Smart Financial Moves for Back-to-School Season

Aug 16, 2025 | 2 Minute Read

Smart Financial Moves for Back-to-School Season

The back-to-school season is an exciting time for families, but it can also bring significant financial strain. From school supplies and clothing to tuition and extracurricular activities, expenses add up quickly.

Planning ahead and using smart financial strategies like family budgeting can help families in Central Massachusetts manage school expenses effectively.

Creating a Family Budget for School Expenses

Establishing a budget ensures that all necessary costs are accounted for while avoiding unnecessary financial stress. Consider the following when planning for back-to-school expenses:

  • School Supplies: Make a list of required items and look for discounts or bulk deals.
  • Clothing and Footwear: Take advantage of seasonal sales and tax-free shopping days.
  • Technology Needs: If purchasing laptops, tablets, or calculators, compare prices and explore refurbished options.
  • Extracurricular Activities: Factor in costs for sports, clubs, and other after-school programs.

Using Deposit Accounts to Stay Organized

Having designated savings for school-related expenses can ease financial planning and prevent last-minute scrambles. North Brookfield Savings Bank offers various deposit accounts to help families set aside funds for back-to-school costs. Consider:

  • Dedicated Savings Accounts: Open a separate savings account for school expenses to track contributions and withdrawals easily.
  • Automated Transfers: Set up recurring automatic transfers to a savings account to build funds gradually over the year.
  • High-Yield Savings Options: Explore accounts that offer competitive interest rates to maximize savings.

Tracking & Managing Expenses Efficiently

Effective expense tracking ensures that spending stays within budget while allowing families to identify areas for potential savings. North Brookfield Savings Bank provides tools to help with financial oversight, including:

  • Online and Mobile Banking: Monitor transactions, set up alerts, and manage funds from anywhere.
  • Bill Pay Services: Automate recurring payments to ensure timely tuition or activity fee payments.
  • eStatements & eLoan Bills: Receive your monthly North Brookfield Savings Bank account statements electronically. eStatements are a free, secure, convenient and easy way to receive your monthly statements.

Planning for College Expenses Early

For families with college-bound students, early financial planning is essential. Establishing a savings strategy can ease the burden of tuition, housing, and other educational costs. Consider these options:

  • 529 College Savings Plans: Start college planning by investing in a tax-advantaged account dedicated to future education expenses.
  • Custodial Accounts: Open an account to save and invest on behalf of a minor for future educational use.
  • Scholarship and Grant Research: Encourage students to apply for financial aid opportunities to reduce out-of-pocket costs.

Smart Spending Strategies for Back-to-School Shopping

Being strategic about purchases can help stretch every dollar further. Consider these cost-saving strategies:

  • Compare Prices: Use apps and websites to find the best deals on school essentials.
  • Buy in Bulk: Purchase frequently used supplies in larger quantities to save money over time.
  • Utilize Cashback and Rewards Programs: Take advantage of credit or debit card rewards to earn savings on necessary purchases.

Set Your Family Up for Financial Success

Managing school expenses does not have to be overwhelming. By establishing a budget, utilizing deposit accounts, tracking expenses, and planning for future educational costs, families in Central and Western Massachusetts can navigate back-to-school season with confidence.

North Brookfield Savings Bank provides the financial tools and resources needed to make the process smoother. Explore available banking solutions today to ensure a financially stress-free school year.