According to an article posted by Global News, a recent survey from RetailMeNot found “North American parents can spend an average of $507 on back-to-school shopping”. This can include backpacks, shoes, and supplies. (This does not include electronics).
To avoid overspending during this time of year, here are a few smart tips for spending during the back-to-school season:
- Be Selective: Start with a realistic supply list of the necessary items depending on the age of your child. If electronics are required, consider second-hand and/or refurbished electronics. If your child can make do with electronic devices already in the home, consider waiting for Black Friday or Boxing Day sales to make the purchase.
- Prepare a Budget: Preparing a budget will help you choose what is affordable for the family. The school year can bring many extra expenses which you should account for in your budget.
- Empower your children: Explain the limits to be spent. Empower them to choose supplies within the family budget.
Today, many parents are spending more when kids go back to school than on Christmas gifts and unfortunately, these expenses typically coincide with when summer vacation bills are due. Then, shortly thereafter, the holiday shopping season begins.
If back-to-school credit card charges are being added to your existing balances and are leaving you overwhelmed, seek advice as early as possible to help you stave off any long-term, unmanageable debt.
Feel free to reach out to one of our experienced Trustees at 416-929-2500.
Connect with the Author
Linda Stern is a Senior Manager and Licensed Insolvency Trustee at Crowe Soberman Inc. She has over twenty-five years of experience working in Montreal, Ottawa and Toronto, primarily in consumer insolvency matters consulting with individuals overwhelmed with debt and helping them find solutions that work best for their financial and personal situations.