Back to School Shopping Doesn't Have to Bust Your Budget

Written by Calgary's Child

Who knew kids could grow out of all of their clothing, and lose all of their school supplies in the few weeks since school let out in June? "Of course they didn't," says Sarah Deveau. "But many parents automatically shop as though they had."

Deveau, author of Money Smart Mom: Financially Fit Parenting, insists that back to school shopping does not have to break the bank. She offers the following tips to parents looking to spend less this year on clothing and school supplies.

Get the kids involved. If your children are involved in every step of the process, they're less likely to badger and whine for items they understand are not in the budget. They'll also ensure you don't waste money buying items they'll refuse to wear.

Compile an inventory. Empty the closets and scour the house for last year's pencil crayons and binders. Don't forget to check the basement or anywhere else you may have stashed clothing bought at end of season sales previously. Once you know what your kids have, you can...

Make a list of needs. Decide what items are needed to bulk up last year's wardrobe and school supplies, and what can be bought later in after-Christmas sales.

Set a budget. Knowing what you can afford to spend will ensure you're not still paying off a credit card balance long after your kids have outgrown the items.

Shop around. Keep an eye on flyers and check out the loss leaders, especially when it comes to school supplies. While large discount stores might have the overall best price, certain items can be much cheaper when office supply stores price them low to get you in the doors.

"There's no need to buy each child a whole new wardrobe and a backpack full of sparkly new school supplies just because September 1 is approaching," says Deveau. "Smart shoppers know what they already have and can make do with, then shop the sales to fill in the gaps. Reigning in spending on supplies and clothing can allow parents to make bigger contributions to Registered Education Savings Plans, which is a much better investment in their children's schooling."

Money Smart Mom: Financially Fit Parenting is a financial guide for Canadian families in need of a little money smarts. It's for those wondering how they'll be able to afford kids, where to find extra cash for RESPs, or how to handle the reduction in income maternity leave entails. Available in Chapters Indigo Books across Canada.

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Back to School Shopping Doesn't Have to Bust Your Budget

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