Surviving the School Year

So many of our followers are preparing for the school year, so we wanted to give you a few tips to help you find and maintain your financial breakthrough. This series was created for both parent and student (of all ages) so share and tag someone who would benefit for these helpful tips.

TIP #1: Create & Stick to Your Budget!

This first tip is probably the hardest and it’s because life always happens and things always come up. As a single parent, with one student in college, I can attest that those times when I have exceed my budget, it was because of improper planning. Trust me, this can be avoided by creating a budget and sticking to it.

📙PARENTS: make a list of what your child(ren) needs for school and make a realistic budget. If you decide that $100/month is what you’re spending on school lunch, stick to that budget for the month. Same is true with school supplies, clothes and even school projects.

📚STUDENTS: when you get money, from parent, grandparents, grants, loans, jobs, etc. budget out how you’re going to spend it and how much you will save. Budget for everything! If you get in the habit of saving 20% of everything you get, you’ll have an emergency fund.

TIP #2: Look for FREE stuff!

School supplies and school uniforms can be expensive so looking for ways to save here will keep you on track.

📙PARENTS: Check with local churches and community organizations for back-to-school drives. Another way to save money is to inquire in your neighborhood groups for gently used uniforms and supplies.

📚STUDENTS: Textbooks are EXPENSIVE!! Try and save money by renting books instead of buying them. Another great way to save money is applying for grants and scholarships that can go towards tuition and/or books. Any savings in one area can help you have money for another area.

TIP #3: Buy only what you need (right now)!

I am President of “Team Extra” of “Team Too Much, Incorporated” soI know a thing or two about going overboard on school supplies, school clothes, backpacks, lunch boxes, school projects, etc. THIS is where the Budget Battle is lost every year! But not this year…this is the year WE stay on track!

📙PARENTS: You’ve made your list, created your budget & found free items, so now you just need to break up the remaining items into tiers. Whatever is needed the first 3 months of school, that’s Tier 1. Fall/Winter clothes can wait until Tier 2.

📚STUDENTS: Look at your course syllabus and budget for any projects, field trips, school fees based on deadline. If it’s not due until second semester, you now have time to plan for it by adding it to your budget. If you save $20/week starting now, you’ll have $360 saved by Christmas.

TIP #4: Finish Strong!

The best way to save money is to stop spending it over and over.