How Illinois Parents Can Save More Money This School Year

As families struggle with lingering inflation, they are facing another hurdle: how to cover the costs of their kids’ back-to-school expenses this year. It happens every year, but there may be some new money saving tactics along with tried and true personal finance strategies this year.

One way to prepare for what’s to come is heading to a local Currency Exchange to take care of any outstanding financial tasks and make sure your money is in order. There are several reasons this routine outing helps parents with their back-to-school budget:

• Prepaid debit cards help teens budget for lunch and other education expenses
• Auto licensing services for reliable transportation to and from school
• Check cashing and direct deposit services to make sure you get your money ASAP
• Electronic bill payment so families can avoid late fees on their bills

Contemplating another year of school spending may feel overwhelming at first. But creating a comprehensive approach for dealing with education expenses – as well as other spending needs – will put the whole family on a better path this year. Take these five key steps to make sure you get just what you need without overspending during the school year.

Step 1: What Are Schools Asking You to Pay for This Year?

The first challenge parents face as summer wanes is figuring out just what the schools are asking them to purchase for the coming year.

• Crayons, pens and pencils
• Scissors
• Gym uniforms
• Dry erase and regular markers
• Paper and pocket folders
• Composition notebooks
• Earbuds
• Tissues and hand sanitizers

As kids get older, bigger expenses can include electronic devices and expensive textbooks. But these are only the initial expenses. As you budget for the year, there will be field trips, performances, extracurriculars and dances. Getting a bit more clarity on what to expect in three or six months will help you determine what you may be spending on average each month throughout the school year.

Step 2: Determine the Must-Haves and Eliminate Unnecessary School Expenses

Parents who buy everything on the classroom list may soon discover some of those expenditures were unnecessary. There may be boxes of Kleenex in the classrooms already. And if your child is expected to jot math equations on a dry erase board, the classroom will no doubt provide the means to do that. With a saving mentality as your guide, you will be ready to purchase the lowest hanging fruit. These are the items you know your child will need, are best purchased new, and aren’t already in a drawer somewhere at home.

Then hold off on the items you’re unsure about, and revisit your school budget instead.

Step 3: Create a Comprehensive School Spending Budget for Your Household

Once you have all the pertinent information for each child you will be ready to create a household education spending budget. This can be separate from your routine household budget, which is also a necessity this time of year. With two lists outlining where your household funds will be going, you will have a clear sense of what kind of money remains for school-related expenses. This process also enables parents to trim a few dollars here and there if necessary so that their more important priorities are also leading the way.

Step 4: Shop for School Supplies at Low-Cost Stores – and Take Advantage of Back-to-School Sales

One mistake worth avoiding is over-spending on supplies when cheaper options are available. There are many low-cost options when it comes to educational spending. Find out where the most economical stores are (and beware of online sales that may trick you into buying low quality products). Here is just one list of suggestions that can help parents do a little research before they head out the door.

Timing can also be an important factor when it comes to saving on school expenses. When and where are the best back-to-school sales taking place near you? With a little advance planning you can schedule out the best shopping days and keep more hard-earned cash in your pocket.

Step 5: Get Your Money in Order at CCEA Currency Exchanges Throughout Illinois

Currency Exchanges throughout Illinois and elsewhere in the Midwest can be a godsend for parents trying to keep all aspects of their finances on track. While cashing your check, renewing your license plate stickers or loading up your prepaid debit cards, be sure to find out what else you can take care of so you get as much done as possible in a single outing.

Check us out online or stop by your nearest CCEA location to find out more about our many time-saving auto and financial services!