Tips from a financial expert to save money


Many households are grappling with soaring prices for gas, groceries, rent and other essentials as inflation continues to climb at the fastest rate in 40 years. Now it’s time for back-to-school shopping.

Financial expert Ryan Wheless of Allied Wealth explains how families can stick to their budget while dealing with back-to-school expenses.

Scroll below for his top tips.

Q: WHAT CAN PARENTS EXPECT TO SPEND THIS YEAR?

  • This year, most families expect to pay around $250 per child for back-to-school supplies.

  • From new backpacks and lunch boxes to notebooks and clothes, it all adds up quickly. It’s no wonder this is one of the costliest times for families!

  • Spending on apparel, supplies and technology is all expected to rise 7.5% from last year.

  • With inflation reaching 9.1%, the rising cost of school supplies is likely to catch many families off guard.

  • It’s important to make sure your kids are prepared with what they need, but it’s also important to do it in the most cost-effective way.

Q: ARE THERE OTHER WAYS TO SAVE HERE IN TEXAS?

  • In Texas, holiday sales tax applies August 5-7 to clothing, backpacks, and school supplies.

  • Keep in mind that taxes are capped at $100, but every dollar adds up.

  • There is also a link on my website, alliedwealth.com, for more information on sales tax exemption.
  • Shopping during this time is a great way to save money on back-to-school supplies.

Q: WHAT STRATEGIES CAN FAMILIES USE TO SAVE MONEY ON SCHOOL SUPPLIES?

  • Stick to a budget

  • Whether you write it down with pen and paper or use an app on your phone, create a budget for your back-to-school shopping.

  • Without a plan in place, it’s easy to overspend.

  • After you print out the school supply list, decide what you’re going to buy and how much you’re going to spend, and take your list with you when you go shopping so you stick to it.

2. Take inventory of leftovers

  • A great way to save money upfront is to take inventory of leftover supplies from last year.

  • Barely used pencils, notebooks with scraps of paper and mechanical pencils that only need a new lead; there are usually plenty of supplies your kids have brought home that can be reused.

  • For more expensive electronics like laptops, buying refurbished products can save money. Many well-known stores like Amazon offer deals on second-hand electronics.

3. Buy extras in bulk

  • Your school’s supply list will likely include a wish list of shared classroom supplies, things like extra cleaning wipes or boxes of tissues.

  • These items are easy to buy in bulk for a cheaper price.

  • If you have multiple children, divide the box loosely among their classrooms. If you only have one child, save the extras for your own home.

4. Follow your favorite stores

  • You can find deals by following your local stores on social media sites, like Instagram and Facebook.

  • Many businesses send their loyal customers coupon links and sale notices ahead of time, especially during the back-to-school season.

  • If cutting coupons isn’t for you, many stores now have apps that keep track of coupons for you, saving you time and money.

  • Shop at stores that offer price match guarantees to ensure you get the best deals. You’ll also save time shopping at a store instead of running around to find the deals.

  • Apps like ShopSavvy let you easily scan barcodes to compare prices with other stores.

Q: WHAT OTHER FUNDING SHOULD FAMILIES CONSIDER AS FALL APPROACHES?

  • Overspending on back-to-school shopping might not seem like a big deal, but it’s part of your overall financial plan.

  • Keeping track of purchases big and small will help you stay on track with your long-term financial goals, like paying off debt, building an emergency fund, and saving for retirement.

  • Many parents put their children before their own financial stability, but in the long run, your children will thank you for being financially responsible.

  • Our goal at Allied Wealth is to help as many people as possible live the richest life possible, so they can enjoy the benefits of working their whole lives.

Wheless appeared on KPRC 2+ on Friday to offer his financial advice. Watch his full interview in the video player at the top of the page.

You can stream KPRC 2+ weekdays at 7 a.m. on click2houston.com and on the KPRC 2 app.

Copyright 2022 by KPRC Click2Houston – All Rights Reserved.

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