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(From the Financial Literacy Blog) — The back-to-school season is an exciting time for many families, as kids are entering a brand-new year full of learning and discovery, but it can also cause financial strain for parents and guardians trying to supply their children with clothing, shoes, school supplies, backpacks, and other necessities. To stay within your budget, consider these top money-saving tips outlined below:
Set a Budget & Create Your List:
According to the National Retail Federation’s annual back-to-school survey, K–12 parents are budgeting around $875 this year—up from last year. Parents of college-bound students can expect to spend even more.
To maximize your funds for back-to-school shopping, it’s best to sit down and determine the total amount of money you have available to spend. Writing out a list of everything you need to purchase—and sticking to only buying those necessities—is another great way to ensure you do not overspend. Be careful to only write down your must-have items and note which additional items would be nice to have but are not critical needs; consider engaging your kids in this process to teach them how to prioritize spending and money management.
Take Inventory:
Look at what you already have from previous shopping trips to be sure you aren’t purchasing something you already own. Check to see what is reusable and still in great shape—clothing included. You may be surprised to see what you still have!
Shop Sales & Use Coupons/Discounts:
Check to see what stores are (or will be) offering back-to-school sales, coupons, and other discounts to maximize your spending. Shopping during sales allows more room in your budget for other things (or simply to save!). Some stores have apps that offer exclusive savings and discounts, too.
Compare Prices:
While you may not want to drive around to multiple stores to check everything off your list, it’s a best practice to compare costs across various stores—online retailers like Amazon included—to be sure you are getting the best deals.
Choose Generic Brands:
Generic options are often just as good and typically cheaper than name brand items. Opting for generic pens, notebooks, pencils, paper, and other school supplies helps make your money stretch further.
Purchase Secondhand:
Kids go through clothing, shoes, and easily-reusable supplies like calculators rather quickly—often outgrowing their clothes before they are truly worn out. Thrift stores, consignment shops, and online marketplaces (like Facebook Marketplace, Poshmark, and Depop) may have just what you need for a fraction of the cost. You may even luck out and find brand-new, never worn items!
Similarly, to help offset back-to-school costs, you may even find items around your house that your family no longer needs that you can sell via online marketplaces to make some extra money.
Buy in Bulk:
Buying in bulk is usually more expensive up-front, but if there are certain items you will go through plenty of (i.e. pencils, pens, markers, erasers, paper, etc.), it may end up being the cheaper option in the long run. You may also want to partner up with other parents to bulk buy and split the cost—helping both families get more for less. Additionally, you can opt to host a supply swap to exchange gently used items.
Consider Quality:
Certain items—such as shoes, backpacks, lunch boxes, sports gear, and jackets—that have longer lifespans might be worth splurging on. By investing in quality goods, you’ll spend less money over time by replacing them far less. Initial investments in quality items that last are worthwhile expenses.
Utilize Credit Card Rewards:
During the back-to-school season, many credit cards offer cash back on school-related categories. You can consider taking advantage of these options to receive additional discounts—but be careful not to fall into accumulating debt via credit cards. Only spend what you can afford to pay back.
In Conclusion:
Back-to-school season doesn’t have to break the bank. With smart planning, savvy shopping, and a little creativity, families can stretch their dollars and still send their kids off prepared and confident.