Back to school on a budget: How to manage your kids’ expectations and get what you need for less

The tech. The shoes. The classroom supplies. The nice-to-haves. The costs of heading back to school might feel overwhelming, and you can thank persistent inflation and soaring interest rates for that.

Nearly 75 per cent of parents can’t afford nice-to-have anything for their children this back-to-school season, according to a new Capital One Canada survey. If this is you, here are a few ways to keep on budget and ensure your kids aren’t royally disappointed.

Manage expectations early and in a healthy way

It’s OK to tell your kids about your frugal approach to the 2023 back-to-school season. In fact, it’s an awesome opportunity to bestow financial literacy.

Keeping the tone positive, explain the benefits of sticking to a clear budget, focusing your spending on the essentials for learning, comparing prices and searching for deals. Include statements like, “Let’s focus on buying the most important supplies first”; “it’s important for our family to manage our money carefully right now”; “shall we make a list and do some research before we shop?” “This is what we can afford to spend right now.”

It’s unhealthy to pass your money stress on to your kids. Avoid negative statements like “we can’t afford it,” “there’s no money for that,” “my credit cards are maxed” or “we won’t be able to buy groceries after this.”

The goal is to bring a healthy financial reality to your kids, and to support them early (well before there’s a meltdown at the mall) if they seem disappointed.

Take an inventory of what you have before you shop

Avoid duplicate supplies. Gather up pencils, pens, notepads and dust off that old binder to make it look new again. Cross reference what you already have against the supply list issued by your local school board. Your shopping list should include what you don’t already have.

This tip is extra helpful with tech. Many schools are recommending students have access to tablets, laptops, headphones, software, ebooks and apps. Grab your old laptop and headphones. Charge them up and see what’s still working. What can be shared amongst the entire family? Are there electronics worth repairing? Add any net new tech needs to the shopping list.

With your shopping list in hand, plan to space out purchases

Does your child need the items right away or could the purchase be delayed? Space your shopping throughout the year and according to the course syllabus, which outlines when certain sections of material will be covered throughout the year. New running shoes can be purchased on Cyber Monday and books and calculators bought when needed. This slower process also helps you understand more clearly what your child is or isn’t using, and what’s going to be most helpful to them as they learn. For example, you might uncover that a $7 per month learning app is more effective than a $250 per month tutor.

If you’re buying something new, price compare

Research pays off in spades. Once you know where the best deals are, you can plan your shopping route. Big-box stores and wholesalers typically offer the best back-to-school bulk-buying opportunities on pencils, notebooks, clothing and electronics, but it’s always good to check your local shops first.

If you’re a large family or group of friends, come together to buy in bulk, then split up the stash to reduce costs. Families with older kids who have part-time jobs can ask their teens to financially contribute to any of the nice-to-haves (which also contributes to financial literacy by teaching the habit of saving).

Look at the second-hand market

This works both ways for getting rid of what you don’t need (to raise money), and buying what you do need (at a discount). Popular second-hand sites are Facebook Marketplace, eBay or Kijiji, but there are many other local swap-and-sell sites. Post old phones, tablets, computers, monitors, scooters, bags, shoes and more. Look for whatever is on your list — lunch boxes, backpacks, laptops, reading lamps, desks, clothes.

The key with back-to-school shopping is to stay true to your budget, even if it’s small. Then focus your spending on the top priorities. Going forward, you can save a bit every payday toward incremental needs your kids may have throughout the school year; say $20 per pay. These strategies should help reduce your financial stress, and allow you to be present to support your kids this school year.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.