It’s the time of year when parents rejoice about all the free time they are about to have as kids head back to school, but back-to-school season can also be a pretty stressful financial time for families. Whether you have one child or several who are heading back to classes this fall, now is not a good time for cash to be in short supply. The good news is that if you do find that you don’t have the money on hand to pay for all these things, there are solutions that will help you meet your financial obligations.
The Rising Cost of School
Public schools are paid for with property tax money for the most part, but like many public programs, they are often short on cash. What that means is that they often pass along fees to parents to help cover the cost of educating children and providing extracurricular activities. As your children prepare for school, you will likely need money to pay for things such as:
- School uniforms or back-to-school clothing
- Extracurricular activities
- Sports programs
- General fees
- School supplies
Even families who try to save up for the inevitable back to school costs often find that it’s easier to save that money in theory than in reality. It can quickly vanish with an emergency room visit, a broken air conditioner, or an unexpected car repair.
Cash Loans vs. Credit Cards
In some cases you may have access to credit cards that can help carry you through the expense of going back to school, but for most people these cards are either unattainable if your credit is less than perfect, or you have one but the interest rates are so high that it’s not worth the risk of charging expenses that you may not be able to pay off before the bill comes due.
In these situations a short-term signature loan might be the ideal option. These loans allow you to borrow against your future earnings to cover the expenses you need today, and in many cases the fees are lower than the compound interest you would be stuck with on credit card charges. The approval process is quick, which means you won’t have to wait days or even weeks to get approved for a line of credit—all the while leaving your child without uniforms, left out of the sports teams, or unable to purchase necessary school supplies.
Back to school can be a fun time for kids and parents alike, but it’s important that you have options to help pay for the costs to avoid financial stress during this time of year. Find out what options are available today at Utah Money Center.