Stick to a back to school budget
Posted Aug 30, 2011 1:35 pm.
This article is more than 5 years old.
More Canadian parents are setting and sticking to a back to school shopping budget according to a new poll commissioned by RBC.
Still the RBC’s Maria Contreras tells 660News many parents are shocked at the cost of clothes and school supplies.
“The costs are pretty high if you’re looking at outside of tuition, spending about $500 per household on these types of things, or back to school essentials,” says Contreras. “That’s a pretty significant amount of money.”
Fifty per cent of parents say they manage to stick to their budget, but 42 percent state they will end up overspending.
(They) “may end up impulse buying or perhaps overspending by a little bit,” adds Contreras. “But for those who do set up the budget, the majority of them tend to stick to what they’ve set out in that budget.”
Over 60 per cent of parents say their back to school expenditures this year are in line with what they spent last year.
Contreras says many families report by the time they have paid off the bills for school, they’re racking up debt again in the name of Christmas.
