Key Takeaways

• • • • • • • Back-to-school season is a smart time to look at your finances.
            • Start with the big things like making a will and saving for college.
            • Don’t forget the everyday details like budgeting and setting savings goals.

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  • When your kids head back to school, it’s a great time to look at your family’s financial situation—especially when it comes to your children. Get a jump start with this checklist.
    

    Start with the Big Things 

    Create a will—If you don’t already have a will, get one. Your will defines your wishes, including who will serve as guardian for your children, how to fund their education and how your assets will be managed. It also includes directives for managing your health care and finances should you become incapacitated.

    Open a 529 College Savings Plan—A 529 plan lets you save for college for your children, tax free. Start early to take advantage of compound interest and more time to save.

    Check your insurance—Make sure your family is protected in case of emergencies—like a job loss, illness or disaster. It’s not fun to think about, but planning ahead helps keep your family financially secure.

    Save for emergencies—Your budget and savings goals should include an emergency fund—money set aside just in case something unexpected happens. It’s one less thing to worry about during a tough time.

    Now for the Everyday Details

    Don’t forget needs vs. wants—Categorizing needs vs. wants sets the stage for easier budgeting and is a lesson kids can absorb at almost any age. These discussions can be fun—for example, is a coffee a need or a want? 

    Make a budget—A budget helps you track what you earn and what you spend. Sharing your family budget with your kids helps them learn how to manage money too. They can even practice with their own allowance.

    Budget for school, too—Working together on a budget for school is helpful and a great learning tool. Consider what you’ll need for clothes, shoes and school supplies—and also extras like fees and uniforms for sports, drama club, and school trips.

    Set goals and save—Another good financial practice is setting goals and saving for them. Goals like a vacation or a new car can become part of your budget and the whole family can enjoy the results. Lake City Bank Digital includes a Goals* savings tool that makes saving easy and automatic.

    Ready, set, plan! Back-to-school season isn’t just about supplies—it’s also a great time to get your money organized. Lake City Bank is here to help! Talk to us or explore the helpful tools in Lake City Bank Digital.

     

    *Goals, as referred to herein, constitute the Goals Account described in Section E Investment Accounts of the Personal Account Terms and Conditions.