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Jenny B.

Jenny's Blog

Learn about important financial topics from SEFCU's Manager of Member Education.

Back to school planning

Posted by Jenny at 8/21/2014 9:29:59 AM

Every school year parents feel blindsided by the out-of-pocket expenses that spring up when they are least expecting it. The field trips, science projects, dances, school supplies, and not to mention sports are so unpredictable many people dread their back to school financial situation. If you think you might find yourself in this predicament the following tips can help.

Tip #1
Check with the teachers to find out what kinds of projects and field trips they have built into their lesson plans. This will help you to gauge how much money you will need to shell out to make sure your child is able to participate and excel. You can also check the school calendar to find out when they are planning dances, bake sales, etc.

Tip #2
Create a budget that involves the whole family so everyone is on the same page.  Make sure you add a category for school expenses so that your children know you are saving a portion of every paycheck to pay for these items. This will help them to understand that saving for future expected and unexpected expenses is key to being financially healthy. To help you categorize your savings you can create a separate account using SEFCU's Owner's Choice savings accounts.

Tip #3
Have your children set aside a portion of their allowance to help you fund your "school savings" account. If your child does not receive an allowance then you can always come up with creative ways for them to earn money around the house or by doing chores for neighbors. This is a great way to teach them that money has to be earned.

If you would like to learn more about setting up savings accounts for your children or adding Owner’s Choice accounts to an existing account, visit a branch or contact the Member Solutions Center at 800-727-3328.