Back to School Financial Stress.

Each year when children go back to school, we seem to get barraged with additional expenses. There are tuition and school fees, supplies to purchase, lunch fees, and even school trip fees. In addition, there are costs for bus passes, clothing, back to school haircuts, perhaps medical or dental care. These expenses can quickly add up to a considerable sum and create financial stress.

Plan for the Future

The best way to approach this time of year is to plan ahead. Budgeting and tracking your spending can allow you to put funds away on a monthly basis in advance. If you are unable to do so and have to incur debt or rid yourself of the debt burden and the financial stress, make a monthly budget to determine how much you can pay on a monthly basis to retire this debt over the shortest period time. Remember that you also have to start planning to save for next year’s expenses to avoid financial stress in the future.

Track your Monthly Spending

People who need to file for bankruptcy or a consumer proposal to resolve financial difficulty are required to track their monthly spending and attend financial counselling. Everyone should track all of their monthly spending. If you are unable to resolve your financial situation on your own, you should contact a Licensed Insolvency Trustee (LIT).

Back to School Shopping Tips

  • Set a budget and stick to it. Instead of just going to a store and buying everything on your children’s supply lists, make a budget for it first. Price out how much you think it will cost versus how much you can afford and plan accordingly.

  • Price compare. Sure, back to school shopping might be time-consuming, but taking the time to price compare between several different stores could end up saving you hundreds of dollars

  • Watch for sales. Stores typically have periodic sales for vital back-to-school needs throughout the summer, but everything else stays expensive until school starts. If you can help it, wait until the second week of school to get the bulk of your supplies in order to save big!


We care about your financial state, and we will do whatever we can to get you back to financial security, while minimizing your stress levels during a difficult time.