Debt Over Back-To-School Shopping: Pay-Off in 3 Steps

< Back to Money Minute

You did it! You made it through a noisy and chaotic summer of keeping the kids busy and active. Now they have returned to school, and you can take a little of your life back. How did your finances make it through the summer? Was there an expensive vacation mixed in with the kid’s activities. Was back-to-school shopping more expensive than you hoped because with the Consumer Price Index on the rise, chances are that it was more expensive than last year. It might be time to go back-to-school on your personal finances. Pay off debt due to back-to-school shopping with these 3 steps.

1. Change Your Mindset

Paying down debt and improving finances often comes down to mindset. There are plenty of strategies to pay down debt, but I find that the most important factor in success is commitment. Commitment means that you must pay attention to your spending and set time aside each week to review your budget and look ahead. You need to find out what you owe. You need to find out where you spend your money. Recognize your limitations and identify where you can save rather than spend. Infuse this new mindset in your budget.

2. Come Up With a Plan

There are lots of strategies you can implement to pay down your back-to-school debt and you probably have heard of them before. Consider the Snowball Method and the Debt Avalanche. Both these methods are affective, and you can click the links to learn more about each. A Debt Management Plan may be the best solution to finally getting over the hump and paying down debts.

3. Stay Consistent

With any endeavor you undertake, you must stay consistent to succeed. I once decided that I was going to learn how to plan the harmonica. So, I bought a nice harmonica and learn how to play book.  However, my “talent” starved from lack of practice and a poor mindset. The image in my head of playing the blues like Muddy Waters or Buddy Guy went out the window. Schedule your budget reviews in your calendar and be mindful of your goals and plans. There is no substitute for consistency. If you would like additional guidance and accountability, consider a Financial Coach.


Do all three of these and you will succeed in tackling that back-to-school shopping debt! Also, enjoy the quiet house while you can.

< Previous Next >

Get Started with IRIS

Financial health happens when you partner with IRIS! Securely submit your financial information to IRIS and receive a free, comprehensive financial plan within hours! This plan is reviewed by one of our live Certified Financial Specialists. It's the first step on your journey to financial health!