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

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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, call us at 1-844-962-9200 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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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
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Great experience with Jerry and staff. Thank you.
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