What a great summer it has been. Hopefully wherever you are you have enjoyed the proper ratio of summer sun, warmth and good times. Please note that I’m not wishing away the days with this blog, as August isn’t over yet. I am simply writing this column to assist you in your decision making over the next couple of weeks. School, I am reminded by my eleven-year-old daughter and by the good folks at Walmart, is around the corner. As parents and guardians we need to be ready so that impulse buys and pop up displays do not wreck the household budget.
So what are some tips and tricks for back-to-school shopping and planning?
- Take an inventory of what you have left from last year. If your house is like mine, you have a drawer or box in the kitchen with pens, pencils, crayons, markers, paper clips, glue sticks. If money is tight in the house look to repurposing these items. Sharpen those old pencil crayons instead of buying new ones.
- Manage the anxiety. Children get nervous when the summer days tick away. An internet search into back to school anxiety provides pages of links, research and blogs on the subject. Your children will worry about how they will fit in. Are my clothes okay? Do I have the right supplies?.
Sit down with your children, make a list of needed supplies, clothes and backpacks. Then use the inventory from point one above to clear the needed items from the list.
Taking the time to plan, make lists and prepare helps you avoid the emotional or impulse purchases that can derail your budget.
- Do your research. Before you head to the shops make sure you have done your market research. What items are on sale, or will be likely to go on sale? What items are absolutely necessary? Bring your shopping list and stick to it. Your budget will be busted if you head to the store to purchase a calculator and come home with a laptop.
- Talk to a teacher. If your budget is tight try reaching out to a teacher. If you have a friend or family member that is an educator enlist their help in preparing for the new school year. Ask them what supplies are absolutely necessary and what supplies will likely be provided. Do they have any advice to offer? Perhaps your sister-in-law, who is a teacher, has a similar drawer in her kitchen that is full of pencil crayons, dividers and binders.
Just a few tips on preparing for the back-to-school bus. Be mindful of your budget, plan your purchases, repurpose or reuse items from prior years and reach out for help from others. With these tips and tricks from the Credit Coach you are hopefully on your way to a boosted (not busted) budget.
What back-to-school tips work in your household? Tell us in the comments section below or join the conversation on Twitter using the hashtag #DebtSolutions. You can find me on Twitter at @CreditCoachJS.
Jayson Stoppel is a Licensed Insolvency Trustee and Chartered Accountant with BDO First Call Debt Solutions. With over 15 years in practice, Jayson assists individuals, families and companies with financial difficulties in Thunder Bay and throughout Northwest Ontario. To reach Jayson by email: JStoppel@BDO.ca
