About half of Canadians set a budget when it’s time to go back-to-school shopping, and for some that can be a recipe for stress later on, says a Winnipeg credit counselor.
“Just like planning for Christmas, you know it’s coming once a year,” said credit counselor Sandra Fry.
Despite the fact 69 per cent of Canadians say back-to-school shopping is one of the most expensive shopping occasions, families tend not to set and stick to a budget for it, she said.
But that doesn’t mean all is lost. Setting and sticking to a budget is one of the most important tasks a family can do, said Fry.
And the easiest way to bring your budget down is separating your child’s ‘needs from their wants’ is a good first step in lowering the cost, she added.
“Your child may want everything designer, or the latest binder, lunchbox whatever. But it’s good to get them involved in that, and have them pick, ‘Okay what is their one thing’, and teach them that there are limitations,” said Fry.
She suggested turning the experience into a learning opportunity for your child to help understand those limitations.
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