Save on Back-to-School
Data is starting to pile in now on just how much families are spending per child on back-to-school supplies, PPE, clothing and electronics. So far, we’re tracking at just over $325 per child with approximately two thirds of that going towards clothing and electronics. The rest is being used for traditional supplies like pencils and notebooks.
Not surprisingly, the older the child, the greater the costs. And, if Junior is headed to college, university, trade or technical school, well, these expenses can easily run into the thousands for laptops, phones, and specialty supplies, like lab coats and text books.
After running household budgets fairly lean the past 21 months, this high cash outlay can be a bit of a shock to the financial system for parents, and also for students who are older and funding back-to-school costs on their own.
That’s why it’s important to plan in advance and be resourceful. Resourcefulness can come in the forms of cashing in loyalty points, utilizing unused or partly used gift cards, or simply shopping when products go on sale, rather than all at once. The other important factor to keep in mind is that school isn’t a fashion show. So, put your money towards the most important elements of learning such as having the correct, not necessarily the “fanciest” computer software.
If your family is feeling the financial squeeze of back-to-school, follow some of these tips:
Take an inventory of what you already have prior to shopping. Duplicating supplies costs money, and harms the environment. And, in most cases, dusting off an old binder can make it look new again.
Shop in stores with concrete floors. Many wholesalers offer excellent back-to-school bulk buying opportunities on pencils, notebooks, clothing and electronics. This is especially useful for large families.
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. There’s no need to load up with everything all at once. New running shoes can be purchased on Cyber Monday and binders can be purchased at the end of September.
Look at the second-hand market for clothes, equipment, and electronics. And, if you benefited from any of the extra covid-19 learning subsidies for students and haven’t spent the money already, it could be put to use for a bigger-ticket item or two.
Share electronics. If you’ve got young children, it’s unlikely they need their own computer. So, share mainstay electronics with the entire family.
If you have older children who are working part-time jobs, or even doing side-work like yard clean up or babysitting, have them contribute a certain amount to the shopping list. Contrary to what you might think, kids who pay for some of their own gear benefit from learning more about money management, and they may be a bit more inclined to take better care of their things.
The most important thing for parents is to have a plan and budget prior to shopping. If you simply can’t afford the shopping list, talk to your kids about why you need to keep to a budget. Going into debt for back-to-school isn’t going to help anyone. So stick with a budget you can afford, and hunt for deals like it’s a fun game - the more you save, the more everyone wins.
