It’s that time of year again. The school buses are rolling, your calendar is filling with sports practices and PTO meetings, and suddenly your kitchen looks like a lunch-packing assembly line. Back-to-school season is hectic, no doubt. But it can also be the perfect time to pause and “hit the books” when it comes to your finances.
Think of it as your mid-year check-in—a way to make sure your money is working as hard as you are. Here are a few areas to review while you’re buying pencils and packing snacks.
1. Revisit Your Budget
School season often comes with extra costs: classroom supplies, sports registrations, and those PTO donation requests that seem to pop up every other week. This is a good moment to review your household budget.
Ask yourself: Have you set aside enough for these seasonal expenses? Do you need to adjust spending in other categories to make room? A quick budget check-in now can prevent surprises later in the fall.
2. Review College Savings Plans
Back to school is also a natural time to look ahead to college. Do you have a 529 plan in place? If so, are your contributions keeping pace with your kid’s goals? Small adjustments today can make a big difference down the road.
And if your child earned money over the summer, it may be worth talking about investing. Even modest amounts can be a powerful lesson in financial growth. You can read more about how summer jobs can build wealth and work ethic here: Summer Jobs for Teens: Building Wealth, Wisdom, and Work Ethic.
3. Think Ahead to Taxes
It may feel early, but the end of the year will be here before you know it. Now is a smart time to review your paycheck withholdings and overall tax strategy. Are you on track to avoid an April surprise? A little planning in the fall can save stress in April.
Homework for Your Wallet
Just like kids sharpen their pencils and get organized for a new school year, you can use this season to get your financial house in order. A few small steps now—reviewing your budget, revisiting your college savings plan, and checking in on your tax strategy—can help keep you on track for the rest of the year.
If you’re ready to take the next step in your financial planning, our team is here to help. Click here to contact us and schedule your first meeting with a CFP® professional.
