OII Member Spotlight: Back-to-School Money Savers

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.Piggy bank with a graduation cap with dollar bill

Erie Insurance: Save money on back-to-school shopping

Big savings can be achieved in small ways. Last month, our friends at Erie Insurance (@Erie_Insurance) shared 11 money saving tips, including:

  • 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.

State Farm (@StateFarm) suggests speaking with a financial advisor about opportunities your family can take advantage of now to put money away future education, including:

  • 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

Central Insurance Companies (@Central_Ins) shares this shocking stat from the Consumer Financial Protection Bureau: “40 million Americans collectively owe $1.2 trillion in student loan debt.”

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!”

USAA (@USAA) shares a number of tips on how to better manage money through the college years and into post-graduate life. To help offset expenses and save to pay off loan debts USAA’s tips include:

  • 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!

Nationwide Insurance (@Nationwide) shares apps that will help you spot savings opportunities as you go about your regular shopping routine. Featured apps address savings at:

  • Grocery stores
  • Gas pumps
  • Restaurants
  • Pharmacies

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