Going back to school can be exciting, but it can also be expensive. Between school supplies, clothes, and other costs, families often spend hundreds of dollars each year. The good news? With some smart planning, you can save money and teach valuable financial skills at the same time.
Start with What You Need
Before you start shopping, make two lists. The first should include needs which are things you must have for school like textbooks, basic supplies, and weather-appropriate clothing. The second list is for wants which are things that would be nice to have but aren’t essential, like brand-name items or extra gadgets.
Check what you already have at home first. Last year’s backpack might still work perfectly. Those barely-used notebooks could last another year. Reusing what you own is the easiest way to save money.
Set a Budget and Stick to It
Figure out exactly how much money you have for school shopping. Set a specific dollar amount and don’t spend more than that. If you have kids, involve them in this process. Give them a small budget for certain items and let them make choices. This teaches them that money has limits and helps them learn to comparison shop.
Shop Smart
Time it right: Back-to-school sales usually happen in late July and August. Shopping during these sales can save you 20-50% on supplies. For even better deals, wait until after school starts when stores clear out remaining items.
Make a list: Studies show that people who shop without a list spend 23% more than those who plan ahead. Write down exactly what you need and stick to it.
Pay with cash: Using cash helps you stay within your budget. When the money runs out, you’re done shopping.
Find the Best Deals
You don’t need expensive name brands for everything. Generic pencils, paper, and notebooks work just as well. Save name-brand purchases for one or two items that are really important to you.
Buy items like pencils and paper in bulk during sales since you’ll use them throughout the entire year. Look for used textbooks, which can cost 50-75% less than new ones. Many stores also offer coupons and discount codes for back-to-school that you can combine with sales for extra savings.
Beyond School Supplies
Remember that school costs more than just supplies. Packing lunch instead of buying it daily can save over $1,000 per school year. Using public transit, carpooling, or biking can reduce transportation costs. Check if your school has computer labs or equipment loans before buying new technology.
Plan for Next Year
If money is tight this year, start saving for next year now. Put aside a small amount each week in a separate savings account. For example, saving just $6 per week will give you $300 for next year’s school shopping.
Teaching Money Skills
Back-to-school shopping is a perfect time to teach financial skills. Show young people how to compare prices, calculate discounts, and make choices when money is limited. These lessons will help them throughout their lives.
Smart budgeting isn’t just about saving money, it’s about building skills that last. By planning ahead and shopping strategically, you can get what you need while learning valuable money management lessons.
This content was inspired by resources from Money Mentors and Fidelity Canada. Learn more about budgeting and financial education by visiting Government of Canada’s financial literacy resources and these organizations’ websites.