By Jasmin Brown

BDO Debt Solutions

Tips for Managing Back-to-School Spending

Aug 17, 2022 | 5:12 PM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

It is once again getting to be time for the kids to go back to school, which comes with a cost. Parents are spending more and more each year on everything from electronics and school supplies to clothing and shoes. We know that many people are already reaching their financial tipping point, so back-to-school spending can be quite overwhelming. Luckily, there are some things that you can do to help manage your money through this time of year.

The Impact of Inflation

This year, it is even more important to pay attention to what you are spending when sending kids back to school. The increased cost is not just because there are more items on the list — it is also simply because things just cost more now. Inflation is at a 40-year high, which impacts the cost of everything. Surveys are showing that:

· Average spending per student is expected to increase by 8% this year

Raiders AGM

Raiders impact on Prince Albert local economy continues to go up: AGM report

10h ago

Court proceedings

'The impact of this trauma will echo for generations': court case surrounding La Ronge woman's death reaches conclusion

Dec 11, 2024

Going Global

P.A.'s Zablocki named to Team Canada for U18 Women's World Championships

Dec 11, 2024

· Parents are expecting to spend an average of $661 per student

· 37% of shoppers are expecting to spend more this year than they did last year on back-to-school shopping

Back-to-school budgeting tips

Below are some tips to help you make your money stretch a little bit further when it comes to back-to-school spending:

· Prioritize the needs over the wants

· Review school supply lists (and stick to them)

· Start early – so that you have enough time to find the deals and don’t purchase things impulsively

· Take a look at what you have left over from last year, and recycle items if possible

· Search out the deals -– do your research, comparison shop, use reward points and coupons

· Purchase the necessities first and stock up on other supplies when they go on sale

Opportunity to Teach Kids about Money

Back-to-school time is a great opportunity to teach kids about money and using a budget. So many people that we meet with say things like “I was never taught how to manage my money” or “this is something that should be taught in schools.” Use back-to-school as an opportunity to:

· Explain the impact that FOMO (fear of missing out) can have on finances

· Teach your children the difference between needs and wants

· Use this as an opportunity to teach your children how to create and use a budget –- overspending in one area may mean sacrificing in another

· Make your children aware of what things actually cost

We know that these are very difficult times. Inflation is soaring, interest rates are on the rise, and reliance on credit is increasing. People are reaching their financial tipping point. If you are stressed and struggling with how to make ends meet, you are not alone. Back-to-school can cause added stress. If you are overwhelmed, know that there is help available.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.