This year things are more difficult than normal. She finds her weekly food budget “doesn’t see me through the end of the week anymore” and after months of paying higher prices for things like gas, “I just don’t have that much money to go,” the single said. mother of two children.
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For Belyea, back-to-school shopping this time around is “just seeing what’s possible in this new world of things that are more expensive.” She is not alone. Many parents across Canada are worried about how to meet the needs of their children back at school this time. Although Statistics Canada reported the country The rate of inflation saw its first decline in a year this weekmany values — including grocery stores — are still going up. CBC News spoke to personal finance experts and a deal-finding expert for tips on cutting costs during the back-to-school season.
Set budgets. shop your home
Melissa Leong, a Toronto-based money expert, has heard from others about higher prices and “Shrinkage” — when companies reduce package or product sizes but keep the price the same — and she noticed it herself when she was shopping. “There are fewer pencils in the box, but they cost the same amount of money as usual,” he said. The author of the personal finance guide Happy Go Money: Spend Smart, Save Right and Enjoy Life, said families need to be “extra, more organized” when they go back to school this year, as many factors are “putting a strain on Canadians’ wallets.” “My friends talk a lot about worrying about lunches — and about making proper, healthy meals for their kids because their grocery bills are too much.” WATCHES | Melissa Leong’s financial tips for saving money on back-to-school shopping:
Tips for saving money for back to school
Money expert Melissa Leong shares a number of strategies and tips for cutting back on back-to-school shopping. Cost-cutting strategies you can try, she said, include “shopping at home” to see what supplies you already have, carefully comparing prices between stores, waiting to buy certain items when deals are most plentiful and using coupon code apps. when shopping online. If your family is on an extremely tight budget, Leong noted that some community programs and agencies provide free backpacks and school supplies, so you can try reaching out to groups in your neighborhood for more information.
Combine discounts, coupons, store offers
Pat Hollett is seeing a lot of new names and faces at Canadian Savings Group, the volunteer-founded website and social media initiative where she and other expert deal seekers share special offers and coupons. About 6,000 people have joined in the past two months alone, bringing the group’s Facebook followers to over 100,000. “Everything has gone up in price and Canadians are struggling to make ends meet — that’s what I hear every day,” said Hollett, who is based in Barrie, Ont. and serves as the group’s CEO. “There are only so many things you can control — you can’t control gas prices, you can’t control the housing market — but you can control how much you pay for your grocery bills. So our mission is to help Canadians to save money for their grocery store.” Like Leong, Hollett recommends starting simple. “Don’t grab the first thing you see. Shop around and pay the lowest price you can for the same product,” he said. “Price fits where you can… Try other brands if they are cheaper.” When shopping for back to school supplies, comparison shop and price match. Coupons, points cards and sales can help keep costs down. (Evan Mitsui/CBC) Its next-level strategy, however, is to use multiple techniques at once: using coupons, cash-back deals and apps, and points-card offers to lower prices as much as possible. Here’s how it might work: say a store has your child’s favorite cereal on sale for $4.77 this week. There may also be a manufacturer’s coupon (printable from a website or a hard copy found inside a physical store) that offers additional savings per box. In addition to the sale and coupon, a particular grocer may also have a deal for points cardholders who buy five boxes of cereal. Layering these three discount techniques could equate to, say, paying just 77 cents per box, Hollett explained. He described how shopping this way can save families up to several hundred dollars a month, and could be applied this very week to, for example, items such as children’s lunch sets in Atlantic Canada, a popular brand of cheese crackers in Quebec and a six-pack of facial tissues in Ontario. It may require a change of mindset and habit for some, as well as additional time commitments, but “it’s all about how much work you put in,” Hollett said. “Saving money for families is really hard, so every dollar you save will help you buy other things.”
Search for offers. Teach kids about budgeting.
The questions Enoch Omololu receives from readers of his personal finance website reflect the growing financial pressures facing Canadians, whether it’s questions about stopping automatic payments, savings vehicles, people who ask about using an RESP to cover their children’s expenses (the answer to that last question, he stressed, is that you can’t). “Disposable income has been stretched to the limit, physically, and people are struggling to pay for things they would normally just pull out and pay for without thinking,” said the Winnipeg-based founder of SavvyNewCanadians.com. It is not unusual for children to need several pairs of shoes. Talking to his kids about budgeting, saving money and choices is one of money expert Enoch Omololu’s tactics. “It gets them involved in the process and makes them realize that funds are not — money is not — an unlimited resource.” (Evan Mitsui/CBC) Among the cost-cutting tips he’s using with his family this season:
Compare shop for big purchases like electronics, along with finding manufacturer discounts. Shop big sales (kids’ retailers have up to 75 percent off summer clothes, she says, which could be layered for fall or bought for next year). Look for gently used items from thrift stores. Weighing which items you’ll spend more on and choosing generic or discounted versions for others.
Omololu also advises involving children in some financial discussions and decision-making. WATCHES | How Enoch Omololu turns school shopping into a lesson on budgets:
Teaching kids to budget for back to school
Enoch Omololu, founder of personal finance website Savvy New Canadians, shares a back-to-school shopping strategy he’s using this year: teaching his eight-year-old about choices and budgets. His eight-year-old, for example, needs three pairs of shoes this fall: one indoor pair for school, another for after-school care, and a third for general outdoor wear. As a lesson, Omololu made a deal with his son: the young man can choose a new pair, name-brand (for which Omololu will find the lowest possible price). The other two pairs will be whatever his mom and dad choose — maybe new, maybe from a thrift store. If he ruins the fancy sneakers by kicking rocks, the replacements will also be an affordable pair of his parents’ choice. “It gets them involved in the process and makes them realize that funds are not — money is not — an unlimited resource for [their] parents,” Omololu said. Many items are perfect for another school year, noted Winnipeg dad Bamidele Sanousi, including reusable water bottles, lunch bags, backpacks and the crayons that his preschooler Elliot enjoys coloring. (Travis Goldby/CBC) For some parents, how they would be able to buy school supplies was a concern even before school ended. Reusing pencils, water bottles, lunch bags and other supplies for another school term, carefully weighing new purchases against thrift store purchases, and talking to his kids about cutting costs are the tactics he’s implementing this year. Winnipeg parent Bamidele Sanusi. With his wife currently on maternity leave with their youngest, the father-of-three says saving for back-to-school and reducing discretionary spending is important “to be able to manage the recurring costs, which are rent, gas, phone bills and the rest. It’s time to be smart about spending.” WATCHES | Rising prices have made back-to-school shopping challenging for many:
Back-to-school costs concern parents amid inflation
The rising cost of living is leading some parents to change their back-to-school spending habits ahead of the upcoming school year.
