Summer is nearing its end which means it’s time to equip students with the supplies they need to have a great school year. But it costing their parents nearly everything.
ESSENCE previously reported, a new study by Qualtrics and Intuit Credit Karma revealed that 59% of those surveyed say that due to the soaring living costs, they will spend more money on back to school shopping for their children this year compared to the recent past. According to the report, higher costs create affordability challenges for nearly one-third (31%) of parents who say they are unable to afford back-to-school shopping for their children this year.
Atlanta-based financial advisor Nicole Garner Scott says the last she wants to see parents forgoing their basic needs to cover costs for school necessities.
Save yourself first
“First and foremost, you always have to put on your mask before help others,” she tells ESSENCE. “So, just reminding a lot of parents that there are scholarships and things of that nature for students, but there are no scholarships for retirement. Even though we, as mothers can tend to want to overextend ourselves to the highest level, you still have to remember that you don’t want to put yourself in a predicament where you’re going to have to lean back on that child later on in life or doing anything that completely unravels the foundation you put together.”
Easier said than done when coming up against immediate college costs that stand your child’s education, but Garner Scott says it’s important to look at the big picture.
Get creative
“Sometimes it makes sense to look at the amount of school and the cost and be very innovative around that,” she tells ESSENCE. “It might be best for a state school or for private school.”
Beyond tuition, books can carry a huge price tags for students and their parents. Scott Garner says there are ways to cut costs.
There are a lot of ways that schools provide book shares. When I was in college, I actually worked in our university bookstore, which is a great to mine and use resources around campus to save money.”
Utilize a 529 plan
“There’s just been a lot of changes around how you can utilize 529,” Garner Scott explains. 529 plans are a type of investment account that can be used for higher-education savings. “If for any reason your child decides not to go to college, you can reroute that into retirement for yourself,” she adds.
If you don’t much about how that works and don’t necessarily want to go to a financial advisor, tap into your digital community because that’s where our village is now, not just the neighborhood we live in. There are mother groups online that offer great information and more than anything, remind you that you’re not in this alone.”
