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The back to school season is upon us, and your kids are probably dreading this time of year. Though your kids might be sad from the “end of summer” blues, your wallets will be even sadder. This time of year, can be more expensive then Christmas.

But, how expensive can it get? To give you an idea, Retailmenot, Inc. conducted a survey to find out how significant the back to school impact really is. RetailMeNot, Inc. is an American multinational online platform, that maintains a collection of coupon web sites.

The RetailMeNot Canadian Survey was conducted between July 14th to July 15th, 2017. 1,519 randomly selected Canadian adults who are Angus Reid Forum panelists were surveyed using an email invitation and an online survey.

How Bad is Going Back to School?

These are some of the results based on the survey:

-Parents who plan to buy new clothes and shoes for their children can expect to spend an average of $204 and $97. Also, expect to see a lot of kids with animated-movie-themed, back to school items.

-On average, parents plan to spend approximately $255 on a new smartphone and $582 on a new laptop. That totals to an average of $837 on back to school electronics.

-The 2017 back to school expenditures are expected to be at around $883 per child. That is $325 more than what they spent on holiday gifts last year!

-Approximately 64% of Canadian parents plan a back-to-school budget, but, 56% will spend more than what is expected.

-University students are the most expensive to shop for, with parents expecting to spend $1,630, compared to $412 for high school students and $318 for elementary.

How to Avoid the Blues

Being a parent, you have a lot of expected expenses. On the other hand, if you do not plan your finances now, your expenses will only continue to add to the burden of debt. Why not make life easier and seek professional financial advice?

We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.

If you need help, contact us by emailing info@dodicklandau.ca or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.

Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.