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Here are some cost-saving strategies for back-to-school shopping
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With back-to-school shopping in full swing, Canadians are feeling the pinch due to inflation with some saying they plan to spend less this year, according to some surveys.
The Retail Council of Canada’s annual back-to-school survey found people are watching their dollars, spending more mindfully, and are focused on lower-priced goods rather than high-ticket items.
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While nearly two-thirds of Canadians say they plan to spend more than $50 to get their kids ready for school, the number of those who plan to spend less than $50 has gone up by 3.4 per cent compared to 2022.
“It’s slight, but it’s indicative of tightening of the purse strings due to prevailing economic conditions,” said Michelle Wasylyshen, national spokeswoman of the retail council.
Stationery is expected to be the top-spending category, at 61 per cent. Higher-priced items, like electronics and furnishings, might not make it onto some people’s shopping lists.
“We saw shoppers plan to defer purchases of higher-priced items,” noted Wasylyshen.
This could be because budgets are tighter this year but also because people may have already already purchased those pricey items during the pandemic when they had more discretionary funds and don’t need to buy them this season, she said.
This year, items like pens, pencils and notebooks will make a bigger dent in the pocketbook.
Stationery prices are up 13 per cent this July compared to last year, said Statistics Canada. School textbooks are also up by 2.8 per cent, while costs for extracurricular classes or activities are up 5.6 per cent year-over-year.
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Some items, however, stayed the same. The price of children’s clothing stayed flat this year, while athletic shoes cost 0.6 per cent less this year.
The biggest savings for parents are in electronic gadgets: Computer, software and supplies were down 10.5 per cent this year, said the federal agency.
The average Canadian family can expect to spend $524 on back-to-school shopping, according to a survey by online personal finance company NerdWallet.
More than a quarter say they plan to buy fewer school supplies than in previous years due to inflation. About 14 per cent say they’ll dip into debt using credit cards, personal loans, or paycheque advances to pay for back-to-school items.
Here are some cost-saving strategies that could save you money on back-to-school shopping:
Check your home for school supplies. You probably have school supplies scattered around different parts of the home. Go through office cabinets, closets, and your child’s leftover supplies from last year and you might supplies they can re-use for the new school year.
Make a list and budget. By making a list, you’re more likely to stick to your budget and avoid impulse-buying or panic purchases. Setting a budget will also help you and your older children figure out what they need vs. what they want.
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Watch for sales. Back-to-school is one of the busiest shopping seasons for some stores and they may offer sales to entice shoppers. Spend some time comparison shopping to get the best deal.
Take advantage student discounts. Some brands offer deals for students. Apple, for example, offers special education pricing on laptops and iPads. The SPC card also offers year-round discounts on a variety of stores, including apparel and electronics, while the B.C. Federation of Students has an app for post-secondary students that offers discounts to about 600 locations across the province.
Buy in bulk. Buying supplies in bulk can help cut down on costs. If you don’t have the space to put the supplies or find the upfront investment too much, consider splitting the items with other parents.
Consider the timing. Back-to-school shopping season isn’t just reserved for before Labour Day. It’s a six- to eight-week event that continues through to September. If you can wait until after school starts, some stores might put back-to-school items on sale. For some kids who don’t get their class lists until after school starts, it might be worth holding off until they have the list to make sure you don’t end up buying unnecessary items.
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Buy secondhand. It’s nice to have new things on the first day of school, but not financially smart. Many things can be re-used as a way to cut costs, such binders and backpacks. Another big way to cut costs is to buy second-hand clothes or refurbished gadgets. For clothes, visit your local thrift store or online resellers like Facebook Marketplace or Poshmark. For laptops and gadgets, make sure you meet the seller and test out the item before paying. Some big-box stores also sell refurbished products for a fraction of the cost.
Join local buy-nothing groups. This is an option for university students moving into a dorm or moving into their own place for the first time who are looking to furnish their place. Join the online-based groups in your community and you may score that lamp or coffee table without paying a penny.
chchan@postmedia.com
twitter.com/cherylchan
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