Save for school activities, back to school is a good time to teach finance

WICHITA, Kan. (KWCH) – Costs may add up for school activities, particularly during the back-to-school season.

Parents can focus on purchasing school supplies right now, but it’s also important to remember the rest of the school year.

“There are so many different activities that students can get involved with,” said Chris Wolgamott of Meritrust Credit Union. “So it’s very important financially that families focus on what might happen this school year. Transfer money to a savings account to plan for these future expenses. This is also a great opportunity, when registering your student, to visit the school to find out what expenses they can expect this year so they can start planning for those expenses.

Back to school is also a good time to start teaching your kids about finance, according to Wolgamott.

Wolgamott said housework is one way to do it, you just need to find the one that works best for your family.

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

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

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