Back to School Money Tips: Lessons for the Whole Family

Back to School Money Tips: Lessons for the Whole Family

A new school year brings plenty of excitement-new teachers, new routines, and, of course, a new list of school supplies. For many families, getting ready for the first day of school also means taking a closer look at the household budget.

From notebooks and backpacks to new clothes, shoes, and technology, back-to-school expenses can add up quickly, which makes back-to-school season a great time to talk about more than pencils and notebooks. It's also an opportunity to talk as a family about budgeting, saving, and building smart financial habits.

Make a Back-to-School Budget

Before heading to the store, start with your school's supply list and decide how much you plan to spend. Take inventory at home, too. Last year's scissors, folders, calculators, or backpacks may still have plenty of life left in them.

Then compare prices and look for sales before making a purchase. Even small savings across several items can make a difference.

This can also be a valuable lesson for kids. Give them part of the list and a set budget, then let them help compare prices. It's a simple, real-world way to demonstrate the difference between needs and wants-and how everyday choices affect a budget.

Keep an Eye on Spending with Digital Banking

Between school supplies, activity fees, lunches, clothing, and everything else that comes with a busy school year, expenses can be easy to lose track of.

EVB Digital Banking can make managing your money more convenient by giving you access to monitor and maintain your accounts. Checking your finances regularly can help you stay aware of spending and adjust before small purchases turn into a much bigger monthly total.

As schedules fill up with practices, meetings, and school activities, having convenient access to your banking can make one part of the back-to-school routine a little easier.

Turn Back-to-School Shopping into a Savings Lesson

Back-to-school season is also an ideal opportunity to help young savers build good financial habits.

At Elkhorn Valley Bank, our Little Eagles Savings Account can help families begin conversations about saving and responsible money habits at an early age. Whether children are saving birthday money, earnings from chores or part of a gift, watching their savings grow can help turn an abstract financial lesson into something they can see and understand.

Start the School Year with a Financial Goal

As students set goals for grades, sports, and activities, consider setting a family financial goal, too. The goal doesn't have to be big. What matters is building the habit.

Your family might decide to set aside money each month for upcoming school activities, begin saving for a future expense, or help your child work toward a savings goal of their own. Whatever the goal, checking in on your progress together can help make saving a regular family habit.

A new school year is a fresh start-and not just in the classroom. With a little planning, digital tools, and age-appropriate conversations about saving, families can use back-to-school season to build financial skills that last well beyond the final bell.

Ready to make saving part of your family's back-to-school routine?

Talk with our team at Elkhorn Valley Bank to learn how we can help your family build smart financial habits for the future.