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Meritrust: Save up for school activities, back-to-school season good time to teach about finances

Published: Jul. 29, 2021 at 7:33 AM CDT
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WICHITA, Kan. (KWCH) - The costs can add up for school activities, especially during the back-to-school season.

Parents may be focused on getting school supplies right now, but it’s important to remember the rest of the school year as well.

“There are so many different activities that students can get involved in, Chris Wolgamott with Meritrust Credit Union said. “So it’s really important financially that families focus on what may pop up this school year. Transfer money to a savings account to plan for those future expenses. It’s also a great opportunity when you’re enrolling your student, visit with the school about what expenses they will be able to expect this year so they can start to plan for those expenses.”

Back to School season is also a good time to start teaching your kids about finances, according to Wolgamott.

Wolgamott said household chores is one way to do that you just have to find the way that best fits your family.

“With allowances and families, it’s not one size fits all,” Wolgamott said. “Some are based on chores or things that students need to do. Some pay on a weekly or monthly basis. It really depends on the values that that family has around money and also the sustainability. You want to make sure that the allowance plan that you choose fits within the budget so it can be done on a consistent basis.”

Wolgamott said make a plan and try to stick to it.

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