Forecasted spending for back-to-school shopping is on track to hit an all-time high, with spending for K-12 students reaching up to $34.4 billion, averaging out to roughly $661 per student. Similarly, back-to-college shoppers are expected to fork out about $28.3 billion, or about $1,600 per student.
Coinciding with this, over half (57%) of back-to-school consumers are anxious about the impact of inflation, yet many remain resolute in their decision to procure essential supplies. This could potentially elevate the spending per student significantly, somewhat an increase of up to 8% to $661. Notably, this indicates a 27% surge from spending prior to the global pandemic.
While one may deem it necessary to expend such an amount, or even more, to secure particular supplies or accommodate for several children, there are methods available to lessen your back-to-school budget. Explore these potential tactics before your next shopping spree:
1. REPETITIVE USAGE AND REPURPOSING
One of the most effective ways to save money is by avoiding unnecessary expenditure. Ask yourself whether it is absolutely necessary to replace items like backpacks or lunchboxes that could still be in good condition. Limiting the frequency of replacing high-priced items can lead to a significant reduction in your overall spending, regardless of your children’s desire for new things.
2. SHOP WITH A PREDETERMINED PLAN
Decide on a budget for back-to-school shopping before setting out, and then plan out how you can distribute this budget across various items. A well-thought-out list can serve as a guard against impulsive purchases that could overwhelm your budget. Do a swift inventory check at home to avoid purchasing items, like pens or pencils, which you may already have in plenty.
3. UTILIZE SHOPPING SALES
Familiarize yourself with sales advertisements before paying for supplies. If you don’t have access to a physical newspaper, online sources can be quite handy. Retail store giants, such as Walmart, Target, and Office Max/Depot, among others, are your go-to places for back-to-school items. Keep an eye on these sales and time your shopping to coincide with these periods.
4. PARTICIPATE IN TAX-FREE SHOPPING
As many as 16 states offer some form of a sales tax break, also known as a “tax-free weekend.” This means you can purchase specific qualifying items without being charged sales tax. Each participating state sets its own spending limit for tax-free purchases.
5. VISIT DISCOUNT STORES
You can find great bargains at discount stores like Dollar Tree and Family Dollar if you don’t spot an ongoing back-to-school sale for items you need. Hunt for highly-priced items like calculators or clipboards in these dollar stores to save money. You’ll also find basic supplies like tape, pens, notebooks, and markers fairly priced.
6. STOCK UP AFTER SCHOOL BEGINS
No need to succumb to the pressure of providing every item on your child’s list before school starts. Once the school year begins, many retailers offer discounted rates on school supplies to create inventory space for new seasonal items. Hence, it may be wise to wait until mid-to-late September to stockpile supplies.
7. PURCHASE IN BULK TO SHARE BETWEEN SIBLINGS
Bulk purchases can come in handy, especially if you have multiple children with similar supply needs. For instance, a pack of three Elmer’s Glue Sticks at Walmart.com costs $3.82, whereas a pack of 30 only costs $9.88. Similar bulk deals can be sourced for other items such as markers, pens, and pencils.
9. UTILIZE MONEY-SAVING APPS
Apps can help optimize your savings. Prominent examples include Ibotta, which offers cashback for specific product purchases at a wide range of stores. The Dosh app offers cash back when you link your credit and debit cards to your account and shop at participating stores.
10. CONSIDER USED GOODS
Several back-to-school essentials can be purchased used, such as backpacks, sporting gear, clothing, and shoes. These items can be shopped for on popular online platforms like Craigslist and Facebook. While your children may not spot the difference, your budget certainly will.
Remember, you can always save on back-to-school essentials by sticking to your budget, spending only on necessities, looking for the best price, and buying used items where possible. If you have old clothes that still fit well, consider selling them on platforms like ThredUp and Poshmark to supplement your budget.
We would love to hear some of the smart shopping hacks you’ve found helpful in your own back-to-school shopping.
