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How to Work Within a Tight Budget and Avoid Debt

Are you already dreading the chaos and expense that comes with back-to-school shopping? The stress, the crowded stores and the flashy sales signs are all meant to make you spend, spend, and spend some more. That’s why in this month’s podcast, our LIT’s are talking about how to avoid debt during the back-to-school season.

Tight budget? Don’t sweat

The expense of back-to-school shopping is almost as expensive as holiday shopping, and the two follow each other very closely. For parents working with a tight budget, the thought of covering all those costs can definitely add to their financial stress. Here are some ways to stop stressing and avoid debt in the process:

  1. Use cash whenever possible – When shopping, try to use cash instead of credit so you aren’t incurring extra interest charges. Set a budget for back-to-school supplies and withdraw it before you hit the stores so you’re sure to not bust the budget.
  2. Start shopping now – Whether you’re shopping for back to school or you want to get a head start on holiday shopping, now is the time to hunt for bargains. Spread out your spending between now and November to avoid feeling overwhelmed later on. This will also ease debt repayment for times when you must use your credit card. Repaying lower debt balances over a few months is less stressful than receiving one large debt bill.
  3. Take advantage of resources – Talk to your child’s school about low-income programs for parents who are having trouble covering the cost of school supplies. The school may provide donations or low-cost supplies or they may be able to direct you to a community resource.
  4. Deal with debt – If your credit card balances are high and you’re having trouble coping, look into your debt relief options using this calculator. By doing so, you can reduce debt and free up extra cash each month. You can also speak directly with an LIT who can go over your specific situation and help you get on the road to financial recovery.

How will you stay within a budget and avoid debt while shopping for school supplies? Tune into our podcast to hear more tips or share your story with us on Twitter #BacktoSchool #DebtSolutions #FamilyFinances

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