TORONTO, ONTARIO--(Marketwired - Aug 22, 2013) - The back-to-school shopping season is kicking into high gear, and with the average family planning to spend more than $400 per child, parents need all the help they can to make these extra costs work within their budgets.
According to BMO's annual back to school survey, Canadian families will spend an average of $428 on back-to-school supplies for each of their children. To help parents off-set these costs and make their back-to-school dollars stretch further, Consolidated Credit Counseling Services of Canada offers this spend-savvy infographic.
"We don't tend to think of back-to-school as a major item in our household budgets, but in reality it is the second most expensive shopping season of the year," says Jeffrey Schwartz, executive director of Consolidated Credit. "While most kids want to go back to class with new supplies, it can be a very costly proposition."
"Between new clothes, supplies and possibly a new tablet or computer, the costs can really add up, especially if you haven't budgeted for it year-round."
In addition to the savvy spending tips included in the infographic, Consolidated Credit offers parents these tips to make the grade without busting their budgets:
- Reduce your spending by reusing supplies from last year.
- Give your kids a budget for supplies and let them create their own shopping lists
- Browse flyers and websites to comparison shop for the best deals
- Use coupons to stretch your back-to-school dollars
- Have your kids pitch in on "big ticket" wants
- Encourage kids to make choices between wants and needs that fall within your budget
- Start budgeting today for next year's back-to-school needs
Back-to-school budgeting is a great way to help kids understand the value of a dollar. Working together to build a budget for back-to-school shopping, and teaching kids the difference between wants and needs is the best primer for personal finance you can give your family - and yourself.
About Consolidated Credit Counseling Services of Canada:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance. For more information, visit www.consolidatedcredit.ca or call the toll-free phone line at 1.800.656.3920.