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Back-to-school savings tips

September 30, 2010

If you’re not careful, your child’s back-to-school expenses can rise faster than a school teacher’s voice on the first day of class. Purchasing textbooks, uniforms, lunch boxes and shoes can add up quickly.
Fortunately, with a little bit of planning, you can maximize your back-to-school budget without breaking your bank account. You no doubt have learned some savings tricks in the past. Here are a few more to help you this year.
Buy in bulk. Purchasing a 12-pack of pencils may seem like a stretch, but you’d be surprised by how quickly your child can go through a supply of writing utensils. But while buying in bulk can help you save money, make sure you’re purchasing items your child uses regularly. A cabinet full of unused and aging school supplies is never a bargain – no matter how inexpensive.

Shop off-season. There’s never a wrong time to save on school supplies. The off-season is known for retailers offering bargain basement pricing on items like electronics, notebooks and clothing items such as socks. So if you come face-to-face with a deal, stock up for next year.

Stick to what’s necessary. If you shop with your child, you’re likely to learn all about the what’s new in electronics and backpacks. That’s all the more reason to bring a shopping list with you – and to stick to it. In fact, studies show that people who shop without a list spend as much as 23% more than those who make a list. Purchase only those items your school recommends and remember that trends fall out of fashion in a schoolyard minute.

Preparing your child for a new school year can cost plenty. But with a little bit of planning – and some modest penny-pinching – you can send your child off to school in style and on budget. 

To learn about additional ways Scotiabank can help to increase your savings click here.