With summer’s end comes a whirlwind of back–to–school prep. Unfortunately, with that preparation comes a variety of expenses. New clothes, classroom supplies, extracurricular fees and gear—the costs add up quickly. But, with the right budgeting strategies, you can effectively manage expenses and keep your finances in check. Here are Upward Credit Union’s six essential tips to help you budget back–to–school better!

1. Assess Your Financial Situation
Before diving into back–to–school shopping, take a look at your finances. Determine your total available budget for school–related expenses by reviewing your monthly income and expenses. This will give you a realistic idea of how much you can immediately spend on different needs like clothing, supplies, and extracurricular incidentals. Creating a detailed budget helps ensure you don’t overspend and provides a framework for informed decision making.

2. Identify and Prioritize Essential Needs
Once you have a budget, make a list of essential needs versus wants.

Essentials typically include:

• School Supplies: Notebooks, pens, pencils, backpacks, etc..
• Clothing: New shoes, uniforms, or other required school outfits.
• Technology: Laptops, tablets, calculators, or any other necessary tech.

Prioritizing these essentials can help you allocate your budget effectively and prevent impulse buys.

3. Take Advantage of Back–to–School Sales
The back–to–school season is known for its sales and discounts, making it a prime time to save money.

Look for:

• Retailer Promotions: Many stores have significant discounts on school supplies and clothing August through September.
• Coupons: Keep an eye out for coupons and promos online, in the mail, or in in–store circulars to maximize your savings. 
• Online Deals: Check out ecommerce platforms for special offers and bulk purchase discounts.

By taking advantage of these deals, you can stretch your budget further and make the most of seasonal savings. And, don’t forget to shop on tax–free weekend deals!

4. Shop Bulk
Speaking of buying in bulk, items like notebooks, pencils, and other classroom essentials needed  throughout the year are great for bulk shopping. Buying large amounts often comes with lower per–unit costs and can reduce the frequency of shopping trips. Ensure you’re only buying what you’ll realistically use to avoid waste, but this approach can significantly reduce expense overall.

5. Set Up a Savings Plan
If you haven’t started saving for back–to–school expenses, there’s no time like the present! Create a dedicated savings plan to build up a fund specifically for these costs. Start saving small, manageable amounts each month leading up to the school year.

Even modest contributions can add up over time and provide a cushion for covering school–related expenses without disrupting your regular budget. Upward reps can help you work out a savings plan and figure out which account will help you the most in saving up for the back–to–school season.

6. Get Creative with School Supplies
Sometimes, getting creative can help you save money while still meeting your family’s needs.

For example:

• Repurpose & Revitalize: Use and give new life to the supplies you already have. Clean out old notebooks, repair last year’s backpack with new patches, or check for hand–me–downs from relatives and neighbors.
• School Supply Drives: Organize or participate in school supply drives within your community to exchange unused items and pool resources.

These creative strategies can help you manage expenses while also adding a personal touch to your back–to–school preparations.

Back–to–school season doesn’t have to be a financial burden if you approach it with the right strategy and resources. By assessing your financial situation, prioritizing essentials, taking advantage of sales, planning bulk purchases, saving in advance, and getting creative, you can effectively manage your expenses and start the school year on a solid financial footing. With these tips, you’ll be well–equipped to handle back–to–school costs and help your child excel!

Purchasing a home is one of the most significant financial decisions you’ll ever make. It’s an exciting journey but can be fraught with pitfalls to derail your plans or lead to costly mistakes. By avoiding these 10 common errors, you can ensure a smoother, more successful home buying experience!

1. Not Getting Pre–Approved for a Mortgage
One of the biggest mistakes homebuyers make is failing to secure mortgage pre–approval before starting their home search. Without pre–approval, you may not have a clear understanding of your budget, and sellers might view you as less serious than other buyers.

The solution to avoiding this mistake is easy.

• Get Pre–Approved Early: Contact our mortgage specialists to request pre–approval for a mortgage. This gives you a realistic idea of what you can afford and shows sellers you’re a serious buyer.

