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Back to school without breaking the bank

August 17 2018 by Multi-Prêts Hypothèques
What you'll learn
  • Getting ready
  • Taking inventory
  • Teaming up to save

According to Statistics Canada, back-to-school expenses exceed $700 per child. Thankfully, there are ways to reduce that outrageous amount.

Here are a few tips to bring down your bill.

infography back to school

Drawing up a shopping list

Shopping without a list is a sure-fire way of spending more than you should.

In many cases, schools supply a list of items students will need in their classes. 

Taking inventory

Why would you buy new pencils when you still have a drawer full? Look around the house and recycle whatever survived the previous year.

Hunt for bargains

Before you set out, look up the items online to find the best prices. You might even be better off ordering online.

For some items, you’ll want to strike a good balance between price and quality. A backpack, pencil case or lunchbox that’s cheap, but also cheaply made, could wind up costing you more down the line if they need to be replaced during the school year.

Budget

If your budget is a little tight, spread the expenses out over a few weeks. Having a budget will also help you avoid purchasing unnecessary items.

Take a look at our article to discover apps that can help you with your budget.

kids drawing

Strength in numbers

Buying in bulk can considerably reduce the individual cost of each item. It can, however, lead to waste. After all, no student needs thirty notebooks to get them through the school year.

To take advantage of savings without needlessly hoarding a huge inventory, team up with other parents who have similar purchases to make. By dividing the purchases, not only will you save money, but time as well. 

Plan for next year

For certain purchases that will show up again next year, it may be worth it to purchase them in September. Since the stores will be looking to unload their merchandise, you’re sure to benefit from big savings.

For your older kids

If your children are starting post-secondary studies, you’re better off letting them make certain purchases, as they can take advantage of savings by showing their student card.

Key takeaways
  • Shopping without a list is a sure-fire way of spending more than you should.
  • Look around the house and recycle whatever survived the previous year.
  • Buying in bulk can considerably reduce the individual cost of each item.