By Jasmin Brown

BDO Debt Solutions

Back-to-School Budgeting

Aug 22, 2024 | 9:58 AM

“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.”

Recent studies are showing us that back-to-school shopping is more expensive than ever, and that parents are prepared to go without certain necessities and take on debt to get their children back-to-school ready. Parents are spending on things like electronics, clothing, shoes, school supplies etc.

There is certainly no doubt that back-to-school spending is causing many parents to feel stressed out and overwhelmed, especially in the current economic environment where so many are struggling with affordability.

Below are some tips to help make back-to-school more manageable.

Back-to-school budgeting tips

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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:

• Create a back-to-school budget;
• Use the back-to-school supply list provided by the school;
• Prioritize the needs over the wants;
• Take stock of what you already have – not everything needs to be new;
• Look for deals – do your research, comparison shop, shop “tax-free” days, use points and coupons;
• Start early – so that you have enough time to find the deals and don’t purchase things impulsively;
• Team up with other parents and buy in bulk.

Financial Literacy Opportunity for Children

Back-to-school is an excellent opportunity to teach your children some age-appropriate financial literacy skills. You can do this by:

• Having your children help create the back-to-school budget, and talking about the importance of it;
• Encouraging them to come up with ways to help cut costs. This can be identifying items from last year that can be reused, finding coupons, or comparison shopping;
• Talking about needs vs. wants. Perhaps for older aged children, they have to contribute to some of the wants.

There is no doubt that back-to-school is an exciting time, but it can also be expensive and stressful for parents. Surveys show that affordability challenges continue for many households due to prolonged high inflation and interest rates. Many households are struggling financially. With proper planning, you can take away some of the stress that tends to go along with back-to-school.

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, 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.