By Sylvie Tremblay
Are you preparing for the extensive back-to-school shopping, but you don’t want to exceed your budget? Experts give you their money-saving tips.
The fall is approaching. Parents wonder: how much will it cost and how to pay for everything?
This time of year can be expensive. School supplies, clothing, electronics, school activities, sports…it all adds up. Not to mention the cost of a future college or university education!
Is it possible to save money while providing your children with everything they need?
The answer is yes “. Three seasoned child-rearing writers give you their tips for a less expensive back-to-school season.
Our experts:
The mother of four little girls, Tamara McPherson, is the creator of WonderMoms.ca, a community resource and information for moms.
Loukia Zigoumis is the mother of two boys. She writes shopping articles for Yummy Mummy Club.
Marci O’Connor is a mother of two boys. Originally from Montreal, she participates in several online publications, writing on topics diverse as parenting, fitness and fashion.
How do you stay within your budget when shopping for back to school?
Tamara: I set a budget for each child. Make a list of “needs”, not “wants”. Show the list to your children. Tell them that only the items listed here will be purchased strictly on budget. Your kids will be glad they made better choices.
I shop at different stores to find the best price. For example :
Some essential items are cheaper at dollar stores. This is often the case for pencils, erasers, scissors, pens and rulers.
What about items like binders, Duo-Tang binders, lined sheets and dividers? They seem to sell for a better price at the big box stores.
Loukia: I like to challenge myself – my boys too – by establishing a budget for back-to-school purchases and sticking to it. It can be fun! We list things to buy and then compare prices. There are brands that I like, but the cost of certain items sometimes influences my decisions.
Marci: Here are my two most important tips:
Buy sturdy, solid-coloured backpacks. Avoid TV characters that kids get tired of after two weeks. We bought our kids some solid colour bags. They chose a few keychains or lapel pins to personalize them. They have been using them for three years now.
Avoid buying individually wrapped snacks. I believe in bulk and use reusable bags most of the time. The school appreciates this eco-responsible effort, and we save a few dollars!
What is essential for the start of the school year?
Tamara: Some items can be used for more than one school year if we make good choices at the start. This is the case, for example, of backpacks and lunch boxes. If you choose a good quality nylon backpack, you won’t have to replace it mid-year or next September.
Loukia: Some seem to believe that they have to renew their children’s wardrobe for the start of the school year. I don’t think that’s necessary. On the other hand, I buy new shoes for my boys. I also purchase new personalized labels to mark everything that belongs to them, from pencil holders to umbrellas.
Marci: A quality backpack is not a luxury. Did you know that cheap bags made of plastic only last 43 days? It’s a great illustration of the phrase “get what you pay for”.
How to save for your children’s education?
Tamara: Our financial plan calls for us to save $50 a week for the children’s education. The amount doesn’t have to be that high. The important thing is to choose one and stick to it. A small amount saved each week for 18 years will become significant.
Do the math: $50 a week for 52 weeks equals $2,600 in a year. Multiply that by 18, and you get the handsome sum of $46,800 plus interest.
A great way to save for your child’s post-secondary education is through a Registered Education Savings Plan (RESP). This product combines both tax advantages and money paid by the government.
Want to discuss it with an advisor? Find an advisor
Loukia: My children are still young. The idea that they will go to college or university is already in my head. They have their bank account, and we pay money into it. That way, we will have saved enough for their future.
It is sometimes difficult to stay the course for our children’s savings. Mo
