Back-to-school season is the perfect time to tackle financial tasks that can save money and keep your family better prepared throughout the school year. Here’s a checklist to help you get started.

• Photograph everything you buy. Before receipts disappear, photograph expensive purchases such as laptops, calculators, and musical instruments. Include serial numbers whenever possible and save digital copies of receipts. If something is stolen or damaged, you’ll have much of the documentation needed for insurance claims.
• Label expensive items. Schools are full of identical water bottles, lunch boxes, headphones, calculators, and electronic devices. Adding your child’s name or another identifying label makes it much easier for lost items to find their way back home.
• Create a school expense account. School costs don’t stop after August. Field trips, sports fees, school pictures, fundraisers, and classroom activities quickly add up. Setting aside a small amount each month helps spread these costs over the year instead of scrambling when another expense appears.
• Pair school supplies with charitable tax deductions. Instead of purchasing classroom supplies yourself, consider making a cash donation to your child’s school if it qualifies as a charitable organization. Taxpayers can claim an above-the-line deduction of up to $1,000 for charitable contributions, or up to $2,000 for married couples filing jointly. But the deduction must be in cash, not property. Depending on your tax bracket, this may effectively reduce the cost of your donation by roughly 10% to 30%
• Understand your school’s device protection policy. Speaking of expensive items, many schools require students to use school-issued laptops or tablets. Learn whether an optional protection plan is available, what it covers, and what your financial responsibility would be if a device is lost or damaged. And check to see if your homeowners’ or renters’ policy can cover any possible losses.
• Update emergency contacts and medical bracelets. Review emergency contact information for your child’s school, after-school activities, and medical providers. Keep phone numbers, authorized pickup individuals, and insurance information current before the school year begins. This is also a good time to review and update your child’s medical bracelet if they have one.
• Review financial scams. Teens are increasingly targeted through social media, text messages, fake job offers, and online marketplaces to steal identification and money. Explain common warning signs, including requests for money, banking information, gift cards, or depositing suspicious checks.
• Review automatic subscriptions your kids no longer use. Streaming services, learning apps, gaming subscriptions, and online memberships often renew automatically. Review your monthly statements and cancel services your family no longer uses.
• Check your 529 investment allocation. As college or technical school gets closer, your investment strategy may need to change. Younger children often benefit from more growth-oriented investments, while those nearing college may want a more conservative allocation. Consider reviewing your plan annually.

Taking care of these financial tasks now can help your family avoid unnecessary expenses and feel better prepared throughout the upcoming school year.