SIMPLE AND EASY MONEY Saving STRATEGIES for REAL SAVINGS ON Back-To-School and setting yourself up for success
Even in the best of years, equipping a child to go back to school can be an expensive affair. But, inflation has squeezed household finances even more. On average parents spend $250-900 per kid on supplies and apparel. The craziest piece is the cost of the shoes being almost half of the budget in many cases.
If you’re like me, your impulse is to personally sacrifice so that your kids can have the best you can offer them. As noble as that is, it can cause havoc with your finances…and many times your children don’t even need as much as our parental guilt will sacrifice for them. That is why we have outlined 8 strategies you can use for saving money on back-to-school shopping!
So what can we do to keep back-to-school spending from getting out of hand?
First and foremost, you need to set a budget and don’t budge. Look honestly at your finances and determine what you can reasonably spend this season. Set the amount and stick to it.
Now that you have your budget set, start your research. List the things that your child will need and start researching where you can get those items for the lowest possible price. This is the time to prioritize. Only spend on the highest quality for the things that really matter.
Here are 8 strategies for saving money during back-to-school (and a bonus insight for parents of children who have…shall we say, “expensive tastes”):
One, buy vintage. In a lot of circles, vintage is gaining wider acceptance.
Not only can it save you a lot of money, it can be a fashion statement. And when it’s not a fashion statement, but the item being bought doesn’t matter, it’s a great way to shave some pennies off a necessary purchase. I know a kid who bought 3 golf shirts from eBay for $50 that would have cost him $200. You can also shop vintage stores in your area or buy from Facebook marketplace where parents are unloading things that their kids didn’t really use.
Two, don’t overlook loyalty programs.
In-store loyalty programs can save you anywhere from 10-40% depending on the store. If you do use the store’s loyalty program, don’t get sucked into buying more than you need because of the discount. That’s a classic retailer strategy to get a bigger share of your wallet.
Three, be aware of the rewards that your credit card might offer.
There are cash back credit cards that give big discounts on school supplies and apparel. Some cards offer discounts as high as 6% cash back. If you visit our marketplace page, you can shop for credit cards that might offer you the benefits you need.
Four, buy in bulk.
Many schools have lists of school supplies that your child is required to bring on the first day of school. Consider getting together with other parents and buying the items in bulk. You can save a fair bit of money going that route. It also means you can avoid local shortages at stores because all the other parents are looking for the same items.
Five, consider cashback apps like Rakuten and iBotta to boost your savings.
Six, negotiate.
If you are shopping a local store, you might be able to negotiate a lower price or have them throw in the socks when you buy some shoes. If you don’t ask, you won’t get it.
Seven, research student discounts.
Student discounts can save you a lot of money, especially for electronics, software, and apparel. Companies know that if they can get your student hooked on their products, they are likely to buy them for years. Always look into whether there is a student discount before you make a purchase.
Eight, use tax holidays.
A lot of states will offer a tax holiday for back-to-school shopping. Look into whether your state has one and make sure to shop on that day. Every little bit helps.
Bonus insight: Keeping a lid on back-to-school spending can be particularly difficult when you have a child who wants something that you don’t think you can afford. Money experts advise against weighing your children down with concerns about money before they can emotionally and intellectually deal with it. It can stunt their relationship with money that can impact them when they are an adult. So, how do you tell your children “no” without burdening them with adult financial concerns? When a child wants something that you don’t think you can afford, tell them “We choose not to spend our money on that.” This can be a powerful way to help your children learn that spending isn’t about satisfying whatever impulse comes into our heads. This is a way of communicating your money values without communicating your money burdens.
Good luck shopping. Remember, a lot of these strategies can be used at other times as well. You might even save a little money by postponing a purchase after school starts. Retailers might offer deals for items that didn’t sell. So, keep an eye out.
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