According to a new survey by Wallet Hub, most parents (52%) say they will spend more on back-to-school shopping this year than last year, but many parents are planning on being savvy about their sipping this year: 3% of parents use coupons to save money on back-to-school shopping, making it the most popular saving method, followed by applying for a new credit card (29%) and shopping on a sales tax holiday (19%). Parents are also fed up with the schools. A whopping 3 in 4 parents believe that schools ask them to buy too much during back-to-school season.
John Kiernan, WalletHub Editor, said, "Talk of heading back to school starts disturbingly early each year, but the silver lining for those who begin thinking about a return to the classroom in the middle of the summer is that you can score some big deals. Not only can early birds in many states save up to 7% by shopping during sales tax holidays, but those who apply for a new credit card early enough can save $250+ extra during back-to-school season alone. With most parents planning to spend more than last year and already feeling like too much is asked of them financially by their kids’ schools, according to a new WalletHub survey, some extra savings can go a long way in the coming months.”
If you are worried about back-to-school spending, here are ten ways to keep the back-to-school costs from toppling your bank account.
Shop Used or Refurbished
Depending on how old your kids are, you could find some eye-popping price tags for items like laptops and calculators. Used and refurbished electronics can sometimes be a gamble, but one that pays off handsomely if you buy from a reputable retailer and do your research.
Check for Student Discounts
If refurbished isn’t your style, you can at least review where you’re shopping and see any student-specific discounts. Stores like Apple, Microsoft, and even Goodwill often offer discounts for students that can help you save considerably on anything at a higher ticket price.
Ignore the Pressure
You’re probably already used to this, but kids will undoubtedly try to convince you there’s no way they can show their faces at school without their favorite cartoon on their backpacks. If you can endure the fallout, do so: it’s good to instill in them early that optics are not nearly as important as financial security is.
Set Your Budget
It’s always important to budget, but don’t forget to incorporate back-to-school expenses when necessary. Budgeting before you shop ensures you have set guidelines to avoid overspending. You can even involve your kids to show them the power of budgeting as a valuable life lesson!
Shop the Summer Yard Sales
If school clothes are on your shopping list, take advantage of the nice weather and see if anyone in the neighborhood is hosting a rummage or a clothing swap. They could even have school supplies or backpacks; you never know until you look!
Shop Deals
Cut coupons, check for coupon codes, and mark your calendars for when stores have deals on anything you have on your list. Sign up for emails from your favorite department stores and make note of when they’re having back-to-school sales.
Go With a Cheaper Brand
Some products won’t see much of a bump in quality with a price increase. You can often get away just fine with cheaper pencils, folders, and other supplies. Sometimes, you’d sacrifice quality for cheaper products, which doesn’t generally save money in the long run, so don’t simply buy something just because it’s inexpensive.
See What You Have at Home
Avoid blindly following the list your kid’s school gave you and buying everything on it; there’s a good chance you might already have quite a bit of it lying around at home.
Buy Off-Season
You might be in luck if you’re reading this and it’s not a back-to-school season. Some stores will offer items commonly associated with the new school year at much lower prices if it’s not the end of summer.
Thrift for Clothes
Fortunately, thrifting for clothes is trendy, so it shouldn’t be a hard sell for most kids. But shopping secondhand stores for back-to-school clothes is a great way to potentially avoid the price of buying new.
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