According to a recent Ernst & Young study, back-to-school spending in Canada increased 4.5% in 2016 over the previous year. However, even with annual cost increases, it is still possible to save money!
Here are 5 ways to avoid overspending when back-to-school shopping.
1. Create a budget
By creating a back-to-school budget, you not only plan your expenses; you also stick to your list. Use this calculator to plan your back-to-school spending.
2. Recycle used school materials
By getting reusable school materials and hand-me-downs and searching for deals on local classifieds sites (like kijiji.ca, locanto.com) you can save on back-to-school expenses. For that matter, why not take advantage of the opportunity to sell some of your own used items or do a little bartering?
3. Shop early
Always keep an eye out for deals! Go through the flyers, and check out online promotions and savings. Shop at big-box and dollar stores, where you can get more for your money. And don’t forget: Shop early to avoid the last-minute rush and impulsive spending decisions.
4. Be strategic
Go shopping without the kids! They often have expensive tastes and can be very persuasive! Purchase the essential items for the first week of classes. Prices will be reduced after the back-to-school rush!
5. Save up
Start saving early. To prepare for back-to-school spending, you can have a percentage taken off your pay and deposited into a savings account, where the money can grow. You can use this savings calculator to project the amount you’ll have available for back-to-school season.
All in all, there’s no need for back-to-school spending to break the bank. By considering it as a savings challenge, you’ll definitely come out on top!