By Jasmin Brown

BDO Debt Solutions

Back-to-School Budgeting

Aug 18, 2021 | 10:42 AM

Recent studies are showing us that back-to-school shopping is more expensive than ever. Parents are spending on things like electronics, clothing, shoes, school supplies, protective items etc. There is certainly no doubt that back-to-school spending is causing many parents to feel stressed out and overwhelmed.

This is a particularly difficult year as parents continue to struggle through the impact of the pandemic – and there seems to be extra pressure to ensure that the back-to-school experience is a positive one. Concerns about children’s happiness and success are high priorities along with budgeting and finding good deals on back-to-school purchases.

Back-to-school budgeting tips

There are some things that you can do to make your money stretch a little bit further when it comes to back-to-school spending:

· Prioritize the needs over the wants;

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· Review school supply lists (and stick to them);

· 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 points and coupons;

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

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

Extracurricular activities and your budget

There are also expenses that come up throughout the year, such as costs for field trips, sports, and other activities. Some tips for handling these types of expenses are as follows:

· Plan ahead – add these expenses to the family budget early on;

· Remember all costs associated with the activity (membership fees, uniforms, travel expenses, equipment etc.);

· Consider your child’s interest and make a plan for the activities they wish to participate in – they may not be able to do everything;

· Take advantage of free trial months to determine if your child is actually interested before committing to the expense.

We know that many Canadians were struggling financially before the pandemic and that they continue to struggle with affordability now. A budget is an excellent money management tool that will help when:

· You are living paycheque-to-paycheque;

· You don’t know where your money is going;

· You are struggling with debt repayment;

· You want to take control of your financial situation.

A budget will go a long way in helping you with back-to-school expenses. It will also help you with managing other day-to-day expenses. If you don’t have a budget in place, now would be a great time to get started on creating your household budget. If you are stressed out or feeling overwhelmed by back-to-school preparations, or with your financial situation in general, reach out to a Licensed Insolvency Trustee to explore your options today.

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.