Avoiding Back-To-School Debt Traps

In just a few short weeks, students will be filling the classrooms. The start of the school year comes with the need for school supplies, new clothes, items for extracurricular activities and the costs of eating lunch at school. For many families, this time of year can be costly and some even end up further in debt over back-to-school purchases. Before you even think of pulling out that credit card to cover these costs, consider a few simple tips for avoiding more credit debt.

Think Smart

The list of classroom supplies seems to get longer every year as school budgets cut back and require more from parents to purchase the essentials, and these supplies are expensive. Before heading off to the store check around your house for supplies on your list. Look in your junk drawer or crafts closet to see if you have any extra pens, paper, glue and more. You may just find that you already own enough supplies to start off the school year.

If you don’t already have what you think you need, prioritize your supply list. Maybe those old jeans from last year still fit or you don’t need that expensive calculator until later in the year. Ask the teacher what supplies can wait and purchase them at a later time, when you can buy in cash. Try on old clothing and combine hand-me-downs from older children for new looks for the Fall. You will be surprised to learn that not all needed items are top priority, allowing you to space out your purchases over a couple of months.