Back-to-school doesn’t have to break the bank
Posted August 29, 2016 7:50 am.
Last Updated August 29, 2016 7:53 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – With kids back in class again next week, it’s time to focus on the four R’s — that’s reading, ‘riting, ‘rithmetic and retailing!
A recent survey suggests the average Canadian parents will spend close to $500 on back to school shopping this year — a significant financial stress — but the credit counsellors at Money Mentors have some tips to help ease that burden.
Before you hit the stores, check your school supply inventory at home.
“As simple as this seems, there may be a surprising number of supplies already in your home from last year’s purchases. Your child may have also brought home unused school supplies from the previous school year. Make sure you check your closets and drawers for these supplies first,” Money Mentors says in a release.
Once you know what you really need, you should set your budget.
“Creating and sticking to a budget based on your current financial position and back-to-school needs will help you to remain in control of your overall finances. Heading out shopping with a realistic budget will limit you from overspending when back-to-school shopping.”
In the mall, focus on your needs, not your wants. You don’t need the coolest or fastest laptop if you can’t afford it.
That being said, there are deals to be had as retailers take advantage of one of the busiest shopping seasons of the year. “Compare the best deals in flyers, in-store discounts, and online. Keep in mind that you do not have to buy everything new. Used textbooks, resources from your local library, clothing from consignment stores and items from buy and sell websites such as Kijiji.ca are often as good as new.”
And finally, buy bulk when you can and split it with a friend.
“Per item, cost is often much cheaper at warehouse stores such as Costco; however, you will often end up with more than you need and can quickly overspend. Buying teaming up with one or more friends to purchase necessary items together you can take advantage of warehouse prices without breaking your budget.”
Discount website RetailMeNot says the average Canadian family will spend $187 on back to school clothing this year, $92 on shoes, $95 on supplies, $47 on a backpack, $60 on beauty and grooming products.
