Five Back-To-School Tips from NBT Bank

JULY 25, 2016 – While families are enjoying the summer months, back-to-school displays are popping up in stores everywhere. Parents know that the cost of school supplies, clothing and shoes will add up quickly, so NBT Bank recommends the following savings strategies to minimize the impact of back-to-school expenses on the family budget.

Request the supply list from your child’s school if you haven’t already received it. This way you can assess what you need and stagger your purchases over the weeks leading up to the first day of school versus having to buy all of your supplies at one time.
Talk to your kids about needs and wants before you shop. They may think they “need” a new backpack or lunch bag, but if last year’s is in good condition you might be able to save by not purchasing a new one this year. Engaging your kids in these types of conversations and decisions is a great life lesson that will help them grow into young adults who understand the value of a dollar!
Consider putting off some purchases. Waiting a few weeks or even a month or so to purchase items like clothes for use in cooler weather can result in significant savings as stores lower prices later in the season.
Keep an eye out for free or inexpensive summer activities. Saving money on summer fun can help you fund your back-to-school purchases. Check local community calendars for free activities offered by parks, libraries and other organizations. Enjoy the warmer weather by taking a hike, planning a picnic or attending one of the many free outdoor summer concerts available in our communities.
Look for opportunities to give back. Many community organizations hold drives to help those who struggle to provide their children with the supplies they need for school. Let your child pick out an extra item or two to contribute if you can. While this tip won’t actually save you money, it will help you foster another important life skill—generosity!

NBT Bank is dedicated to helping children and young adults to grow their money skills through Strive^®. Through this program, NBT Bank partners with educators and community organizations with local NBT Bank branch managers year-round using a curriculum of financial education materials made available by the American Bankers Association Education Foundation. More than 600 Strive programs have been held across NBT’s six-state footprint, and are continuing to grow as more school districts, libraries, and other organizations take part in Strive. More information on Strive can be found at www.nbtbank.com/strive.

And for everyday money management, NBT Bank now offers CardValet^® for debit cardholders, including iStrive debit cards for youth and young adults. The mobile card management application allows cardholders to monitor accounts with their smartphone and control when and where their debit card is used for enhanced security. CardValet also offers the capability of linking additional accounts so that parents can better monitor dependents’ spending, which is a valuable feature consistent with NBT’s iStrive^® products for youth and young adults and Strive^® financial education programs.

NBT Bank offers personal banking, asset management and business services through a network of over 150 locations in six states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. NBT Bank and its parent company, NBT Bancorp, are headquartered in Norwich, N.Y. NBT Bancorp had assets of $8.5 billion as of March 31, 2016, and is traded on the NASDAQ Global Select Market under the symbol NBTB. More information about NBT Bank and NBT Bancorp can be found online at www.nbtbank.com and www.nbtbancorp.com.

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