Back-to-school budgeting increasingly important, credit counselling society says

The first day of school is only a week away, and some families may be spending too much money to get their children ready for it, according to the president of the Credit Counselling Society in Vancouver.

Scott Hannahsaysdebt has become more of an issue in the hustle to buy back-to-school supplies.

"It's a growing number each and every year," Hannah told The Early Edition host Stephen Quinn.

Many people put back-to-school purchases on credit cards. Paying interest on top of purchases adds to the financial impact, he said.

The increasing role of technology in schools has helped make back-to-school time a major money-spending venture.

"It's now just behind Christmas in terms of most expensive time of the year for parents," Hannah said.

Smart phones, laptops and tablets are being used more in the classroom, according to Hannah. While they are not always required, many families will feel pressured to buy them for their children because other students have them.

"Those are costs that you and I didn't have in the classroom," Hannah told Quinn.

Summertime can be expensive enough, as many families have to put their children in full-time daycare and day camps.

"Parents, to control those costs, need to be planning ahead to the best of their ability."

Hannah said that speaking about budgets with children and involving them in the process is a smart way to build awareness around the value of money. Parents should explain to them the difference between real school needs and luxury items like tablets.

Hannah said that parents should look into finding alternatives to buying brand new itemsor buying a complete list of supplies all at once. Families can spread out purchases, especially winter clothing.

"You've got time to look for deals. You've got time to go online to get coupons, get the best possible deal and really follow that budget."

Listen to the full interview:

With files from The Early Edition