Parents concerned over 'crazy' back-to-school bills

Saving money on back-to-school shopping A new study finds that Canadians plan to spend less on school supplies due to inflation. CTV’s Heather Senoran explains.

Parents in Waterloo region are worried about the amount of money they’re spending on back-to-school shopping due to inflation.

A study from NerdWallet Canada found that the average Canadian family can expect to spend about $524 on back-to-school shopping this year.

Megha Bansal and her son have been shopping for school supplies at a Waterloo Walmart.

“So I bought like a lunchbox, pencils and a geometry box for math,” student Aadi Bansal said.

His mom said she noticed a bigger bill this year.

“I was looking at the prices – water bottles $20. Lunch boxes like $20, $30. It's crazy right now,” Megha Bansal said.

ADVICE FROM A FINANCIAL EXPERT

Clay Jarvis from NerdWallet Canada suggests parents buy in bulk and split the items between families and shoppers make lists to prevent impulse purchases.

“So when you're making your list, take an inventory of what your kids have that still works that they have multiple of,” said Jarvis.

To pay for back-to-school shopping, 14 per cent of those surveyed anticipate they will go into debt through credit cards, personal loans or paycheck advances.

Jarvis said debt or not, people should check the interest rate on their credit cards before shopping.

“Make sure you know what your interest rate is going to be on the purchases you make. And if you have a credit card that charges a lower rate of interest, maybe you want to be using that to make major purchases,” Jarvis said.

SHOPPING SALES

About 27 per cent of the people surveyed said they plan to buy less due to inflation.

“Hoping to buy less, just because everything is more expensive. Especially when it comes to clothes. At his age too he grows so fast,” said a Kitchener parent of a six-year-old.

Sharing is caring when it comes to school supplies between siblings.

“He will use his older brother’s things,” another Kitchener parent said.

More than half of the people surveyed said they will go hunting for sales when back-to-school shopping.

“I think at Walmart there’s some good promotions. So that helped, but if you look at the price without the promotion then there’s definitely a difference pre-COVID,” said a father of two at a Waterloo Walmart. “Another expense but there’s no option, right?”

With most learning being moved online, you may be able to get away with fewer pen and paper items.

“They still have Chromebooks and yeah, a lot of their classes and stuff are geared toward doing stuff on those Chromebooks,” said a parent in Waterloo.

In a few short weeks, students said those back-to-school butterflies will be priceless.

“I’m overall really excited for grade 9,” said Bansal.