By Janet Currie |ย The Afro | Word In Black
This post was originally published on Afro
(WIB) – The school year is underway and families are settling into new routines, which can often also mean new expenses and new opportunities. From tuition payments and activity fees to sports equipment and last-minute supply runs, the costs can add up quickly. While itโs easy to let the semesterโs hustle push financial planning to the back burner, itโs a prime opportunity to cultivate strong financial habits that will benefit the entire family for years to come.
Keep the budget going strong
Expenses donโt stop after the Back-to-School hustle or the first day of class. Field trips, new technology and mid-year supply replenishments can still take a bite out of your budget. Review what youโve spent so far and update your plan for the months ahead. Be sure to track variable expenses like extracurricular fees, clothing or dorm upgrades so they donโt derail your goals.
Pass on financial education to your student(s)
Money management is a muscle you have to build, and starting early can help children establish a strong foundation. From learning how to build a budget, to understanding the benefits of compound interest and instilling smart spending, saving and budgeting habits before and during the college years will help your student be well-prepped for long-term ๏ฌnancial success.
Pro Tip: Help your children build healthy habits by using free budgeting apps and digital tools to stay on track. Bank of Americaโs Better Money Habits website offersย easy-to-follow guidesย for students, helping them manage their money and track expenses as they go. Remember, budgeting doesnโt have to be all about sacrifice. Maintainย some flexibilityย to help your financial lifeโs impact be positive, not overwhelming.
Bank of America also offers family-friendly banking options that help kids, teens and young adults build financial independence while giving parents control and peace of mind.ย SafeBalanceยฎ for Family Bankingย lets kids as young as six use a debit card with parental controls and offers smart expanded options as your child growsโhelping families build smart financial habits at every stage.
Help build credit as a student
If your child is a student in college, it is an ideal time to start establishing credit. A solid credit history will make future milestones โ renting an apartment, buying a car โ much easier. Consider a student-friendly credit card, but stress the importance of paying on time, every time. Automatic payments can help avoid late fees and protect their growing credit score.
The school year brings enough challenges without financial surprises. By reviewing your budget, involving your kids in money decisions, and helping them build credit early, youโll be investing in more than just this semester, youโll be preparing them for a lifetime of financial success.
The opinions expressed in this commentary are those of the writer and not necessarily those of the AFRO.
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