5 Back to School Savings Tips
July 19, 2024
Whether you’re a parent managing back-to-school expenses or a student learning to budget, TVFCU is here to support you. From special savings accounts to low-interest loans and budgeting tools, we offer practical resources to help you save on school supplies, tuition, and more. The back-to-school season can be financially stressful, but with a bit of planning and smart saving strategies, you can manage expenses effectively. Here are some tips to help you navigate this busy time without breaking the bank.
1. Create a Budget
Start by making a comprehensive list of all expected expenses, including school supplies, clothing, tuition, and extracurricular activities. By setting a clear budget, you can prioritize spending and avoid unnecessary purchases. TVFCU offers tools within YOUR$, that can help both parents and students create effective financial plans for the school year.
2. Take Advantage of Tax-Free Weekends
In states like Tennessee, tax-free weekends provide an excellent opportunity to purchase school supplies, clothing, and even some electronics without paying sales tax. This year, Tennessee’s traditional sales tax holiday on clothing, school supplies and computers begins at 12:01 a.m. on Friday, July 26, 2024, and ends at 11:59 p.m. on Sunday, July 28, 2024. Planning ahead for this weekend can lead to significant savings, especially for larger families or those with higher priced items on their list.
3. Shop Smart for School Supplies
Look for sales, use coupons, and consider buying in bulk for items like pens, notebooks, and other essentials. Many stores offer price matching, so don’t hesitate to compare prices and ask for the best deal. Additionally, check out local dollar stores for basic supplies at a fraction of the cost.
4. Utilize Student Discounts
Many retailers and service providers offer discounts for students. Make sure to carry your student ID and inquire about any potential savings wherever you shop. This can apply to clothing, tech gadgets, and even entertainment.
5. Plan for Long-Term Expenses
For larger expenses such as tuition or technology, consider opening a special Youth Savings Account with TVFCU. These accounts often come with competitive dividends on the entire balance, encouraging young savers to build their funds over time. Additionally, Educational Loans offer low-interest rates to help cover significant educational expenses without causing financial strain. By taking advantage of these tips and resources, you can make the back-to-school season less stressful.
Here’s to a successful and financially savvy school year!