GREENSBORO, N.C. — Just like that, it's time to go back to school.
You're probably already shelling out money for clothes, supplies and new tech. It can be a lot of money in a very short amount of time.
Money expert Ja'Net Adams is offering some help. Adams says moms and dads easily overspend this time of year.
"Every year there is extreme hype over back to school because we want to make sure that our children are ready for the first day of school. We follow the school supply list and buy everything on it. We are prepared for the first day but don't prepare for all the expenses to come," said Adams, who wrote the book The Money Attractor.
Adams shares three tips to make sure you are prepared financially for the entire school year and not just the first month.
1. Pencils don't last forever
"Eventually, the paper, pencils, and note cards that you bought in August are going to run out so you need to be prepared to buy more, multiple times throughout the year," said Adams.
She recommends signing up for all the office supply store emails so that you know when school items go on sale throughout the year.
"This is the best way to save money over and over," said Adams.
2. More Money Will Be Needed
"It is so important to have a monthly spending plan that includes school expenses. You may not have additional school expenses in September, but the expenses are coming," said Adams.
Budget for the field trips, classroom parties, school pictures, and teacher appreciation week gifts that will be coming.
"Each month leave spending room for all the extras that come with having a child in school," said Adams.
3. Think Beyond Elementary
"Whether your child is in elementary school or high school it is time to plan for the future. That means putting money away for college. College is not cheap and the more you save now the better off you will be when that child goes to college," said Adams.
Adams suggests looking at different ways to invest for college and getting help through a financial advisor.
"School does not end in August or September so make sure you financially prepare so that there are no surprises," said Adams.