The stress of back-to-school spending
By Laureen F. Guenther Times Contributor
Laureen F.
Guenther Photo
“This can be a financially stressful time, especially for parents who are trying to navigate the endless school lists for clothes, supplies and electronics, managing their children’s expectations, and aiming to stay on budget to not break the bank,” stated the Credit Counselling Society (CCS) in a prepared statement.
In fact, the CCS said the stress of back-to-school spending is a close second to the financial stress of Christmastime.
CCS referred to a retailmenot.ca survey which says parents will spend a total of $507 for back-to-school spending. The survey indicates 45 per cent of parents plan to spend $100-$250 for clothing and accessories, and 19 per cent of families plan to spend $250-$500 on technology.
“We encourage parents to involve their children in the back-to-school process,” said Stacy Yanchuk Oleksy, CCS director of education and community awareness, in an email.
“By involving your children right at the beginning of the process, letting them do some work and make their own decisions, you can minimize the impact of peer and market pressure to get the latest and greatest cool thing.”
Before making any purchases, Oleksy suggested families talk about the family budget, helping children and teens understand what a budget is and the importance of sticking to the budget so the family can afford the things that are most important.
Oleksy also suggested having children and teens collect leftover supplies from previous school years so they know what they do and don’t need. Older children and teens can also research prices and products.
“There are many lessons that can be taught while shopping for back-to-school supplies,” she said, “including needs versus wants, name brand versus not, price-matching, researching products, quality versus quantity and even budgeting. Responsibility and decision-making are great life skills.
“If you have an older child who has income through allowances or working,” Oleksy added, “consider giving them a budget for clothes where you will supply X amount and anything over and above that amount must be made up by their own money.”
To help prevent over-spending on electronics, she recommended parents find out directly from the school exactly what devices their children need and whether siblings can share one device. Then the family can research products and prices, including the possibility of purchasing a gently used device. Laptops, she said, may save money, because they can serve as a 3-in-1 tool: laptop, desktop and tablet.
On shopping day, Oleksy recommended a hearty breakfast before leaving home, because a “hangry” parent or child can ruin a shopping trip. She also recommended agreeing to a set of rules, such as, “if it’s not on the list, it’s not going in the cart,” and “we speak with kind voices and tone.”
At the store, she suggested parents ask their children and teens to help find the best deals, and to reward their efforts later, perhaps with homemade pizza and an at-home movie.
CCS encourages Canadian families to save for back-to-school and other seasonal expenses ahead of time. But if families don’t have enough saved, Oleksy suggested parents find out exactly what their children need for the first day of school, and what can wait a little longer.
If they must use credit, she said, “parents should create a plan to have this debt paid off within three months.”
And to prevent running into the same problem again next year, Oleksy said, “parents should calculate all back-to-school costs for the family, divide that number by (the number of) pay cheques (they receive) per year, and with that number, deposit it into a back-to-school savings account for next year.”
Families who want help with navigating back-to-school expenses can contact their local non-profit credit counselling agency, which can help them develop a plan. Credit Counselling Society can be reached at nomoredebts.org or 1-888-527-8999.