How to Reduce Debt with These Back-To-School Savings TipsJul 05, 2018
Canadian families spend a lot of money for back to school. And if you have more than one kid, the cost just keeps going up, and it can definitely put a strain on your family’s budget if not prepared.
You may think that back-to-school shopping and the ability to reduce don’t go together, but there are ways to make them go hand-in-hand.
The way to reduce debt during back-to-school season is by simply spending less. That way you have more money to go towards paying off your debt load.
How can you as a parent go about spending less on supplies for your kids as they return to school in the fall?
It starts with the three ‘R’s… Reduce, Reuse, and Recycle. Okay reuse and recycle are pretty similar in this case, but nobody knows the two ‘R’s!
Reuse or recycle what you already have
Backpacks, lunch bags, and binders are all costly items, but when it comes down to it if they are in good shape why can’t they be reused? Evaluate what school supplies are still in good condition from the previous school year and build your shopping list based on what needs to be replaced.
Kids may want to be trendy and have new stuff, but here’s where you can compromise with them. Explain to them that if they reuse certain items, it will free up more of the budget , allowing them to get other things they need such as new clothes.
Reduce what you buy
Since it’s still July you have an opportunity to start back-to-school shopping early; alleviating some pressure from the family budget and your debt load. It also doesn’t make sense to rush out and buy everything your child needs before school even begins. You might find out that they don’t need certain things once school starts. Set them up with the basics of what they’ll need and if they need other items get them as they are needed.
Reducing the amount of back-to-school supplies you buy helps reduce the need to rely on credit cards if your family budget is stretched thin.
Look for the deals
There are tons of great ways you can save money on supplies, so we’ve thrown together a list of some of our favorite resources that give their advice on how to save:
- 14 Tips To Save Money On Back To School Supplies & Shopping – MoneyCrashers
- 5 Back to School Saving Tips – MoneyWeHave
- How to Get the Most Out of Your Back-to-School Budget – MyMoneyCoach
- Money Saving Tips For Back To School – ParentsCanada
Here’s how to take what you save on supplies and reduce debt
If you’re successful in your effort to cut down on your back-to-school budget, it may leave you with some additional savings. You can then use that extra savings and put it towards your debt load as an extra payment to reduce debt faster.
A consolidation loan can also be an effective way to help make your debt more manageable by bringing them all together in one. This leaves you with a single and potentially lower monthly payment than what you were paying before. Head over to our debt relief options page to learn more about how a consolidation loan can help in your effort to reduce debt.
As a parent involving your kids in the back-to-school budgeting and shopping process is a great way to get them involved. It can give them perspective on how expensive it can truly be and why they may not always be able to get the trendiest name-brand clothes or gear. It’s also an opportunity to help them build their financial literacy at a young age; helping to develop good spending and saving habits as they get older.
With a little bit of planning and a good follow through, you can make it through back-to-school season without blowing your budget. You might even be able to reduce your debt in the process and that’s a great thing!