As summer hits full stride, many families already have their eyes on the next major milestone: back-to-school season. This is the perfect time to begin planning for education-related expenses. Whether you’re covering the cost of elementary school supplies or preparing for college tuition withdrawals, having a clear financial plan can reduce stress and help stretch your dollars further.

Budgeting for the School Year Ahead

From notebooks and laptops to athletic fees and extracurriculars, school-related costs can add up quickly. Start by reviewing last year’s expenses to create a realistic budget for the upcoming year. Consider building in a buffer for rising prices and unexpected fees. For parents with multiple children, staggered purchasing throughout July and August can also help smooth out cash flow.

Using 529 Plans Strategically

If you’ve been saving in a 529 college savings plan, now is a great time to review your upcoming qualified expenses. Withdrawals for tuition, room and board (if enrolled at least half-time), and other approved costs are tax-free. Just be sure to match withdrawal amounts with actual expenses in the same calendar year to avoid tax issues.

For K–12 families, remember that up to $10,000 per year can also be used from a 529 plan for tuition at eligible elementary or secondary schools in many states.

Tips for Smart Back-to-School Spending

• Take inventory before shopping: You might already have more supplies than you think.
• Use a dedicated account for school expenses to stay organized.
• Take advantage of sales tax holidays. Offered in many states in July and August. Please note, In South Carolina, it will be held this weekend—from Friday, August 1 to Sunday, August 3.
• Prioritize needs over wants, especially with big-ticket tech or sports gear.
• Involve older kids in budgeting decisions—it’s a great opportunity to build financial literacy.

Need help building an education savings plan that fits your family’s priorities? Whether you’re preparing for grade school or college, BCA Private Wealth is here to guide you with smart, personalized financial planning for every stage of life.

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