> SCHOOL YEAR SPLURGE WORTH THE COST

When it comes to the school year, many parents will aim to save on everything from binders to clothing to birthday parties. But there are items and activities during the school year that are worth the splurge.

Extracurriculars There’s an adage, “Kids in sports stay out of courts.” The Steinfelds never cut back when it comes to development for their children; each is enrolled in a creative class and sport. “We believe that giving them a rounded foundation is critical to their development,” says Katie Steinfeld. While extracurriculars such as a team sport or dance class can cost up to $1,000 per term depending on if they are offered through a public or private institution, the Children’s Fitness Tax Credit can ease the financial strain. Running shoes, winter boots and snowsuits While it might be tempting to cut back on more expensive items such as winter boots and shoes, you’ll save more by investing in quality gear, says Jennifer Alexander, a Toronto-based mother of two. “The way kids rip their running shoes on and off is a horror movie of destruction, and by spending more on better constructed shoes, you’ll get two seasons out of them instead of one.” Rainy-day funds During a school year, unanticipated expenses such as the need for a new computer or tablet may arise. That’s when you want to be sure you’ve adequately invested into a “rainy day fund”, says Sarah Widmeyer of CIBC. “A rainy-day fund gives you the choice of how to handle those discretionary expense surprises.” Additional education When it comes to paying for extra education like a tutor, it’s more of an investment than a splurge, adds Alexander. “You want to ensure that your kids have strategies and are relaxed in every subject, especially math, and additional resources like tutoring can help with that.”