As students brace themselves to say goodbye to their summer freedom and head back to school, parents brace themselves to say goodbye to their paycheck.

The back-to-school shopping season is the second largest seasonal shopping period of the year in terms of consumer spending. This summer, it’s predicted that parents will spend more than last year on back to school expenses. On average, parents are expected to spend approximately $917 per child, with freshmen parents spending more than $1,300 per child. No surprise – most of these purchase will be on tech related items.

We all want our kids to have the best crayons and be “best-prepared” for the next grade but wow – depending on the number of kids you have, that can put a pinch on your family budget! So how can you save a little money on those back to school expenses? Consider these tips:

1. Take inventory – You might already have plenty of school supplies around your house – left over from last year. Clean out drawers and gather them in a central location. Compare to your school supplies shopping list to see what you already have on hand, so you avoid buying duplicates.
2. Set limits – Your kids may want the latest and greatest trends but those generally cost more. Use this as a learning experience to teach your kids how much more you can get, by avoiding the trends and name-brands.
3. Hit up the dollar store – you can find amazing bargains on school supplies at the dollar store. Buy what you can there and save money!
4. Buy on the tax holiday – This is when you can buy items such as clothing and school supplies, without paying sales tax. Texas Sales Tax Holiday is August 5 – 7, 2016. Click here to learn more.
5. Use cash instead of credit cards –don’t be tempted to pull out that credit card to pay for all those school supplies because over spending is way too easy! Save money with a Back-to-School Loan from Members Trust. With affordable rates and convenient repayment terms, we can help you set a budget and establish an affordable monthly payment, to keep your spending under control. Contact us today to see how we can help or start your application today!

If you’ve got questions, contact us today!