4 Tips for Back to School Shopping Without Breaking the Bank
It’s the most wonderful of the year – at least for parents, not children (if you haven’t seen this hilarious Staples back to school TV commercial, be sure to check it out). With Labour Day next week, back to school is just around the corner.
Back to school spending is expected to be up this year – parents are expected to spend an average of $472 per child on back to school supplies, finds a survey by RetailMeNot. This is likely explained by the new Canada Child Benefit (CCB). Under the CCB, families with children under age 6 can expect up to $6,400 per year, while those with children between the age of 6 and 17 can expect up to $5,400 annually.
Worried about going over-budget? Here are four back to school spending tips, so you don’t break the bank.
1. Make a List and Check it Twice
Similar to Jolly Old Saint Nicholas, it’s a good idea to make a list and check it twice. Before heading to the mall, take the time to make a back to school shopping list in the comfort of your home. To teach your son or daughter the value of a dollar by getting them involved. Come up with the list together or make two separate lists and compare. Take an inventory of what you already have. You might be surprised to find out your daughter has enough pencils to last her until university at the bottom of her closet.
2. Finding a Diamond in the Rough
Don’t wait until the last minute to do your back to school shopping – avoid the crowds at the mall and start early. The minute school is out for summer, be on the lookout for deals. Whenever you see a good deal, stock up. If you wait until the Sunday before Labour Day, chances are the good deals will be all gone and you’ll end up paying full price for something you could have bought for half price last week.
3. Shop from the Comfort of Home
Wouldn’t you rather spend your Labour Day long weekend relaxing at home and enjoying the nice weather, instead of being cooped up at the mall? Don’t just assume the best deals are to be had in stores. There are plenty of deals to be found online, you just have to be willing to take the time to look. Some retailers even offer free shipping on orders over a certain threshold, say $50. Smartphone apps like RetailMeNot make couponing and comparison shopping even easier.
4. Come Up with a Budget
How do you know if you’re going to go over budget if you haven’t taken the time to come up with a proper budget? A budget helps keep your spending in check. Instead of filling your shopping cart up with school supplies and realizing you don’t have the money when your credit card statement comes up, set a budget ahead of time and track your back to school spending. If you’re going over budget, consider delaying the nice-to-haves like a new laptop, especially if the old one works perfectly fine.
Bonus Tip: Invest in Your Child’s Future
Don’t let your child face the burden of the high cost of post-secondary education on their own. As soon as your child is born, set up a Registered Education Savings Plan (RESP). Regularly contribute to your child’s RESP with low-cost ETFs and watch your child’s education savings grow.
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