Union, you can confidently manage your expenses and set your family up for a successful academic year.

Ready to take control of your back-to-school finances? Visit Aeroquip Credit Union today to explore our financial solutions, open a youth account, or speak with a financial advisor. We're committed to supporting you and your scholars every step of the way! 

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