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It's almost August and that means it's almost time to go back to school. Football players will start two-a-days very soon. But parents need to budget for those back-to-school costs, and they're just about upon us.
For parents, this time of year can be ‘sticker shock!’ Every time that you turn around there can be another expense. On this week's Money Talks, Financial Planner Rolandus Johnson says the best thing to do is don't let it take you by surprise!
"This goes along with kind of my budgeting plan here," Johnson said. "When we get to back to school, because there's about to be a lot of money that is about to go out over the next month here between school shopping and school supplies, you've got tax free weekend coming up here in a few weeks, and there's a lot, so this is the perfect time now. We're about a month out from those things, reviewing the budget, making sure, ok, where do we need to move some things because right now the number one priority is getting the kids prepared for school."
For moms and dads, that means it's time to get creative, especially if you've got multiple children that you will have expense for!
"We've got multiple kids in sports and so when the school puts on the physical night, we take our kids there and we get a heavy discount,' said Johnson, "and I think that if you go to your normal doctor, you know you may be paying 25 to 30 bucks, but the school may only charge you $10, or in some cases for free. So, stay in tune, and stay plugged in to what is going on in the community and in the school and it will help you save a dollar or two here and there as well."
Then there's all those school supplies, and just figuring out a food budget for those growing kids and next thing you know, you're asking "how will I pay for Christmas?" Johnson's advice? Just be as prepared as you can be!
"The lunch thing is tough because it's gonna be different for each kid. I know that when you get the kids that are in athletics and some different things like that, they are going to eat a lot more," Johnson told 6 News. "Just make sure that your budget is prepared because the next, I would say, you know, the next month, two months are going to be highly important because it's kind of the take-off for school. Once you hit around October or so, things kind of start getting on autopilot. But having that budget prepared for the next couple of months or so and saying 'hey you know, we may need to reallocate some things from here or from over here and putting it towards getting the kids ready for school', whether it's for that school lunch, clothes, supplies, but yeah that lunch thing if you've got an opportunity, and you could get a discount on that. I wish that I had some programs for that that I knew right off hand. You know, I don't, but if you've got an opportunity, my deal is if you can save money, save it! That's always the go-to there!"
By the way, this year's sales tax holiday begins Friday, Aug. 11, and goes through midnight Sunday, Aug. 13. The sales tax exemption applies only to qualifying items you buy during the sales tax holiday.
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