Back to school: our tips to avoid emptying your wallet
The vacation period isn't even over yet, and it's already time to buy school supplies for the kids. This can cause a lot of headaches for parents! Here are our tips to make this time of the year a little easier.
Getting ready
Review the school's list and only buy what is on it.
Make an inventory of the items you have kept from the previous year that can be reused (pencils, paper, glue sticks, scissors, etc.). See if any items used by an older child can be used by a younger one.
Shop around and compare prices at two or three places. At the end of August, you can take advantage of interesting sales. Don't limit yourself to office supply stores and stationery shops! Big box stores and pharmacies are full of low-priced school supplies.
Buy quality items, within your budget. They last longer! School bag, pencil case, lunch box...
Trade with friends or family members.
Recycle! Why not use the back of papers that are no longer needed as scrap paper for kids' exercises?
Shopping... with or without the kids?
If possible, prioritize shopping without the kids. It will be much easier to stick to your list.
If you have to shop with the kids, this is an opportunity to teach them the basics of financial literacy. Give them specific items to buy and a budget to stick to. They'll be proud to complete their mission!
What about clothes?
Are you tempted to buy your kids a whole new wardrobe? Make sure you take stock of what they already have before believing the popular saying, "I have nothing to wear!". We bet you'll be able to salvage a few items!
Take advantage of sales throughout the year to spread your spending over a longer period. You don't have to buy everything at once! Many parents buy their kids' winter coats and boots during the spring end-of-season sales in anticipation of next winter. However, it's important to be cautious, as kids grow quickly!
Remember that it's not always necessary to buy new items. Visiting thrift stores or second-hand shops could save you money. Online classified ads are also very convenient and allow you to shop for used items from the comfort of your own home. Exchanging items with cousins or friends who have older children is also a good way to fill your drawers without emptying your pockets.
Other expenses
Don't forget to budget for childcare and transportation costs, as well as expenses for school activities and field trips.
Since pedagogical days are often predictable, consider setting aside a budget for childcare if your children do not attend school childcare. You can also coordinate your days off with these events. Finally, if other parents are doing the same, why not coordinate with them? Taking turns looking after the same group of kids would allow everyone to save money.
Better safe than sorry...
The key to success is organization. The start of the school year is a recurring event, so the associated expenses can be planned for. It is therefore advisable to include them in your annual family budget. By setting aside a sum of money each month, you won't be caught off guard when the next school year starts.
But there's always credit, right?
We can't stress this enough: planning is what will allow you to achieve and maintain good financial health. Setting aside a small amount each month rather than waiting until the last minute will relieve stress and allow you to avoid resorting to credit to cover expenses. Because credit is expensive! For example, if you only pay the minimum amount required on a $300 bill before paying off the entire balance on your credit card, you will have to wait 3 years and 1 month, and those purchases will cost you an additional $95.55 in interest! You will therefore have paid $395.55 instead of the $300 expected if the credit rate is 19.90% per year*.
Happy shopping and have a great start to the school year!
*Source: Office de la protection du consommateur