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Five tips to get an ‘A’ in back-to-school preparations
School expenses combined with economy trigger increased stress
| MINNEAPOLIS (Aug. 12, 2009) – When September rolls around, parents everywhere breathe a sigh of relief. While summer is a wonderful time for families to share together, school can’t start soon enough for many parents as August boredom and bickering set in at home among the kids.
Unfortunately in today’s economy, sending kids back to school is not the relief it once was for parents. The school year brings with it an entire set of new expenses for families. Whether its five cents for a pencil or $500 for the football season, if you have kids, you can plan on spending money this fall. “Back to school expenses in the midst of this recession bring heightened concern and stress,” said Dana Erickson, financial consultant with Thrivent Financial for Lutherans. “Pulling back and being smart with your money is the new norm. Families can use this tough time as an opportunity to create money lessons for yourself and your children, no matter what their age.” So take your seat and pay attention to these five tips from Thrivent Financial for Lutherans on how to get an “A” in back-to-school planning. 1) Set a back-to-school shopping budget. It’s easy to overspend on everything from clothing to supplies and overlook the cost extracurricular activities. Whether it is football or debate club, you can count on extra expenses. The key is to take a realistic look at what your needs are and to stick to the budget you set. 2) Teach school-age children about the back-to-school budget. This helps them learn what items cost and gives them ownership and involvement versus just hearing “because I said so.” Bringing lunch to school a few times a week is just one way to teach an important lesson about how the small things add up. 3) Explore creative ways to save on back-to-school items. Shop discount or second-hand stores, don’t buy items you can use from last year, recycle items or create a game for comparison shopping to keep kids involved. 4) Have a “money talk” with college-bound students. Discuss budget, banking and credit card offers. Also, set clear expectations and parameters that can help guide them along the right path as they enjoy their new financial freedom. 5) Begin or revisit college funding plans. Start when children are young. Consider talking with grandparents about their interest in contributing. Work with a financial professional to discuss college funding options and always take the time to explore the multiple options available for financial aid. “Whether it’s paying for school expenses or a college education, planning ahead and starting early are critical to reducing financial stress,” said Erickson. “This is an exciting time for students as they begin a new school year. I am hopeful families will use this tough economic time to work together to make it a smooth transition into the school year.” About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com. Thrivent Financial representatives are registered representatives for securities offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836), a registered broker-dealer and investment adviser, and a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA and SIPC. They are also licensed insurance agents of Thrivent Financial. Insurance, investment products, securities, and trust and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, securities, and trust and investment management accounts may go down in value. For additional important disclosure information, please visit www.thrivent.com/disclosures. -END- 200903160 |
| Contact Information: | |||||
| Brett Weinberg Director, Public Relations brett.weinberg@thrivent.com Phone: (612) 844-4272 | Dave Rustad, APR Senior Media Relations Specialist dave.rustad@thrivent.com Phone: (612) 844-7037 | Stacy Eckes-Borys Senior Media Relations Specialist stacy.eckes-borys@thrivent.com Phone: (920) 628-2445 | |||
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