Written by Lily Powell, 2026 Marketing Intern
The start of a new school year doesn't have to be accompanied by financial dread. At Greylock Federal Credit Union, we are here to help make sure your kids have everything they need, from classroom supplies and new clothes to the financial tools to set them up for success. We spoke with Stephanie Martin, Financial Wellness Coach, at the Community Empowerment Center (CEC) to learn more about ways you can budget and save smarter this school year.
Advice for Parents:
- Introduce Awareness: It is never too early to begin teaching your kids healthy financial habits. Getting to know your child's way of thinking and creating a space where they can ask questions, "opens the door for them to come back and say, 'Hey I messed up can you help me?'" Talk to them about how to budget, save, and spend wisely, or grant them their own firsthand experience by opening a savings account or a checking account.
- Start Now: Start saving for their education early on with Greylock's Wealth Builders Certificate, available to members age 0-22. As little as $100 may be invested in a Greylock Wealth Builders Share Certificate or Greylock College Savings Certificate for a one-year term. Deposit as often as you'd like and watch your savings grow.
- Ask for Help: This year, parents are expected to be spending an average of $875 on back-to-school expenses. This number is even higher for parents of college students. A Quick Cash Loan can help cover what isn't in the budget. In under 60 seconds, you can get money when you need it most, deposited right into your account; no credit check required.
- Be Prepared: Applying for a credit card is a great way to ensure access to funds for everyday expenses and peace of mind in case of emergencies. Many cards offer points and cash-back that can be used for back-to-school related purchases. This is also a great way to teach your kids about building credit!
Advice for Students:
- Educate Yourself: Starting your financial literacy journey early makes saving and budgeting later in life a little easier. Don't be afraid to ask questions and be curious - it will only help you. Join the Greylock Wealth Ambassadors Program and earn a $300 stipend while engaging in discussions about money, saving, investing, and building wealth.
- Take Greylock with You: The end of high school brings a lot of uncertainty. Regardless of your next steps, Greylock is here to support you. Open a checking account and have effortless access to your funds with a debit card. Download the Greylock app and view your accounts anytime, anywhere.
- Build Healthy Habits: Practice monitoring your spending and set savings goals. Before making a purchase, ask yourself, "Do I need this?" Learning how to differentiate between discretionary spending and essential expenses can help build healthy financial habits. Kick off your financial literacy journey by attending Wealth Builders Youth SummerFest - learn about saving and budgeting, open a Wealth Builders Share Certificate, and enjoy games, food, prizes and giveaways! SummerFest kicks off with a party on Aug. 3rd at our Kellogg branch, 75 Kellogg St. The event is perfect for children 13 and under, but we think the entire family will have fun, too.
- Take Advantage of Resources: Research and apply for scholarships and grants. This is a great way to help reduce the cost of tuition and school supplies when heading to college in the fall. Small grants can add up quickly and eliminate some of the financial burden. Members who are high school seniors are eligible to apply for Greylock's Community Enrichment Scholarship.
Ways to Work Together:
- Create a Budget: Avoid stress later in the school year by creating a realistic budget now. Consider your total income and all estimated expenses or look back at the total cost of last school year and use this number as a guide. Utilizing a spreadsheet or a budgeting app to monitor expenses is a great way to stay accountable.
- Plan Before You Go: Make a list and try your best not to veer off course. It's easier to shop within your budget when you plan proactively. Take a few minutes to browse sales online to find the best discounts and bundle deals before going to the store.
- Take Inventory: One way to eliminate excessive costs is to reuse what supplies you may already have from previous years. Before heading to the store, review your list to see what items can be repurposed for the new year. In most cases, basics such as backpacks, lunchboxes, and folders can be used repeatedly.
Visit our CEC to learn about budgeting, investing, and saving from a financial coach and receive personalized, judgment-free guidance at no cost at all. Whether your child is just entering kindergarten or going off to college in the fall, Greylock is here to help make life just a little bit easier.
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