Summer's not over just yet, but it’s mid-August, which means one major thing for parents – back-to-school season is here! While your kids might be excited about new teachers, friends, and activities, you're probably looking at your wallet and wondering how you'll afford everything on those school supply lists that seemingly get longer and longer every year.
You're not alone. According to recent surveys, Canadian families spend an average of $500 to $1,000 per child on back-to-school expenses. That's a lot of money hitting your budget all at once, especially when you're still recovering from other potential summer costs like camps, activities for the kids, vacations, etc.
The good news? With some smart planning and realistic strategies, you can tackle back-to-school shopping without breaking the bank. Here are a few quick tips to help you manage these expenses.
Understanding the Real Cost of Back-to-School
Before we talk about managing costs, let's be honest about what you're really facing. Back-to-school expenses go way beyond just pencils and notebooks.
Here's what most Canadian families are dealing with:
Basic school supplies like pens, paper, binders, and calculators can easily cost $100-200 per child. But that's just the beginning. Clothing and shoes are often the biggest expense. Kids grow fast, and last year's clothes likely won’t fit anymore. A basic wardrobe refresh can cost $300-500 per child.
Then there are technology needs, which are becoming more important every year. Whether it's a laptop for high school, a tablet for research, or just a decent backpack to carry everything, tech expenses can add up quickly.
Then you have sports and activity fees to think about. That could include registration fees, equipment, uniforms, and field trips, which can easily add another $200-400 per child.
Then, of course, you need to factor in Transportation costs like bus passes or gas money for driving kids to school activities.
When you add it all up, it's no wonder that back-to-school season feels overwhelming for many Canadian families. But don’t worry, it doesn’t need to be that way. Let’s get into some of the ways to potentially save money when you begin your back-to-school shopping!
Smart Strategies for Back-to-School Budgeting
The key to managing back-to-school expenses is starting with a realistic plan:
Start With What You Have
Before you buy anything new, take inventory of what's already in your house. Check last year's backpacks, pencil cases, and supplies. You might be surprised by what's still usable. Look through closets for clothes that still fit. Sometimes, a good wash and maybe a small repair can make last year's items work for another season.
Create a Priority List
Not everything needs to be bought on day one. Make three lists:
Must-have items that your child absolutely needs to start school. This could include required supplies from the teacher's list and basic clothing.
Nice-to-have items that would be helpful but aren't urgent. Maybe a new lunch box or a trendy pencil case.
Can-wait items that you can buy later in the school year when your budget recovers. This might include name-brand clothing or extra sports equipment.
Shop Smart, Not Just Cheap
Back-to-school sales usually start in July, but the best deals sometimes happen in late August too, when stores want to clear inventory.
Consider shopping at different types of stores for different items. Dollar stores are great for basic supplies, and thrift stores can be goldmines for clothing and backpacks.
Don't forget about online shopping and price comparison apps. Sometimes the best deals aren't in physical stores. Amazon likely has various back-to-school deals available.
When Unexpected Costs Pop Up
Sometimes, no matter how much you prep, surprises can happen. Maybe your child's school announces a field trip the week before classes start. Or you discover that the laptop you thought would last another year has finally given up.
These unexpected expenses can throw off even the most careful budget. But it’s okay. With a bit more planning and prep, you can handle these unexpected situations, too. Here are a few things that can help:
Look for Alternatives
Before spending money you don't have, see if there are other options. Can you borrow an item temporarily? Is there a payment plan available? Can the purchase wait a few weeks if it’s not an absolutely “must-have” purchase?
Consider Your Financial Options
You might be able to use a credit card if you have available credit and can pay it off quickly. Family and friends might also be willing to help out temporarily.
For many Canadian families, a short-term loan can be a practical solution when back-to-school expenses hit before payday. The key is making sure you understand exactly what you're signing up for and having a clear plan to repay the loan.
Building a Back-to-School Emergency Fund
One of the best things you can do is start preparing for next year's back-to-school season right away. Even saving $20 to $30 per month throughout the school year can give you $200 to $300 to work with by the following August. If you have the means, set up an automatic transfer to a separate savings account specifically for school expenses.
Making the Most of What You Buy
Once you've made your purchases, help them last as long as possible. It’s important to teach kids to take care of their belongings, and have backup plans for items that are likely to get lost or broken. Label everything with your child's name, especially expensive items like calculators and jackets. Set up routines for organizing and maintaining school supplies.
Need Help Tackling Back-to-School Season?
Remember, the goal isn't to buy everything perfect and new, it's to make sure your kids have what they need to succeed in school while keeping your finances on track.
Need help covering back-to-school expenses before your next payday? iCash offers fast, transparent payday loans with no hidden fees to help Canadian families deal with back-to-school expenses and any other sorts of financial emergencies. With our simple online application, you can get approved in minutes and receive funds within 2 minutes via e-Transfer. Apply now to see if we can help make your back-to-school shopping a little easier.
