Will sneakers actually cost 15 to 20 per cent more this year? How about the pencil crayons and backpacks? Possibly.
According to savings.com, the majority of parents are worried that the big T’s (Trump, trade war and tariffs) will push the cost of this back-to-school shopping season into unchartered financial territory. For families with high-schoolers, they’re gearing up for an average back-to-school spend of nearly $1,000 per teen. That’s about 40 per cent more than for younger kids, and you’ve already guessed why — they need more tech, and the social pressures to have “all the things” are huge.
This has a lot of parents worried about how they’re going to afford to get their kids prepped for September. Here are six tips to stretch your dollars.
Create a personalized back-to-school list for your child’s unique needs
Think beyond the standard supply list. While basics like clothing, lunch boxes, notebooks and headphones are common, the real essentials depend on your child. You know whether they’ll use flash cards or need a new calculator, or if the cost of a tutor might soon be in your future, so tailor the list to what will truly support them. Write it down. Parents who stick to a clear list of essentials are more likely to stay focused and on budget when the back-to-school shopping frenzy hits.
Minimize duplication and maximize reuse
Before you even think about purchasing new items, dedicate some time to a thorough inventory of what you already have. This applies to everything from school supplies like pens, pencils, notebooks and binders, to larger items such as backpacks, lunch boxes and even clothing. Duplicating supplies not only unnecessarily drains your wallet but also contributes to waste and negatively impacts the environment. Some of the inventory you have might just need a good dusting, washing and wiping down so it looks new.
Set up a budget based on what you can afford, not what you ‘should’ spend
This means looking at your whole financial picture as soon as possible. Do you have some savings set aside for back-to-school shopping, or are you going to use credit cards or perhaps pay for everything with regular cash flow that would otherwise be spent on social activities?
Be realistic about how much money you can spend. If it’s $100, $1,000 or $0, the more clear you are about your budget, the better you can manage expectations with your kid. This isn’t meant to stress them out, it’s meant to give them a positive financial reality check. You can also involve them in how to best use the budgeted money for their list of wants and needs. If you have older children working part-time jobs, they might need to contribute toward their wish list, regardless of your budget. You’d be impressed at how much kids learn about money when they have to pony up their own cash to pay for things.
Gift cards and store credits
Gather all gift cards, returns and store credits. Use up every last cent, return items you’ve been meaning to, and shop where you already have credit. Cash in any loyalty points you’ve accumulated. I have members of my community who attempt to spend no money at all, and instead cash in grocery store points, credit card rewards and more to fund all their back-to-school shopping.
Hunt for deals before hitting the stores
The back-to-school market is incredibly competitive, with deals on school supplies popping up everywhere, including in local shops. I always start by investigating websites, flyers and word-of-mouth to find out which supplies are cheapest and where. This research helps me decide whether it’s better to order online or shop in person. Wholesalers often have great bulk-buying opportunities on items like pencils, notebooks, clothing and electronics. This is particularly beneficial for large families or groups of friends who can split the bulk purchases and cut down on costs.
Depending on what the school/course syllabus says, you might not need all the supplies right away and could delay purchasing things until you find a great deal.
Buy (and sell) in the second-hand market
Kids grow so fast and it might not be worth buying anything new. Check local thrift stores, Facebook Marketplace, Kijiji or online resale sites for gently used clothing, backpacks, calculators and tech. I’ve had great success also selling a bundle of back-to-school tech at this time of year. My last bundle included an older iPhone, a screen, keyboard and desk lamp. Many families are simply sharing one computer or tablet and scheduling appropriate time for each person.
What fits all budgets right now is spending time with your kids to help them however they need with school. It could be homework tips, simple conversations, downloading free learning apps, assisting them in using the library or just sitting with them while they work through a math problem. You showing up is what they will remember years down the road — not whether they got a Minecraft backpack patch.
