Make It Fun and Skip the Debt this YearJul 19, 2018
Are you stressed just thinking about getting your kids ready to go back to school? Worried about the cost or even the additional debt?
It’s true that parents deal with an ever-growing list of school supplies each year and expenses can add up quickly. Last year, parents planned to spend an average of nearly $900 on back-to-school supplies! That can place a strain on family finances and even lead to additional debt.
In this podcast episode, our Licensed Insolvency Trustees (LITs) share some great advice on how you can cut costs, reduce the strain on your budget and skip the debt. Which means parents can lose the stress and help their kids embrace the excitement and fun of heading back to school!
Listen to the full podcast for advice and tips on how to:
- Create a back-to-school spending plan
- Avoid back-to-school related consumer debt
- Make your budget go further by finding less expensive options
- Get the kids involved in the back-to-school decision making process
Starting your planning in July, well in advance of the first day of classes, is a great idea. Spread out your shopping over the next few months to help reduce the strain on your budget and the potential need to use credit cards, which can add to your debt load.
Why not get the kids involved in the shopping and planning? It’s a good opportunity to pass along some valuable money lessons.
You could even hold a mini Family Annual Meeting and get your children involved in creating a back-to-school spending plan.
- Discuss needs versus wants (reality versus expectation) – especially in terms of their school supplies and back-to-school clothing choices.
- Go over the process of building a budget for a specific purpose, like a back-to-school budget
Making at least some of the back-to-school decisions together can make for a more enjoyable experience for everyone involved. Just remember to stick to your spending plan and there’s a very good chance you’ll be able to skip the back-to-school debt.
Make sure to listen to our podcast for additional tips, advice and resources that will help you avoid adding to your debt during the back-to-school season.