Canadian parents are feeling stressed about back-to-school shopping as the new school year approaches. Surveys conducted by the Retail Council of Canada and Capital One show that a significant portion of parents are concerned about their spending. While more than half expect to spend about the same as last year, fewer parents are willing to spend more. The rising prices of school supplies and textbooks, as well as inflation, are contributing to this financial stress.
According to the surveys, a considerable number of Canadian parents feel they may go into debt from back-to-school shopping. Prices on stationery, office supplies, books, and electronics are expected to be higher this year, impacting back-to-school budgets. Experts advise parents to prioritize essential items, shop around for the best prices, and look for sales or coupons to save money. Inflation is causing some parents to buy less or purchase second-hand items to stay within their budget.
The top spending categories for back-to-school shopping are stationery, clothing, and books, according to the Retail Council of Canada. While most parents prefer to shop in physical stores, there are several ways to stretch their budget. Delaying the purchase of non-essential items, opting for generic brands for electronics, and taking advantage of sales are effective strategies. Digital flyer or couponing apps can help parents compare prices and track sales to make informed purchasing decisions.
Experts also suggest waiting for better deals on electronics like cellphones and laptops to save money. For parents concerned about taking on debt, balance transfer credit cards with promotional low-interest rates can be a helpful option. This allows them to transfer existing credit card debt and pay it off during the promotional period with a lower interest rate. By implementing these strategies, parents can manage their back-to-school shopping expenses more effectively and avoid unnecessary financial stress.
In conclusion, Canadian parents are facing financial challenges as they prepare for the new school year. Rising prices, inflation, and the pressure to buy essential school supplies are contributing to their concerns. By prioritizing needs, shopping smartly, and taking advantage of sales and discounts, parents can mitigate the impact on their budget. Additionally, waiting for better deals on electronics and considering balance transfer credit cards can help alleviate the financial burden of back-to-school shopping. Overall, careful planning and strategic shopping can help parents navigate the expenses associated with the new school year more effectively.
