News & Updates

As summer winds down and the school year approaches, many families may be feeling the pressure of back-to-school expenses. From new clothes and classroom supplies to tech gear and extracurricular fees, the costs can add up quickly. But with a little planning and the right tools, you can set your family up for a successful school year without overspending.

1. Create a Realistic Back-to-School Budget

A clear budget helps you stay focused and avoid impulse purchases. Start by reviewing your finances and determining how much you can reasonably spend. Break your budget into categories such as:

• School supplies
• Clothing and shoes
• Technology (e.g., calculators, laptops)
• Lunches and snacks
• Extracurricular fees

Use last year’s expenses as a guide. Make sure to account for any new needs this year.

2. Prioritize Needs vs. Wants

It’s easy to get swept up in the excitement of new gear, but not everything on your child’s wishlist is essential. Sit down together and distinguish between:

• Needs: Items required for school success (i.e., notebooks, pencils, backpacks)
• Wants: Trendy extras or brand-name items that can wait or be substituted

This is also a great opportunity to teach kids about financial responsibility and decision-making. Be transparent with them; they want to know what you’re thinking!

3. Use Financial Tools to Stay on Track

Many credit unions offer free tools to help families manage their money more effectively:

• Budgeting apps: Track spending and set spending limits at your fingertips.
• Dedicated savings accounts: Set aside money throughout the year for school-related expenses. This could be as little as $5 per paycheck. It adds up!
• Free financial wellness resources: Create your budget with EverFI, Evergreen’s interactive virtual financial coach. EverFI has multiple playlists you can choose from, whether you want to create a budget, buy a house, or start your own business. EverFI’s Financial Foundations and Building Financial Capability playlists allow you to choose which skills you want to improve and complete these quick modules on your own time.
• Financial coaching: Get personalized advice from our certified financial wellness team. Set up an appointment with them at your nearest Evergreen branch or learn more here.

Check with your credit union to see what resources are available—you might be surprised by how much support is out there.

4. Tap Into Local Resources for Free or Discounted Supplies

Maine communities are known for coming together to support one another. Look for:

• School supply drives hosted by nonprofits, libraries, or local businesses
• Back-to-school fairs offering free backpacks, haircuts, and more
• Thrift stores and local consignment shops for gently used clothing and gear
• Online community groups (like Facebook Marketplace, Yard Sale groups, or community Facebook groups) for free or low-cost items

These resources can make a big difference—especially for families with multiple children.

Back-to-school season doesn’t have to be a financial burden. With a thoughtful budget, smart spending habits, and utilizing resources in your community, you can give your kids a strong start to the school year without the financial stress.

Do you know a parent whose children are prepping for their school year? Send this post to them, and follow Evergreen Credit Union on Facebook, Instagram, X, and TikTok for more tips!