Some parents at the school my children attend told me they resorted to Buy Now, Pay Later and even gambling to cover back-to-school expenses this year. We’re always surprised by how much school supplies cost! Can you give me some tips I can share with our group of moms?
Back-to-school expenses can certainly strain a family’s budget, but there is an important distinction between an unexpected emergency and an expense we simply failed to prepare for. School supplies are needed every year. I am grateful that you want to help families experiencing the stress and strain of it all. Talker Research conducted a survey of 2,000 parents of school-aged children.
It demonstrates just how serious the financial pressure has become: These statistics reveal more than the rising cost of school supplies. Failing to plan for predictable expenses can spiral into serious financial pain. Because my wife helped us save money each year that our four sons were in school, I have asked her to share her wisdom and tips for your friends. Christmas comes every December. Cars eventually need tires. Insurance premiums come due.
Children need clothes. And every August, students return to school. Failing to prepare for these expenses creates urgency that often drives poor decisions, which end up being very costly. Buy Now, Pay Later makes an unaffordable purchase feel affordable by dividing it into smaller payments. Credit cards push today's expense into next month's budget. Payday loans cover a temporary shortage. Gambling gives an adrenaline rush. But each of these has emotional and financial costs.
Proverbs 21:5 says, “The plans of the diligent lead to profit as surely as haste leads to poverty.” Notice the contrast between planning and haste: profit and poverty. Financial pressure draws our attention to solving today's problem, but wise stewardship plans for