Back-to-School Shopping: Five tips to stay on budget

After a summer of amusement parks, movies and ice cream, its that time of the year again when parents rush the stores with their little ones and teens in preparation for back to school. When taking your kids back-to-school shopping, it can be easy to get carried away as you try your best to get them excited about going back. And with inflation rates hitting record highs this year, many parents are finding it even tougher to stay within budget. This is why we’ve put together a list of our top tips for back-to-school shopping with your kids, so that you can get everything they need, but hopefully won’t be stuck paying the credit card bill long after the excitement over their new stuff has worn off.

1. Make a list. Before you start shopping, go through your child's closet with them and find out what fits and what doesn’t. Create a list of the items that they really need, and be specific. How many pairs of pants or jeans do you plan to buy? How many shirts? Long-sleeves or short-sleeves? Then when you take your child shopping, you can let them know ahead of time how many of each item you're willing to buy, and they can make their choices accordingly.
2. Buy slightly bigger sizes of clothing. If your child can comfortably fit into two different sizes of clothing, always go with the bigger size. This way your child can enjoy their garments for as long as possible before outgrowing them. It’s not unusual for children and teens to move up a size during the school year, especially when it comes to shoes and sneakers. Buying the biggest size you can safely get away with will reduce the amount of spending you have to do later on.
3. Ask kids to pitch in for some of the more expensive items, especially if they want a particular brand or style. This is especially helpful for older kids, who may prefer a specific brand of shoes, or the same device that all of their friends have. If you only budgeted $80.00 for your son's running shoes, and he wants the $120.00 ones, use this opportunity to teach him about budgeting and making decisions. Instead of saying no or going over your budget, simply explain to him that your budgeted amount for his shoes is $80.00, and ask if he would like to contribute the remaining $40.00 for the pair he wants, or if he would like to choose another pair that is within your budget. Just be sure to do your research first to figure out what a reasonable amount would be to spend on each item based on current prices.
4. Wait until after school starts to buy electronics. It may be tempting to buy your kid a new laptop or tablet while all of the back-to-school sales are happening. However, this could lead to unnecessary spending. Schools are constantly changing the ways they incorporate technology into their curriculum, and each teacher has their own unique teaching style. Just because your friend’s daughter needed a Chromebook in grade 7, it doesn’t mean that your child will too. Some schools even supply devices, and you may not need to buy anything at all. Many back to school sales will last at least until the first week of school. By waiting for your child to start school, you avoid buying unnecessary electronics, or even worse trying to return or exchange a device that your child has already gotten used to.
5. Start a back to school sinking fund. Okay, this may not help with your budget for this year. But with inflation, changing technology and a growing child, its not your imagination if you think back-to-school shopping is getting more expensive each year. So why not get a head start on next year’s shopping? Add up the total amount that you spent on back-to-school shopping this year, divide it by 12, and start putting that amount into a separate account each month starting in September. This way you'll have the funds all ready to go next August.

Back to school shopping can be a fun bonding experience for kids and parents. With the right planning, you can take the stress out of it, and instead use it as the perfect opportunity to teach your kids about budgeting, money management and making choices. For more tips on living debt-free, visit out website at www.debtanswerscanada.ca.