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Back to School Budget Implications

Going back to school marks the start of a new financial chapter in parents’ lives. It is a season that brings some financial changes along with it. Budgeting for tuition fees, books and school supplies, along with lunch money looms overhead. Each household manages their own school year budget differently, and in order to stay debt free, it is important to effectively allocate your funds. What does returning to school mean for the household income?

Day Care Costs

In Canada, the median cost for daycare in 2020 ranged from $450 to $1600 monthly in Winnipeg and Toronto respectively, while it is at a more affordable range at $181 monthly in Quebec. For a budding family’s finances, this can prove to be a heavy expense depending on the couple’s income and where they reside. A Hamilton insolvency trustee can offer locale-specific advice which is tailor fit to your situation.

The financial responsibilities of a young family come with a huge shift from what individuals are used to. Laura Gyldenbjerg & Associates Inc. can find ways to help your family have a better control of your finances to avoid financial troubles that can cause interpersonal problems down the road. We can guide you on making sound financial decisions to help safeguard your future.

Major Expenses

Public secondary education is free for Canadian residents while private schools charge for attendance. For international students, a lot of schools charge fees which range from CAD 8,000 up to CAD 14,000. Bulk of the school-related expenses goes to the tuition fee. This can either be paid in a lump sum or throughout the academic year depending on the school’s policies. Private schools have the option for on-site boarding, and the costs of uniforms come into play too.

There is also the daily expense covering transportation costs and lunch money. Schools have cafeterias where students can buy food or eat the packed lunch they bring from home. The latter isn’t uncommon, and for those who are more mindful of food expenses, preparing lunch at home can be more cost-effective.

For certain schools, extracurricular activities and/or special events may require a small fee as well. Field trips or sports-related events may come with expenses such as tickets or appropriate gear. Thinking ahead and setting aside money for special school events can help in avoiding your child feeling like they’re missing out when they’ve gone back to school.

Stressful Times Ahead

Seeing a huge chunk of money disappear from your savings account is quite a blow. It reminds you that there are major yearly expenses—funds for which come from your job. The new academic season adds weight on parents’ shoulders and finding that financial stability can be tiresome. With Laura G., you have a safe space where you can air out your feelings and concerns. Discussing money matters with your family members is important, but there are times when an objective outsider point of view can be beneficial.

If you find yourself in dire financial situations, remember that it isn’t the end of the world. It may certainly feel like it but insolvency is something we can help you triumph over. People make hard decisions and when those don’t go well, you may have to opt for a consumer proposal to get your affairs back on track. Laura G. can help, and you can rest assured that you are in a judgement-free space where you can regain control.

Avoiding bankruptcy is possible by working with a licensed insolvency trustee. Taking preventative measures to avoid debt is great, but knowing what you can do when you find yourself in debt is essential. Time to get “schooled” on what is a consumer proposal.

One of our goals at Laura Gyldenbjerg & Associates Inc is to help people ultimately get back to being debt free by offering sound and personally tailored financial advice from a Hamilton licensed insolvency trustee. Book an appointment with us today to discuss your options in a judgement free environment.

We hope this article on “Back to School Budget Implications” helped you. If you have any questions please contact us and BOOK YOUR FREE NO OBLIGATION JUDGEMENT FREE CONSULTATION TODAY!

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