The summer is coming to an end and kids are back at school, for many households its bittersweet. The stresses of getting supplies, managing childcare, packing lunches can be a little overwhelming. I know when my kids were in school the month of September always had me juggling funds. Money was tight.
No matter how much I planned and saved during the summer months there never seemed to be enough. Kids always wanted the newest styles, a cool backpack, binders that required a quick course on how to open them up. Let’s not forget the endless invoices coming from the school itself. Picture day, paying for classroom supplies, the list can go on.
So, for the parents who already overspent this year don’t feel bad; there was an awful lot going on. But I encourage everyone to get a jump on next year.
Budget for next year right now.
You could save for these large expenses little by little. For example, if you want to spend $600 on back-to-school clothes and supplies, you could plan ahead and set aside a small, regular contribution from each paycheck. If you started in October, you would only have to save $60.00 a month or $30.00 a paycheck to meet your goal by August.
Start picking up little things as soon as they see them on sale. Why wait until August 2023, when you know your kid will need new binders today? Buy as much as possible, as early as possible, before price hikes take effect.
Before you shop, check for the best deals and sales online. Compare prices before heading to the store and shop at stores that have great price-matching policies. The use of on on-line apps like Flipp can direct you to all the sales.
Talk to your advisor. We all need someone to lean on at times. Put us to work.
Did you know that working with an Advisor over time can create up to 2.3% more wealth*? We are not only here to get you to retirement. Right now, it’s the little things that count. Like setting you up with a savings strategy to help you through the ongoing expenses that life throws at you.
*Source:the Value of Financial Advisors, by Claude Montmarquette and Alexandre Prud’Homme, CIRANO, 2020
During my career I have loved working with all my clients, I miss you all and I would love to hear from you! I can be reached in multiple aways.
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