Getting ready for back-to-school
on a tight budget

School supplies, new clothes and shoes, extracurricular activities, day care, transit passes, parking – going back to school is expensive. And since all of your bills have increased in recent years, you may be unsure if you can absorb all of these costs. Obviously, the best approach would have been to plan for back-to-school in your annual budget. Setting money aside throughout the year helps avoid unpleasant surprises. However, if you don’t have a budget or didn’t adjust it for inflation, it’s time to see how much you’ll need for back-to-school.

Reuse last year’s supplies and clothes

Whether it’s for you or your children, you don’t always need to have new things. School supplies in good condition can be reused and save you money. You should be aware that, each year, the Quebec government pays a supplement for the purchase of school supplies. You should have received it. The same goes for clothes: check to see if your wardrobe or your child’s is still in good shape and reuse last year’s outfits.

Compare prices and go through the flyers

Big-box stores and pharmacies generally have back-to-school sales. You’ll have a better idea of the cost if you check out their flyers. You should also opt for own-brand items. If you browse the stores’ websites, you can often find good deals. Lastly, consider redeeming your loyalty program reward points for your purchases.

Avoid bulk purchases

You often get the impression you’re saving by buying in large quantities. However, if you don’t use the items, these purchases will not pay off.

Make the whole family aware of the cost of living

Take this opportunity to make your children aware of waste and the upside of being a smart consumer. Get them involved in your shopping trips. Emphasize the importance of sticking to the school supply list (and not buying the trendiest items). You can also teach them how to stick to a budget. By talking about these key issues when your children are young, you’ll help them to develop sound financial habits.

As for your teens and young adults, teach them how to make a monthly budget. How much do their sports activities cost? What about going to the movies or restaurants? Their purchases? If their spending is high, could they consider taking a part-time job? Working a few hours a week can be very educational for a young person and help them build a resume while gradually achieving financial independence.