5 Ways to Avoid Overspending on Back-to-School
Whether you need a crisp new notebook and a snazzier backpack or a fresh shower caddy and a better dorm-room organizer, back-to-school shopping can give many families with students a unique kind of thrill. What’s not so thrilling: how quickly the costs add up.
Inflation’s been heavy for years, and now we have to factor in the tariff math too. Nearly 75% of back-to-school shoppers in a PwC survey earlier this year said they anticipated spending the same or more than last year.
Families with kids at home estimate they’ll spend an average of $858 (between electronics, clothing, shoes and school supplies,) while those with college students are looking at a total of $1,323, according to a July survey by the National Retail Federation.
No matter how old your student is, here are five ways to tackle your list without blowing your budget.
1. Shop at home first. See which items you can check off your list without ever having to whip out your wallet. Raid your closets, junk drawers, and old backpacks for forgotten supplies. Check if you can spare linens and towels for the dorm. And ask yourself — and your student — what really needs to be new. Maybe you realize last year’s unstained lunchbox works fine, and those jeans likely have a few months left. (You might even free up clutter in the process — like a stash of stationary you didn’t know was stuffed in a drawer.)
2. Make budgeting the first assignment of the year. Once you’ve gathered all you can at home, craft a must-have vs. nice-to-have list. Kids change their minds like changing outfits, so deciding on purchases before can help. Then, set a budget, and challenge yourself to stick to it. This can be especially helpful with younger kids, who might pick up every “Bluey”-themed item they see.
Pro tip: Discuss the back-to-school budget with your kids. Only 30% of parents in a recent Nerdwallet survey said they have talked to or will talk to their kids about their budget, but it’s a great opportunity to teach them about financial limits and setting priorities — and to practice their math skills.
3. Timing is key. Getting started on your list before peak back-to-school shopping season may help you get better deals and will spread out your spending. It’ll also give you more time to compare whether prices for specific items are better online or in stores. And take advantage of any sales tax holidays your state may have for the season. Florida waives sales tax on many purchases throughout the month of August, for instance.
4. Reframe frugality. Nearly half of parents in the NerdWallet survey said they would go into debt (!) for back-to-school items that would help their child fit in. But it’s actually cool to cut back right now, making this a great time to reframe your child’s (or your own) money mindset. Maybe try thrift shopping? Second-hand buys are more sustainable, and college kids probably won’t need much convincing that vintage jeans and one-of-a-kind mugs offer bragging rights.
5. Buy off-brand. Cost-conscious parents are switching to generic options and store brands to save cash. At the end of the day, a mechanical pencil is a mechanical pencil, and your kid won’t care if it’s from Target’s store brand or Pentel’s. This logic can extend to the lunchbox, too: Store brand foods can cost up to 72% less per serving than name brands, according to Consumer Reports.
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