Back-to-school time is just a few weeks away. Finally children can stop complaining about being bored at home, and parents can breathe a sigh of relief for the needed break. However, this time can also bring financial challenges for many parents who are faced with rising costs and shrinking budgets.

What can parents to do when the prices of everyday necessities are climbing out of reach, their paycheques remain constant, and their kids keep demanding the latest, coolest stuff to go back to school? If you are faced with this dilemma, take at look at the following money-saving tips:

Make a budget

As with all your other spending needs, it’s best to make a budget. Know exactly how much money you can afford to spend on back-to-school and allocate funds accordingly. Plan to spend more money on important items like shoes, but cut back on the cost of disposable supplies such as stationery. Involve your children in this budgeting process, so that they can appreciate why you may not be able to fulfill all their desires for expensive items. Continue reading Back to school on a budget →