As summer winds down and the school year approaches, many homeowners find themselves facing a new set of financial challenges. Back-to-school season often brings additional expenses, from school supplies and new clothes to extracurricular activities and tuition fees. For homeowners, managing these costs while keeping up with mortgage payments and other household expenses can be daunting. I want to provide practical budgeting tips to help you navigate the back-to-school season without financial stress.
1. Reevaluate Your Monthly Budget:
Review your current spending to find areas where you can cut back temporarily.
2. Consider Refinancing:
If bills are exceeding income, it is a great time to consider a debt consolidation refinance. Lowering and eliminating your monthly payments could free up funds for other necessities.
3. Prioritize Essential Purchases:
Focus on must-have school items first and delay non-essentials. This approach helps manage immediate costs without impacting your mortgage or savings. As schedules get busier, families tend to eat out more often which can blow a budget.
4. Plan for Recurring Costs:
Include ongoing school expenses, like lunches and activities, in your budget. I am here to help you with your mortgage strategy if needed to accommodate these regular costs. Watch what your kids are spending on lunch, I have a high school boy that was eating 3 lunches before I caught on by looking at my bill$$$!
With smart budgeting and a strategic approach to your mortgage, you can handle back-to-school expenses without compromising your financial health.
If you want more information on how I can help with all the expenses going back to school, give me a call today – (605) 261-6721.
Dawn Van Nieuwenhuyzen, Senior Mortgage Banker at Plains Commerce Bank – NMLS #21096
Loans subject to credit approval. This is intended for informational purposes only. Always consult with a tax professional. Member FDIC. Equal Housing Lender.
