It’s tough to think of children going back to school while we are enjoying long summer days and relaxed routines. But now is the time to be taking an inventory of what you have for your kids to start school, what they need, and maybe a couple of “would likes”. The next rainy day, make a list of:
- Back to school clothing – what fits from last year, what can be handed down to younger children and what needs to be replaced
- School supplies – paper, pencils, highlighters and binders – what is usable from last year and what do you need to buy
- Back packs – can they survive another year or is a new one required?
- Set a budget as to how much you can afford to spend on each of the above items
The next step is to plan your spending:
- Talk to your friends and neighbours to see if you can “swap” items
- Watch flyers for sales
- Stick to a spending plan and only pay with cash
- If affordable, take your kids shopping with you and allow them to pick one “would like”. This is also a great opportunity to educate them on the cost of school supplies and the difference between a “need” and “want”.
- Check out your local Dollar Store – pencils are pencils and may be significantly more affordable at a dollar store
- Check with your child’s school to see if a tablet or laptop is available for shared use before investing in one of your own
- Prioritize what is most important to have the first month or two back to school and focus on those purchases first
Then get back to enjoying precious time with your family knowing you have an affordable plan in place.

By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)

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