2. Overlooking Additional Costs
Many buyers focus solely on the listing price and completely overlook additional costs associated with buying a home, like:

• Closing Costs: Fees for loan origination, title insurance, commissions, etc.
• Escrow & Property Taxes: Ongoing costs that can affect your monthly payment.
• Homeowners Insurance: Coverage to protect your property.
• Maintenance & Repairs: Regular maintenance and unexpected repairs.

To avoid unpleasant surprises, do your best to factor these additional expenses into your overall purchase and mortgage experience.

3. Ignoring the Home Inspection
Skipping the home inspection is almost always a terrible idea. Inspections provide a detailed assessment of the property’s condition and can reveal hidden issues that might require expensive repairs.

• Hire a Qualified Inspector: Choose a licensed and reputable home inspector to assess the property. When securing a mortgage with us, we can easily recommend qualified home inspectors.
• Review the Report: Carefully review your inspection report and thoroughly discuss them with your real estate agent.

4. Making Emotional Decisions
Buying a home comes with a lot of emotions, but making decisions based on those emotions, rather than logic and solid information, easily leads to regret.

The most common fallout from making emotional decisions include:

• Overpaying: Getting pushed into offering more than the home’s market value or than your budget allows.
• Forgetting Your Priorities: Getting sidetracked by features or aspects that don’t meet or distract from your needs.

5. Failing to Research the Neighborhood
The neighborhood is as important as the home itself. Failing to research the area can lead to dissatisfaction with your new home and buyer’s remorse.

Always consider following when looking at your potential home’s neighborhood:

• Local Amenities: nearby schools, shopping centers, parks, etc.
• Crime Rates: Research crime statistics and speak with current residents about safety concerns.
• Future Developments: Look into any planned developments or zoning changes that could impact the area.

6. Ignoring Your Long–Term Needs
Buying a home is a long–term commitment, so it’s important to consider your future needs.

Be aware that someday, there’s a chance of:

• Outgrowing the Space: Your home should be able to accommodate your family planning and intended lifestyle.
• Increasing Resale Value: Factor in your home’s resale potential in case you need to move in the future.

7. Skipping the Real Estate Agent
Some buyers try to navigate the home buying process without a real estate agent, thinking it will save money. While this might be true on occasion, this is very rarely the case.

A qualified agent brings valuable experience and services to the table, like:

• Market Expertise: A deep understanding of the local market and helping you find the right home for the right price.
• Negotiation Skills: Negotiate on your behalf to secure the best deal and favorable terms.
• Paperwork Assistance: Professional agents are equipped to handle the complex paperwork involved in buying a home to ensure everything is completed accurately.

8. Underestimating the Importance of Financing
Understanding your financing options is crucial. When speaking with a qualified mortgage specialist, don’t forget to discuss:

• Choosing the Right Mortgage: Research different mortgage types and terms to choose one that aligns with your finances. 
• Budgeting Your Monthly Payment: Ensure your mortgage payments fit comfortably within your budget, including potential changes in interest rates, insurance, and property taxes.

9. Rushing the Process
Buying a home is a significant decision that shouldn’t be rushed, so take as much time as you possibly can.

• Explore Your Options: Look at multiple properties to find one that meets your needs and preferences.
• Evaluate Carefully: Don’t rush or get rushed through inspections, negotiations, or paperwork.

10. Disregarding the Future
Finally, consider how the home will fit into your future plans.

Keep in mind you should try to steer clear of:

• Ignoring Long–Term Goals: Make sure the home aligns with your long–term financial and personal goals.
• Forgetting Investment Potential: Think about how the home fits into your long–term financial plan, including potential appreciation and investment value.

Avoiding these common mistakes can make your home buying experience smoother and more successful. By getting pre–approved for a mortgage, budgeting for additional costs, conducting thorough research, and making informed decisions, you’ll be well–equipped to find a home that fits your needs and ensures a positive investment.

