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Looking After Savings in this Back to School Season

By: Ellie Burgueño

Back to School season is a time when activities multiply, as the responsibility of taking children from home to school and backward, as well as taking them to their extra-curricular activities, for that it is difficult to avoid stress, particularly when it comes to the initial expense involved in going back to school.

Although education is a right for everyone, many are left behind because of lack of resources to complete a certain level of education. Seeking quality education can sometimes be quite expensive and for those who don’t have the necessary resources, they can suffer stages of high stress during this back to school season.

But, what to do when facing this kind of circumstance? Look after savings.

For parents who have financial struggle as well as for those who don’t, saving is a highly recommended option, since the return to school not only includes the cost of registration, recovery fee, tuition (in the case of private schools, college, and universities) but also in huge expenditure of school supplies.

In this Back to school season, parents face the purchase of supplies (notebooks, journals, pens, color pencils, pencils, and erasers), tennis, uniforms, backpacks, shoes, etc. In addition to those extra expenses that are needed to start a school year and that, of course, translate into the achievements of children over the school year.

Therefore, it is necessary, whatever the economic situation of the parents might be, to always try to look after savings. It’s necessary to understand that spending on school supplies undoubtedly unbalances the family economy, so avoiding an indebtedness that generates an even greater headache is always advisable. To achieve this it is necessary to follow certain tips that we present below:

1.-Reusing or recycling some tools could be very beneficial. It is important that parents have the initiative to recycle materials that were left last year, such as backpacks which, if being of good quality, they last for a long time. It is necessary to check with your child their school tools from the previous year, no doubt you will find scissors, rules, erasers, pens, color pencils and notebooks that you can disarm to join the useful sheets, this activity is ideal to share with your children as you start to create in them a culture of recycling.

2. Saving on school uniforms is another way to save a large amount of money. Buying uniforms to suit your budget is a good idea, but also if you are the parent of more than one child you can reuse the uniforms of your oldest child.

3.- Buy at wholesale price or at a sale price. You can organize with some parents, who look after saving money during Back to School Season, to make community purchases that result in wholesale purchases, which can save everyone’s money or you can even buy online anything that might be more affordable there.

4.- Buy with advantage. Don’t wait until the last moment to buy school supplies, since you will not find good prices and you run the risk of an increase in price tags. If you can’t make advance purchases, wait for discounts.

5.- Stick to a budget. Having already a certain amount for school spending allows you to organize yourself better with purchases and avoid spending more. This may be tedious as parents since you need time to do it, but it is important that you prioritize the results, and knowing your budget will allow you to save money on your purchases.

6.- Quality is better than brand. There are products that may not be of a recognized brand, but they can be of high quality, as well as resistant. Choosing quality instead of a brand will allow you to save much more.

7.- Don’t use your credit card unless it’s necessary or you plan to pay it off before the end of the monthly cycle. Using credit cards unnecessarily can cause you a high debt, however, if you need to use a card, use the one with less interest or with the option of months with no interest.

Begin this Back to School season with a more stable economy which will allow you to enjoy your children’s achievements without having to worry about a high debt and the fear of not being able to pay back. On the other hand, putting these brief tips into practice will help you be a role model for your children on how a culture of recycling, savings, and financial education is which will also benefit them for a lifetime.

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