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Back-to-School Loans and More Smart Ways to Save
It’s back-to-school season, and as all parents know, back-to-school shopping can be expensive. This year alone, parents are on pace to spend nearly $688 on back-to-school shopping. No longer limited to just pencils and paper, today, back-to-school shopping includes clothing, transportation and tech. In fact, almost 50 percent of parents with middle school-age kids will be purchasing laptops this year. Thankfully, from savvy planning to back-to-school loans, there are many ways parents can ease the burden of back-to-school spending.
Plan Ahead for Major Back-to-School Savings
Luckily, if you plan ahead, many of the stressors of going back to school can be avoided.
- Take advantage of sales tax holidays. Many states temporarily lift sales taxes on specific retail categories during back-to-school season. Use this chart to see how you can save.
- Set a budget and stick to it. In order to stay on track with your budget, create your shopping list within that budget.
- Take the time to compare prices. Compare prices of major retailers to see who has the best bargain. Don’t be afraid to go generic either! Many retailers offer the best prices on their in-house brands.
Back-to-School Loans
When sales and budgeting isn’t enough, personal loans can be used as a back-to-school loan. Doing so can help you spread your spending over the long term. This allows you to get the necessities your children need without emptying your account. Thankfully, there is a personal loan for every need.
- Secured Loans. Borrow against your savings or certified account at a low interest rate. Perfect for the increased expenses of higher education.
- Personal Loan. A personal loan is ideal for any major education expenses (tech needs, dorm furnishings, etc.). At GAFCU, you can borrow up to $20,000 over 84 months with no collateral required.
Not sure what loan is right for you? Check out our personal loan calculator.
As the school year draws closer, don’t panic … plan!
Start with making a budget and shopping list. Compare prices and look into tax holidays. If expenses begin to mount, consider using a personal loan as a back-to-school loan. A solid financial plan is exactly what your child needs to start the school year off strong.