Inflation chipping away at your back-to-school budget? Here’s how to save

Back-to-school shopping is hitting household budgets already stretched thin amid rampant inflation. Here are ways to save on clothes, electronics and school supplies this year.

Balancing the budget for back-to-school shopping is more difficult for parents this year as rampant inflation threatens piggy banks nationwide.

More than a third of parents (36.2 per cent) expect to pay more for back-to-school shopping compared with years previous, according to a study from the Retail Council of Canada (RCC) released in late July.

RCC national spokesperson Michelle Wasylyshen tells Global News that while there are hopes that the third back-to-school season amid the COVID-19 pandemic will be more of a “normal year” than the past two, high inflation levels are putting new pressure on families.

“I think everybody is watching their wallets a little bit more closely than they’ve had to in the past,” she says.

Retailers are also taking note of tighter budgets this back-to-school season.

John DeFranco, chief commercial officer at Staples Canada, said in a statement to Global News that the office supply retailer is lowering prices on 50 top-selling items as Canadians are more “value-minded than ever.” Walmart Canada, meanwhile, said in a statement to Global News that it had price “rollbacks” on back-to-school items “to help our customers navigate this time of inflation.”

But aside from relying on deals from retailers, Global News spoke to personal finance experts who have a number of tips to help parents cut costs as the return to the classroom inches closer.

Before even heading to the store or adding an item to your online shopping cart, experts recommend first doing an inventory of what’s in good shape and can be reused and what needs to be added to the list for this upcoming year.