As the new school year approaches, Canadian parents are feeling the pressure to shop for back-to-school supplies while looking for ways to save money. Surveys conducted by the Retail Council of Canada (RCC) and Capital One show that more than a third of Canadians plan to shop for school supplies this year. However, fewer parents compared to last year are willing to spend more money, with many feeling stressed about the costs associated with back-to-school shopping. Prices of school textbooks and supplies have increased, leading to concerns about sticking to budgets.
With prices on the rise, parents are advised to prioritize essential items and shop around for the best deals. Experts recommend focusing on what is necessary at the beginning of the school year and searching for sales or coupons to save money. Many parents also opt to buy second-hand items or receive hand-me-downs to reduce costs. Despite concerns about inflation, the planned average spending on school supplies has increased this year, indicating that parents are willing to make adjustments to their budgets to ensure their children have what they need for school.
Stationery is the top spending category for back-to-school shopping in Canada, followed by clothing and books. Most parents prefer to shop in-store, but there are ways to spread out the budget and avoid overspending. Delaying purchases for items that are not immediately necessary and opting for more generic brands can help reduce costs. Utilizing sales and comparison apps like Flip, Honey, or Rakuten can also help parents save money on school shopping. Waiting for better deals on electronics, such as laptops or cellphones, can also result in significant savings.
For parents concerned about accumulating debt during back-to-school shopping, exploring balance transfer credit card options may be helpful. These credit cards often offer promotional low-interest rates for a set period, allowing parents to pay down existing debt without accruing more interest. By taking advantage of these options, parents can effectively manage their finances during a potentially costly time of year.Overall, while the cost of back-to-school shopping may be increasing for Canadian parents, there are strategies and resources available to help them navigate the process and make smart financial decisions. By prioritizing essential items, seeking out the best deals, and exploring alternative payment options, parents can ensure that their children are prepared for the upcoming school year without breaking the bank.
