Who doesn’t like to save money? We all look to spend wisely, particularly during big-spend seasons like back-to-school.
A survey from the National Retail Federation estimated total planned consumer spending on back-to-school and back-to-college items to be $669 and $918 respectively. That’s quite a chunk of change!
As always, OII members are here to help. Below we share some of their best money-saving tips for the new school year and beyond.
Erie Insurance: Save money on back-to-school shopping
- Make a list of needs (not wants) and stick to it
- Recycle what you can from previous years’ supply stock
- Look for sales and coupons
- Buy in bulk for items you’ll need all year long
While some of these might be obvious strategies for your household to adopt, Erie also provide some that are slightly less conventional. Check them out in the post, 11 Ways to Save Money on Back to School Shopping.
State Farm: Popular ways to save for college
Many parents share the same concern: Saving money to help put their kids through college. Luckily, there are options.
- 529 Plans: These allow you or a family member to open an account intended for future higher education expenses.
- Coverdell Education Savings Account: ESAs are trusts that allow your family to contribute funds for future educational costs.
Additional information to consider as you compare college savings account options can be found in State Farm’s post, Funding Your Child’s College Education.
Central Insurance Companies: Free money opportunities for post-secondary education
Scholarships provide financial relief to your family and lessen the growth of student loan debt. For those considering a career in insurance, Central shares three organizations that offer scholarship opportunities:
Learn more in Central’s post, Who Doesn’t Love “Free” Money? and be sure to take a look at the Ohio Board of Regents free resource, Scholarships That Work: Furthering Your Future in the Insurance Industry.
USAA: Smart savings for college students
Help your college student better manage their finances with knowledge that will have them and their bank accounts saying “thank you!”
- Avoid carrying a balance on your credit cards
- Keep a balance in your bank account
- Work if you can to build up funds and experience for your resume
Additional information and tips for a strong financial foundation can be found in USAA’s post, 4 smart money moves for college students.
Nationwide Insurance: Everyday apps for everyday savings
Routine errand runs can quickly affect your bank account—Even small purchases can add up to big spending!
- Grocery stores
- Gas pumps
For app specifics and how to use them, see Nationwide’s post, “Top Apps to Save You Money for Your Daily Routine.”
Posted: September 8, 2014