Financially Preparing for Back-to-School Season

The last week of July means we’ve reached the midway point of the dog days of summer. For many of us, turning the calendar page to August signifies summer’s end is coming soon. For parents and students, August’s arrival can also bring a familiar sense of anticipation — or maybe dread: OMG. It’s almost back-to-school.

And with that realization comes a flurry of associated thoughts, most of which are related to simple questions about time and money: How much do I need? How much do I have?

Every parent understands there are two basic truths about back-to-school season: first, costs can add up. Second, as your student grows up, so does the cost of sending them off to every new school year. Let’s add two more: whether you’re buying crayons for a kindergartener or a laptop for a college sophomore, a little preparation can go a long way, and back-to-school season is the perfect opportunity to practice — and teach — smart financial habits that benefit the whole family.

Below are our top tips to help parents and students navigate the back-to-school rush without breaking the bank.

This is one of the most widespread credit misconceptions. The truth? Checking your own credit score is a soft inquiry—it doesn’t affect your score at all.

Only hard inquiries – those initiated by lenders when you apply for credit – can have a small, temporary impact. In fact, regularly reviewing your credit report is a responsible financial habit. It helps you spot fraud early and understand where you stand before applying for a loan.

Pro Tip: Lafayette Federal members can easily monitor and regularly review their credit using our free credit score tool built into our online and mobile banking platforms.

If you plan ahead, you can save a significant amount with strategic timing and smart shopping.

Take advantage of sales tax holidays.
Many states offer tax-free weekends during the summer. These events typically cover school supplies, clothing, and sometimes computers — which can result in serious savings.

Compare prices online and in-store.
Use apps or browser extensions to track price history or find coupons. Don’t forget to check warehouse clubs or discount retailers.

Leverage student discounts.
Many retailers and tech companies offer special pricing for students — even at the college level. Apple, Microsoft, and Dell regularly run student promotions on laptops and accessories. Clothing brands and software services like Spotify and Adobe also offer reduced student rates.

Pro Tip: If your student has an email address with a .edu domain they can unlock even more discounts. Be sure to ask when checking out, even if the store doesn’t advertise student pricing.

Back-to-school season is the perfect time to start conversations about money, budgeting, and smart spending.

For younger children:
Use back-to-school shopping as a real-life math lesson. Give them a budget and a list, then let them help make choices. Teach them to differentiate between wants and needs.

For middle and high schoolers:
Introduce the idea of saving and delayed gratification. If they want brand-name shoes or a premium backpack, consider having them contribute part of the cost from their allowance or the pay from a summer job.

For college students:
Now’s the time for real-world financial education. Help them create a monthly budget that includes tuition, housing, books, groceries, and entertainment. Encourage them to track spending with a budgeting app or spreadsheet.

Pro Tip: Consider opening a joint checking account with your college student or setting up a prepaid card with spending limits. It allows you to monitor what they’re buying (and where) and guide their habits without micromanaging.