What do you do when you have a financial emergency? If you’ve budgeted for one, you may be able to tap into your emergency fund. If not, you have to find another means. This could mean borrowing the money from friends or family, or taking out a personal loan. Read on for ideas on how to pay for school supplies.
Dealing with Back to School Expenses
But what about expenses that aren’t necessarily emergencies? Expenses you may not normally figure into your monthly budget - like vacations, Christmas shopping, or even back to school shopping.
For example, during the "back to school" season, it’s normal for kids to get everything they need for their upcoming school year. But new clothes, new shoes, new backpacks, and all the other school supplies add up fast. In many cases you may have multiple kids to shop for, so the need for money to cover this “non-emergency” is compounded.
One advantage of a personal installment loan is that you can use the money for whatever you want, i.e. back to school shopping, and then make set monthly payments until the loan is paid off. This allows you to spread the cost out over time, and can make it more manageable for covering the cost associated with going back to school, vacations, or whatever the situation may be.
Seasonal expenses may not be actual emergencies, but they sure can seem like it. Contact a qualified lender with questions, such as how to use small loans in South Carolina or Georgia to help with back to school expenses.