Stop Piling On Debt When You’re Back-to-School Shopping

One in five parents will go into debt this year because of back-to-school shopping. It will also take many of those parents months to pay back that debt, which can get as high as $300 to $500 each and every year. Back-to-school shopping is just one more expense that adds to ever-higher consumer debt. But you can use these tips to keep your spending in check this year.

Save Over Summer

mom saving money

Summer can be a dangerous time for your credit cards. Gas prices go up, you’re eager to get out of town on the long weekends, and you may even have some international travel destinations in mind. But what you should really be doing is setting aside money for essential back-to-school shopping. Try to cut down your summer expenses by walking instead of driving, easing up on the air conditioning, and aiming for more modest travel destinations.

Plan Ahead

Make a list of everything your kids are going to need for back-to-school. Talk it over with them and figure out what they need for stationary and clothes. Increasingly, big ticket items you might have reserved for birthdays like laptops and tablets are needed for school, so be prepared for bigger expenditures.

Compare Prices Online

Once you have your list, go online to compare prices. You can also use online classifieds to look for things used.

Teach Your Kids About Budgeting

Back-to-school shopping is the perfect opportunity to teach your kids about budgeting and why money matters.

Don’t Rely on Credit Cards

no credit cards

When you already have so much debt on your credit cards, it can be tempting to just add up more. If you’ve planned ahead, made a budget, and set some money aside, don’t take out that credit card. Many of our clients at David Sklar & Associates simply relied on their credit cards too much for expected, everyday living expenses.

Canadians have spent years adding to their consumer debts. The average Canadian consumer now owes $8,500 in consumer debt – that doesn’t include their mortgage. Record low-interest rates mean that overstretched Canadian households have been able to keep up debt payments for now, but at David Sklar & Associates, we’ve seen what happens when those conditions change. Canadians continue to borrow to cover bills and interest rates are set to rise.

You may be solvent now, but higher interest rates, unexpected bills, or sudden job loss could make you eligible for a consumer proposal or bankruptcy. Anyone who is already deeply in debt should consider their insolvency options. If you’re wondering what is a consumer proposal, head to our midtown office at St. Clair and Bathurst or any of our six locations in the Greater Toronto Area. A bankruptcy trustee will be happy to help you determine your eligibility for a consumer proposal. Your first consultation is free at David Sklar & Associates.

Debt freedom starts with you, but that doesn’t mean you have to do it alone. If you are deeply in debt and need financial help in midtown Toronto, give us a call. Stop by our office at St. Clair and Bathurst or give us a call today.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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