FDIC-Insured – Backed by the full faith and credit of the U.S. Government9 Ways to Save Money on Back-to-School Shopping
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It’s back! Or more specifically, it’s back-to-school time! That annual time of year when parents and students must gear up for purchasing back-to-school necessities. From backpacks and binders to calculators and clothes, those back-to-school expenses can add up fast. In fact, the National Retail Federation reports that families with kids in elementary through high school plan to spend an average of $890.07 on back-to-school items this year. What’s a budget-conscious parent to do?
Well, the back-to-school shopping season is a lot like the holiday gift-buying season. With proper planning, you can make the cost more manageable. Let’s look at 9 steps you can take to reduce costs:
- Make your list. Make a list of everything you’ll need from school supplies to clothing. Your child’s teacher or school should provide a list of school supplies. Once you have that list, see what you already have. For example, you may have perfectly good binders that you can reuse or a backpack that’s in great condition. For clothing, make a list of the clothes your child will need for the start of the school year, instead of the entire year. For example, the weather may still be warm at the start of school, so you can hold off on purchasing sweaters or other warmer clothes.
2. Set a budget. Look at your budget and figure out how much you can allocate toward back-to-school items. Once you set a budget, stick to it by monitoring and tracking all your spending.
3. Look for deals. Back-to-school time is a great time to take advantage of sales. Also, be on the lookout for coupons and other discounts.
4. Shop gently used. If your child needs new clothes, check out consignment and gently used clothing shops. You may be able to get name brands for significantly less. If you’re a college student and need to buy books, the used route can save you a lot of money.
5. Use a credit card that offers rewards. You may be able to get cash back on your back-to-school shopping or use rewards points towards clothing and other supplies.
6. Go generic. Instead of purchasing brand-name merchandise, buy generic. The savings can really add up.
7. Buy in bulk. Consider pooling money with your friends and buying bulk supplies at a retail club.
8. Take advantage of tax-free weekends. If your state offers tax-free holidays, plan your shopping accordingly.
9. Leave the kids at home when you shop. Shopping with your child might be a nice bonding experience, but it could also cost you significantly more as your child’s tastes may not always be in sync with your budget.
The first day of school will be here before you know it. Make sure you and your budget are ready for it by taking these helpful steps.