Avoiding the Back to School Wallet Drain Game

TORONTO, ON, August 24, 2016 – The lazy hazy days of summer are coming to an end signaling to most parents, it is time to open their wallets for Back to School shopping. It is funny how Back to School shopping can appear harmless at first however when you go to the cash register – that’s a different story.

wallet drain

According to a recent survey by Ebates.ca, the average Canadian consumer will spend from $100 to $200 per child for Back to School shopping. Now if a family has more than one child, those numbers will double or even triple in the blink of an eye. For some families, this time of year is an expensive one; second to Christmas shopping.

“I understand it is easy for some parents to feel overwhelmed this time of year especially if you spent a lot of money entertaining your kids throughout the summer. However to ease the strain on your wallet, it only takes some simple planning to spend what you can afford,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

“When you shop on the fly, you may end up spending more than you’ve anticipated. For a lot of consumers excess purchases end up on their credit cards. If you don’t pay your credit card bill in full when it arrives, that deal you purchased will cost you more,” says Schwartz.

The Ebates.ca survey also discovered almost 40 per cent of respondents dislike the costs associated with Back to School shopping. To help Canadians ease the Back to School drain on their wallets, Consolidated Credit Counseling Services of Canada offers the following money-saving tips:

1. Create a budget for Back to School shopping. Sounds like common sense however many parents skip this part. Take the time to review your finances to understand how much you can spend for your child’s back to school shopping.

2. Take stock of what you already have. It is easy to get caught up in the commercialism of Back to School shopping however if you do not need to buy your child another calculator – don’t do it! Instead stock up on items you need for your child to have a successful school year. In some instances, the school will provide your child with their school supplies.

3. Resist the urge to buy a brand new wardrobe. Children grow faster than any tumble weed. One minute they can fit into a pair of jeans, the next minute they barely can put their jeans on. Save yourself a lot of money by only buying what your child needs.

4. Get your kids involved. When you comparison shop, you will get more bang for your buck. Shopping around for deals is also an excellent opportunity to get your children involved (if they can grasp the concept of money). You can make your comparison shopping so much easier by using an app like Flipp.

-30-

About Consolidated Credit Counseling Services of Canada, Inc.:

Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

For more information or to request an interview with Jeffrey Schwartz, please contact:

Natasha Carr, Community and Public Relations Manager, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: ncarr@consolidatedcredit.ca

Press Inquiries

Shivani Karwal
Media Manager

pr@consolidatedcredit.ca
1-800-656-4120 x 1055