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Back to School … and Work!

It’s the same thing every year: back to school comes all too quickly with all the inherent expenses and stress of a new beginning. This fall in particular heralds a return to work and school in an environment that is still challenging. Take advantage to plan calmly for the next months!

School supplies, new clothes and shoes, extracurricular activities, daycare: back-to-school costs are expensive. And while the pandemic may have saved you money on lunches, transit passes, parking and a new wardrobe, those costs are back. In short, the bill is going to be hefty. Of course, the best thing to do would have been to include back-to-school expenses in your annual budget. If you haven’t done so, it’s time to figure out how much you’ll need to prepare for the coming year. Fortunately, there are ways to reduce cut your costs.

 

Reuse last year’s equipment and clothes

Whether it’s for you or your children, you don’t always need to have new things. School supplies that are in good condition can be reused and save you money. The same goes for clothes: check to see if your wardrobe or your child’s is still up to date and reuse last year’s outfits.

 

Compare prices and go through the flyers

Big box and drug stores generally have back-to-school sales. You’ll have a better idea of the cost if you go through the flyers. You should also opt for the house brand over brand names. Go to the stores’ website, they often have good deals. Lastly, think about applying your loyalty points against your purchases.

 

Make the whole family aware of the cost of living

Take advantage of the time to make your youngest children aware of waste and the importance of being smart consumers. Involve them in your shopping, stressing the importance of sticking to the list provided by the school (and not buying the trendiest accessory) as well as the budget you’ve set for yourself. By addressing these essential topics early on, you’ll help your children develop sound financial habits.

 

As for your teens and young adults, teach them how to make a monthly budget. How much do their sports activities cost? Going to the movies or out to dinner? Shopping? If their expenses are high, could they consider taking a part-time job? Working a few hours a week can be very formative for a young person and help them build a resume while gradually achieving financial independence.

 

In short, the beginning of the school year is a bit like January: it’s time for everyone to make new resolutions and take charge of their lives! If you need help getting your finances in order, don’t put it off. Make an appointment with our Financial Recovery Counsellors and Licensed Insolvency Trustees. They’re here to help you and find solutions to your situation.

 

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