Aug 11, 2016
Pattie Lovett-Reid: How to save money on back-to-school shopping
We have all heard the jingle from retailer Staples – "It's the most wonderful time of the year" – and the reference isn’t to Christmas, but back-to-school season for your children. Yippee! While it is an exciting time for some, others argue that it’s a financially-challenging time of the year given the expenses associated with it.
Back to school shopping is not cheap. According to RetailMeNot.ca 92 per cent of families surveyed agree that purchasing back-to-school items can be a financial burden on the family and 91 per cent believe it has become more expensive, year after year.
What is causing this increase in spending? While we can put some blame on social media, many parents also feel pressure to provide the best for our children, who have learned to accept nothing but the best. Seventy-three per cent say kids today have lavish expectations, with 82 per cent admitting their children are becoming increasingly spoiled each year. Seventy-eight per cent of respondents even said they will spend more money on their children clothes than their own.
When did all of this become okay?
PC Financial says 35 per cent of Canadian parents say they spent over $500 per child during the 2015 holiday season, and the majority of parents (54 per cent) anticipate spending over $500 per child on the upcoming back-to-school season. At least in part, the increase in spending has something to do with technology’s growing role in the classroom, according to 61 per cent of respondents.
It isn't all about tech, though. RetailMeNot.ca says the average spend per child is $472.00, $143.00 more than last year. Where does the money go? The clothing spend averages around $187.00, shoes come in at $92, school supplies $95 and to round out the top four items, the average backpack sets parents back $47. Surprisingly, the most expensive item on the list is textbooks at$328.00.
Given the rising costs back-to-school season, Ebates.ca offers this advice to parents:
1. Make it a game – the “Family Budget Battle”: Build a list of what the kids will need for the new school year. Let them know the rules and how much they have to spend. Search your favourite stores in teams with the parents as the team captains and jot down the prices or add to the cart. Make sure they stick to the budget by deciding which items they truly need and which they can do without. Before you check out or save the items for a later purchase, chat about how this can teach them how to stretch a dollar.
2. Get cash back for just about everything you can buy online: Earn cash for purchases you would make anyway from by visiting Ebates.ca providing access to cash back rewards with more than 650 retailers. There is no need to fight the crowds at malls or drive across the border to save extra cash on top of the deepest discounts you'll find all year long.
3. Double down on savings: You'll often find the best deals of the year on laptops during back-to-school season. You can also look for exclusive savings for students or teachers with, or gifts with purchase.
4. Think outside the box: Check out summer clearance specials for items they will need in throughout the school year, including things like tech accessories, clothing and more. You can also get great travel deals on hotels at this time since many parents will be helping their post-secondary students move into dorms or housing.
As the Chief Financial Commentator for CTV News, Pattie Lovett-Reid gives viewers an informed opinion of the Canadian financial climate. Follow her on Twitter @PattieCTV
