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Financial advice for parents during COVID-19 pandemic

A financial advisor shares ways families can start building a budget and saving during the COVID-19 pandemic as a new school year begins.

INDIANAPOLIS — As millions of Americans are facing an arguably uncertain financial future, and wait on another potential round of stimulus money from Washington, they’re searching for ways to save. On top of that, it’s back to school season, when families typically shell out more more for clothes and school supplies. But, what does that look like during COVID-19? Whether you’re trying to figure out childcare for your little one, or considering college choices, there’s a common thread—finding ways to save money. Carmel father of two and financial expert Ben Jones has some solutions to offer.

Jones said if you’re needing child care and are afraid of how high the cost will be, try and get creative. 

"Hopefully you can work with friends or neighbors to have on and off days to watch the kids... and some of that really creative stuff has to come along in order to save that money,” Jones said. 

If college is around the corner, and because campus life is changing due to COVID-19, Jones suggests considering community college. 

“Why waste all of that money? If you can try it out first to see if they got the right mindset, they get the grades,” Jones advises. 

Jones said most colleges and universities will accept those transfer credits, if and when it comes time. As always, buying new outfits for kids to sport at school is typically a fall tradition for many families, but with a lot of virtual learning and less in person interaction, Jones said it is an opportunity to spend less on looks. 

“Just take a slight step back. If you're not going to be in person, maybe you can make different choices. Maybe you don't need three pairs of new jeans... maybe you only need one or two. Maybe we can cut back on some of those items," Jones said.

Speaking of cutting back, school supplies can be included in that, and they can certainly add up, so Jones says, be smart. 

“You may not need as many pencils and paper and glue and all of those items because you're not going to be in-person as much," Jones said. "I think really evaluating what your situation is, where you're going to be, going in person or distance, and then cutting back on some items knowing that maybe the distance learning offers you some opportunities to be successful in ratcheting down some of those expenses.” 

Jones tells parents who come to him seeking financial advice to be open and honest with kids. Jones said it’s a way for them to learn the importance of responsibility with money. 

Finally, Jones advocates fighting for savings with companies — from credit cards to cable.

"It is no time to be hesitant or feeling guilty. Ask for absolutely 100 percent of everything you want,” he said.

Jones said if it’s the cable, ask to cut it by half. 

"They may say, 'we cant cut it by half, but we can knock 30 percent off,'” Jones said. 

Most companies are extending time for payments or attempting to be more forgiving and flexible, according to Jones. He said you might be surprised what savings you can get.

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