Financial journalist Bruce Sellery is known for offering sage advice to people on how to best manage their money to live the life they want to lead. He is the bestselling author of two books, including Moolala: Why Smart People Do Dumb Things with Their Money (and What You Can Do About It), the personal finance expert for Cityline, and a frequent guest on popular shows such as Breakfast Television, Canada AM, CNN, and more.
He recently stopped by Breakfast Television to share tips on how to shop smartly this back-to-school season so you don’t break the bank.
- Write a list! Look at your current inventory and decide what actually needs to be replenished and purchased fresh for the new school year.
- Set a dollar figure beside each item on your list to establish your budget.
- Create a $20-$50 cushion for spontaneous purchases, although Bruce reminds us: “You don’t need the thing, you want the thing!”
- Focus on the big stuff. Saving a dollar on binders doesn’t mean much, spend your time and energy on finding that laptop for $600 vs. $800.
- Wait! Everything will be on sale three weeks later. Get that “first day of school outfit” and then purchase the rest later.
Bruce also recommends that you use this time as an opportunity to teach your kids about financial literacy. Engage them in the budgeting process so they can learn the value of money. Let them decide whether or not those new pencil crayons or lunch containers are worth their $20 of discretionary spending.
Check out the whole clip in the video below: