Did you know the average American parent will spend about $700 per child this back-to-school season? If that’s likely to put a damper on your summer, take a deep breath and relax.
You don’t need to spend yourself into debt just because everyone else seems to be doing it. Instead, take a proactive approach when shopping for the new school year and spend much less than the national average.
Budget Back-to-School Shopping Expenses
When compiling your household budget for the year, make sure to include back-to-school as a line item. Calculate what each of your children might need during the entire school year for different categories, such as clothing and supplies. Divide that amount by 12 and begin adding that amount into a special savings account every month. When back-to-school time rolls around, you’ll be ready with the funds you need.
Take Stock
Before hitting the stores, inventory what you already have at home. Check your kids’ closets, drawers, and study areas for supplies and clothing that can be reused or repurposed for the coming school year. Then, make a list of what your kids truly need; this will help avoid impulse buys.
Avoid Fancier Supplies
Instead of spending money on the shiniest supplies with a licensed logo that just adds to the cost, don’t hesitate to reach for generic brands when purchasing school supplies for your kids. Store brands, like Costco’s Kirkland Signature or Target’s Up & Up, are usually cheaper than name brands without compromising on quality.
Consider purchasing used textbooks, clothing, and electronics. You can find gently used items at much lower prices on secondhand websites like ThredUp and at your local thrift store.
Use Technology
You can search for coupons online or install a browser extension like Honey that automatically pulls discount codes and applies them at checkout. You can also monitor your favorite stores’ social media accounts and sign up for coupon links and advance notice of sales.
Stock Up
Start shopping early and take advantage of sales throughout the summer. Watch for clearance sales, promotions, and discounts. If you see a good deal on supplies you know will be an ongoing need, stock up so you’re ready when something runs out, gets lost, or breaks. By planning ahead, you can secure better deals and avoid the rush and price hikes closer to the start of the school year.
Shop Without Your Kids
Shopping with kids is an easy budget-killer. Kids have their own ideas of what’s best to spend money on, and their opinions may not always align with your budget. Leave your kids home for at least some of your shopping trips this season.
It’s important to approach this time of year with careful planning and strategic financial management. By promoting early planning and prudent financial habits, families can avoid last-minute financial stress and set a positive example for responsible money management.
At Bay Federal we’re more than just a financial institution—we’re your partner in achieving financial wellness. Together, we can make this back-to-school season a seamless and affordable experience for every member. Join us in embracing smart shopping practices and enjoy the peace of mind that comes with financial preparedness. For more financial tips and resources, visit www.bayfed.com.
This column is sponsored by Bay Federal Credit Union
