1. Make a list of the things your child needs prior to heading out. Prioritize between needs and wants, and when the item is required. For example, if gym isn’t until 2nd semester then maybe the runners can wait until then.

2. Scan your child’s closet for clothes that can still be worn and clothes they have grown out of. Maybe a swap with another family, or a trip to the local 2nd hand store to sell on consignment is required. By the way, 2nd hand stores have great clothes, even name brand clothes, at fantastic prices.

3. A great wardrobe consists of a few core pieces that cost a little bit more than the others, but matched with some great bargains, the entire outfit can look and feel like a million bucks.

4. Your child most likely came home with a list of school supplies that are needed for the year, kindly supplied by their local school board. Review the list with your child to see if maybe instead of buying 6 glue sticks now you can buy 3 and then 3 again after Christmas (what a great stocking stuffer!!). A quick e-mail to their teacher may help to determine what is needed in September vs November.

5. Before venturing out for the school supplies, check at home first. How many of us have a “junk drawer” that is filled with pencils, pens, glue sticks, maybe even a couple of calculators, from last year that weren’t used. No need to buy more, sharpen them up and pop them in a new pencil case and you’ve eliminated part of your shopping list.

6. And of course, before doing anything, check the flyers, clip coupons, watch for stores that do price matching and shop all year round for back to school clothes to make August shopping less of a strain on your wallet. Don’t forget to check on-line for those larger items like college text books, laptops, desks and chairs.  Have a budget in mind before going out and stick to it.

7. Don’t forget to show any student ID cards, CAA memberships, store points cards, etc. to get the best deal as there is always money to be saved.

My name is Wendy Young and I work in our Hamilton office. If you’re one that not only struggles with your finances in August but all year round, maybe it’s time to come up with a plan for you too!!! If you find you are stretched beyond your means each month and you are considering your options or need guidance with your financial situation, feel free to give at us a call at 310-PLAN (7526) or 905-777-0770 or e-mail us for a free confidential consultation to come up with a PLAN for you.

I met a gentleman this morning who makes a good income but is having troubles keeping up with his debts. Based on the new rules that have just come in to place, a 2nd time bankrupt is now bankrupt for a minimum of 24 months and could be more like 36 months depending on your net monthly income. As my client’s income is above the government threshold for a family of 1, he has a surplus payment to the Trustee that will last for 36 months.

After doing the calculations, it made much more sense for him to file a consumer proposal for many reasons. He can reduce his monthly payment to the Trustee because we can stretch a consumer proposal over a period of 60 months if need be; he doesn’t have to monitor his monthly income and report it to the Trustee; and those 5 pay months (he gets paid weekly) won’t cost him extra, leaving him an opportunity to either catch up on some other bills or double up on a proposal payment shortening the term of the proposal. He then asked how this will affect his credit rating and I explained that a 2nd bankruptcy is reported for 14 years on your credit bureau as opposed to a consumer proposal which will show for 3 years from completion of the proposal.

He was thrilled and we proceeded with filling out an application to have him sign sooner than later so he can stop those annoying calls and relieve some of the stress he has been under lately.

Filing bankruptcy in Hamilton may not be the correct option for everyone, so please call our Hamilton office at 905-777-0770 or 310-PLAN, or e-mail us, and we will arrange for a no charge initial consultation to review your options.