Katie Weibel CFP®, MBA®, CDFA®, Financial Planner & CEO, Haven Financial Planning says it is not only tightening of the budget at home but other places too, our food is going up, our utilities are going up, our gas is going up and everything else is costing more and now it is back to school time and they need school supplies and clothes.
What is her best advice for parents? She says we have to remember that costs have gone up eight to ten percent, not just school supplies, other things are up twelve to sixteen percent, so we really have to be creative this year, more so than we have in the past. Katie says, “In the past maybe we were able to take the kids and let them pick out their own folders and binders and things like that. Now, I have learned from experience don’t take your kids shopping with you. Go completely on your own, you will avoid those impulse buys, stick to the list, but get creative before you even get to that step”
Another tip is shop at home first. For example: are the book bags they used last year still good? If they are, you can use them again this year. Katie says you can expand that to other parents whose kids are a little older or you set up a swap reaching out to other groups and says Facebook has a really good group called “Buy Nothing” or community pages or parent swaps and sometimes churches will hold clothing swaps where you can bring the clothes you don’t use any more and you can get clothes in their current size.
What can kids do to help their parents when they are home. Katie says to really pay attention to their needs verses their wants. You can also reach out to their teacher. She says teachers are flexible and don’t be afraid to reach out to them and talk to them. There are groups too and one she mentions is Needhelppayingbills.com and she says that site has like fifteen different places that help with school supplies. Katie says, “Don’t be afraid, it’s okay. More people are in need, it’s not a hand-out, it’s a hand-up and we’ve all been there at some point in our life.”
Another tip is buy in bulk and price match and she says most places in this area will price match, even with Amazon, just bring your phone in and show them.
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