Energy Capital Credit Union

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Back to School Savings

Posted on: August 9, 2016

Back to School Savings with ECCU

It’s hard to believe it’s August. The kids are getting ready to head back to school and that means school supplies. According to a recent report from the American Express Spending & Savings Tracker, parents will spend an average of $1,239 on back to school supplies! Technology is largely to blame for this, with more and more students needing (or just wanting) tablets, e-readers, and laptops to aid in their education.

For the large majority of families, these costs will undoubtedly put a strain on their budgets; so, we’ve come up with a few tips on how to save money on back to school supplies.

  • Scour Your Home- You may be surprised how many pens, pencils, notebooks, and other spare office supplies you have hiding in your drawers and closets. Dig in and clean them out! Not only will you likely find many of the items your child needs for the classroom, but you’ll take care of some organizing and de-cluttering while you’re at it!
  • Discount Shop– Dollar stores and discount retailers, such as Big Lots, have amazing deals on not only school supplies, but clothing, shoes, and snacks. Start early and buy what you can, when you can. Another option is to buy in bulk from retailers like Costco or Sam’s Club and get enough for the whole year at a much lower cost. Not sure you will use it all? Partner up with another mom and share the pack of 100 pens!
  • Double Dip with Sales and Coupons– Many stores will offer big sales during the month of August in preparation for back to school. Combine these sales with coupons and you can save BIG! A lot of stores will double your manufacturer coupon and accept competitor’s coupons as well, so make sure you check your store’s coupon policy to maximize your savings.
  • Make Them Work– When all else fails, at least have your child contribute. Have them earn the money you’ll spend on those pricey, specialty back to school items they just “have” to have by doing chores around the house or helping the neighbors with odd jobs such as mowing the lawn or pressure washing. Not only will this teach them the value of a dollar, but it will likely get them to reconsider whether they actually need it or not.
  • Avoid Unreasonable Fees – Hear us out on this one. College kids are just learning how to handle their finances. Keep them reined in with the Energy Capital Credit Union Family First VISA®. You can set spending limits, and make sure they don’t get burdened with interest charges, because their card is linked to yours. When they’re ready, their card can be moved to an individual account. You can find more info here.

We hope these tips help. Have some of your own to share? Let us know on our Facebook page!