Happy house hunting!

Vacations are a time for relaxation and adventure, but it’s also a prime opportunity for scammers to exploit unsuspecting travelers. With the allure of sun–soaked beaches, picturesque getaways, and exotic destinations, vacationers easily fall prey to a variety of scams that turn any dream vacation into a nightmare. To help you stay safe and protect yourself while traveling this summer, we’ve uncovered some common vacation scams and provided tips on how to avoid them.

Phony Travel Deals and Discounts
Scammers often use enticing offers to lure travelers into their traps. They may advertise unbelievable deals on flights, hotels, or vacation packages through emails, social media, or fake websites.
These deals often seem too good to be true—and they usually are. Avoid falling victim to these scams by:

• Booking Directly: Always book travel through reputable websites or directly with airlines and hotels.
• Verifying Offers: If you receive an offer via email or social media, verify its legitimacy by contacting the company directly using contact information from their official website.
• Researching: Look up reviews and ratings of the company or deal to ensure its credibility.

Timeshare and Vacation Club Scams
Timeshare and vacation club presentations often promise exclusive deals or free gifts in exchange for attending a pitch session. While some offers are legitimate, many are scams designed to pressure you into high–pressure sales tactics or to get your personal information.
To protect yourself:

• Research: Thoroughly research any timeshare or vacation club before attending a presentation. Look for reviews and check with the Better Business Bureau.
• Avoid Pressure: Be wary of high–pressure sales tactics and never commit to anything on the spot. Take your time to consider any offers and consult with trusted sources before making decisions.

Fake Rental Listings
Scammers often create fake rental listings on popular vacation rental sites, hoping to collect deposits or payments for properties that don’t actually exist.
To avoid this scam:

• Verify Listings: Always verify rental listings by researching the property and contacting the owner or property manager directly.
• Use Reputable Platforms: Book through well–known and reputable vacation rental websites that offer secure payment options and customer support.
• Visit in Person: If possible, visit the property in person before making any payments to ensure it matches the listing description.

Travel Insurance Scams
Travel insurance is essential for protecting yourself against unforeseen events, but scammers exploit travelers by offering fraudulent insurance policies. These fake policies often come with false promises and no coverage. To safeguard against travel insurance scams:

• Purchase from Reputable Providers: Buy travel insurance from established, reputable companies or through trusted travel agencies.
• Read the Fine Print: Carefully review the policy details and understand what is covered before making a purchase.
• Check for Reviews: Look up reviews and ratings of the insurance provider to ensure they have a good track record.

Airport and Hotel Scams
Scammers target travelers at airports or hotels with various schemes, such as pretending to be airport staff or hotel employees to steal personal information or valuables.
To avoid these scams:

• Be Cautious with Personal Information: Only provide personal information to official staff and be wary of anyone who asks for sensitive details.
• Secure Your Belongings: Keep your belongings close and secure, especially in crowded areas like airports or hotel lobbies.
• Verify Identities: If someone claims to be staff or service personnel, verify their identity before providing any information or accepting assistance.

Phishing Scams
Phishing scams involve fraudulent attempts to obtain sensitive information – such as credit card details or login credentials – often through emails or fake websites. These scams typically occur before or during your trip.
To avoid phishing scams:

• Be Skeptical of Unsolicited Emails: Do not click links or download attachments from unknown or unsolicited emails. 
• Check Website URLs: Ensure that any website you enter personal information on uses a secure connection (look for “https://” in the URL) and is from a reputable source.
• Use Strong Passwords: Use a strong, unique password for your travel–related accounts and consider enabling two–factor authentication for added security.

While vacations are for taking it easy, staying alert to potential scams is crucial for ensuring a safe and pleasant trip. By being aware of these common vacation scams and taking proactive steps to protect yourself, you can minimize the risk of falling victim to fraud and focus on making the most of your adventure. If you’re ever unsure if something is legitimate, do not hesitate to contact Upward Credit Union for a second opinion.
Safe travels and happy vacationing!