Money Matters - Back-to-School Tips from Financial Planner and CEO Kerrie Carden

 As the back-to-school season is here, families are absorbing the annual expense of school supplies, clothing, and other essentials. A survey by the National Retail Federation indicates that many expect to pay more for these items in 2023, with inflation having increased back-to-school costs by up to 36% between 2019 and 2022. Managing these expenses can be challenging for parents.

Kerrie Carden, CEO of Equip Advisory, is dedicated to helping individuals and families, regardless of income level or financial situation. From those just making ends meet to professionals earning over $200,000 annually, Kerrie works to create customized financial plans that cater to each client’s unique needs. She is committed to closing the wealth gap for marginalized communities, earning her the title of "intergenerational wealth architect." With Kerrie’s expertise, parents can better prepare for back-to-school expenses without straining their budgets.

Back-to-School Budgeting Tips from Kerrie

• Review Past Expenses: Start by looking at what you spent on back-to-school items last year. This will give you a baseline for this year’s budget and help you anticipate any changes in your child’s needs or the impact of inflation.
• Take Stock and Prioritize: Before shopping, inventory what you already have from previous years. Reusing supplies and clothing can significantly reduce costs. Make a list of what you need, prioritizing essential items first and adding non-essentials if the budget allows.
• Save More in Community: Know any other families with kids? Find opportunities to swap gently used but still useful items. Going to Costco or Sam’s Club? Share the trip with a family that doesn’t have a membership and share your bulk buys, saving more together.
• Shop Smart: Look for sales, compare prices online, and consider generic or store-brand items to save money. Check various stores, including big-box retailers, office supply stores, and secondhand shops. Use digital coupons and store apps to find additional savings, but stick to your list to avoid impulse purchases.
• Set a Budget and Stick to It: Determine how much you’re willing to spend and commit to staying within that budget. Include a small buffer for unexpected expenses, but avoid overspending.
• Plan for the Future: After completing this year’s shopping, compare your budget to your actual spending to identify areas where you saved or overspent. Start saving early for next year by setting aside a small amount each month, making future back-to-school expenses more manageable.

If you’d like more personalized financial advice or want to discuss your back-to-school budget in detail, reach out to Kerrie at Equip Advisory. As CEO, Kerrie is ready to help you make informed financial decisions and ensure a stress-free start to the school year.