School Shopping Expenses Soaring

It’s September. The month that most students dread is upon us. And depending on what school you go to, your first day of school is likely this coming Monday. Is it just us, or did summer go by way too fast? This is the same question that most kids ask themselves each and every summer, no doubt. The time for school is here.

Parents across Canada have been awaiting this day for weeks, knowing that the kids will be a lot busier once the school year starts. The approaching school season, however, has also meant that parents have been required to pull out their wallets for back-to-school spending, as of late.

Earlier this morning, The Toronto Star business reporter Madhavi Acharya-Tom Yew revealed that parents are spending more this year than they were a year ago in preparing their children for their first days of school. Unveiling the findings of a recent Scotiabank poll, she writes that parents are spending an average of $423 on back-to-school necessities.

That’s an extra $31 more than they were spending last year. Among the most popular back-to-school items, she notes, are stationary, clothing, books and electronics. This spending, of course, doesn’t include the amount that parents will have to dole out for their children’s education throughout the school year.

Acharya-Tom Yew reminds us that parents are expected to spend about $403 on field trips, pizza lunches and other incidentals. The survey revealed that this will cost parents $50 more than it did a year ago. The study also found that a quarter of the parents polled have budgeted for these costs.

Many parents began saving three months prior to the beginning of the school year. In other words, once the last school year was over, preparations for the next school year began. We suppose that this is the smartest way to prepare your kids for each and every year of school. After all, back-to-school spending is a necessity, as we alluded to earlier.

Acharya-Tom Yew does offer some tips for those who may be doing some last minute back-to-school shopping. The Dollar Store is cheaper than Wal-Mart she reminds us, noting that the price for the same school supplies is nearly doubled in the larger chain. But don’t forget to confirm what you need before you buy. Your kids may still have some very usable materials from last year. Good luck!