Lowering College Costs—To Live at Home or Not To Live at Home?

That is the question if your child is considering staying on campus during college, and if you will have to pay for them to do so. Certainly, living on campus would be a great experience for your child—but really think about if you can afford it. Washington Post columnist Michelle Singletary revisits how to lower college costs and urges parents to reconsider what costs are truly necessary. The decision to attend college is a major one that affects not just your child’s life, but yours as well—emotionally and financially.

What are your thoughts on the on-campus versus off-campus experience? Is it worth the price? Let us know—we’d love to hear from you!

And don’t forget, if you are a parent it’s never too early to start saving for college. Join Virginia Saves today!

Back to School Savings Can be Misleading

Can you imagine - it is already time to start thinking about how to finance  back to school needs.  If you notice, there are many events being provided for those returning to school or college such as tax savings month, if you buy certain products. 

But have you noticed how everyone is trying to tempt you to purchase items that you truly do not need?  They have bought into the concept of ‘back to school’ savings - you can even buy a lawn mower which has nothing to do with your education. 

Many of these tax savings are lucrative but have you compared the prices to what you paid for pens pencils and the like to that of last year?  Which brings me to this -  you have missed the curve if you are just thinking about how to finance your newly about to be purchased items.

My Mom and Dad always had a way of teaching me and my 3 siblings how to save money and most of all they not only preached it but they did it as well.  They were mentors to me and my brothers and sisters.  The old saying that pennies make dollars - just imagine what dimes will make.  You can start saving by taking the very small baby steps of using an empty tin juice can with a slit at the top cut just large enough to hold dimes.  You will be surprised just how many dimes you can get into that recycled juice can - and guess what, you cannot open it unless you destroy the entire can.  We used to save hundreds of dollars using this method.  It became more of a fun game just waiting for those dimes to appear in the change that the local grocer gave back after a purchase or during a shopping spree.    I know, I can hear it DIMES, well then go for quarters.  One thing about quarters, you may want to bust into your bank for those quarters to do laundry.  Dimes - are  a safe bet since you may find you have less use for them. 

You will be shocked and surprised at how much money you will have when your next school semester begins.  You will also be very pleased with yourself when you can just about purchase any items with money that you have saved and not from money that you did not earn yourself through your daily chores.

To join the league of savers who have committed to their fresh financial start by setting a savings goal, visit www.virginiasaves.org/enroll today!

Back to School Shopping – Ways to Save

Shopping for back to school supplies and clothing doesn’t have to break your wallet. In fact, there are ways to find what you need without spending money at all.

Virginia Saves recommends shopping at home first to see if you already have items on your child’s school supply list. Things like rulers, pencil boxes and backpacks can be reused if they’re in good shape. Also, do a clothing inventory. You may find your child’s clothes are still in great condition. And if they’re not the latest style, update them with paint, patches or sequins.

If you do have to shop for school supplies and clothing, a way to maximize spending is taking advantage of Virginia’s upcoming tax holiday, August 5-7. During this three-day period, purchases of qualifying school supplies selling for $20 or less per item and purchases of qualifying clothing and footwear for $100 or less per item will be exempt from sales tax. That means saving on everything from pencils and binders to jeans and sneakers—every penny counts! And don’t let those pennies go to waste; they could be the foundation for your back to school savings for next year. Become a saver at virginisaves.org today!

For more information and a full list of tax exempt items, visit www.tax.virginia.gov.

Christmas in July - Shift the Date

Holidays can be overwhelming.  Places to be, relatives to visit, meals to plan and host, events and parties galore.  It is all good, but sometimes can be too much.  Shear logistics of managing the schedules and events can be so difficult that it can take the joy out of the actual experience. 

Virginia Saves has an idea that can keep the joy of the season but spread more throughout the year as well!  Creative celebrations can bring new life to old routines and to keep the spirit of the season all year long.  One idea is to shift some of the celebrations normally reserved for November and December to times when you can have more intentional focus. 

Summertime can be a great time for breaking from routines and reconnecting with family.  Shared vacations can be a great way to bond with sisters, cousins, aunts and grandparents.  Consider adding some family fun to your get togethers by having Christmas celebrations out of season.  It can help you keep the season in your heart and remember all the reasons for the holiday.

Who says you can't enjoy a turkey feast with all the trimmings during the summer.  Perhaps even plan a Christmas party with family and friends.  Singing holiday music, like "Let it Snow" can create some festivities and add a lot of fun to the summertime heat!  Plan a gift exchange and pull out all the ornaments and baubles from your last celebration to bring new life and joy to your summertime fun!

Christmas in July - The Best Gifts

By making plans now for the holiday season, you have plenty of time to save for that very special gift for the ones you love most.  But what you may not have considered is that by planning now, you can make personal gifts that will not only tell your loved ones you care at Christmas, but all year long.

Our friends at Virginia Tech Extension Services put together some ideas of gifts that you can use to make this year the most special one ever.  Use this Holiday Gift List to stimulate your thinking to make or buy a very personal gift that will be remembered not only Christmas week, but may become a centerpiece kept all year long.