Back-to-school season can be exciting, but for parents, it can also come with financial stress. Between school supplies, backpacks, new clothes, electronics, sports gear and after-school activities, the costs can add up quickly.
The good news is that learning how to save money on back-to-school shopping doesn't have to mean buying everything at once or sacrificing what your child needs. With a little planning, you can keep back-to-school spending under control while still getting your kids what they need.
Here are 10 practical back-to-school savings tips for families.
1. Start With What You Already Have
Before heading to the store, shop your own home first. Check desks, closets and last year's backpacks for pencils, notebooks, folders, lunch containers and other supplies that can be reused. Do the same with clothing. Your child may need a few new pieces, but probably not an entirely new wardrobe before the first day of school.
2. Make a Back-to-School Budget
Decide how much you can comfortably spend before you start shopping. Break your budget into categories such as school supplies, clothing, shoes, electronics and extracurricular activities to help prioritize where your money goes. Consider keeping money you’ve set aside for school expenses separate from your everyday spending. A dedicated savings account, along with automatic transfers, can make it easier to see what you’ve saved and avoid dipping into money meant for other expenses.
3. Stick to the School Supply List
Start with the list provided by your child's school or teacher and focus on required items. If you're unsure about something, consider waiting until classes begin, especially for more expensive purchases such as calculators, tablets or specialized supplies. Buying too early could mean spending money on something your child doesn't actually need.
4. Compare Prices and Shop Back-to-School Sales
Prices can vary considerably between retailers, so compare before you buy. Look for weekly sales, digital coupons, loyalty discounts, cashback offers, student discounts and price-match policies. You also don't need to complete all your back-to-school shopping in one trip. Buying items as they go on sale can help stretch your budget further.
5. Consider Secondhand Options
Not everything has to be new. Consignment stores, thrift shops and online resale marketplaces can be good places to find back-to-school clothes, sports equipment, backpacks and other items at a lower cost.
Hand-me-downs from siblings, relatives or friends can also help reduce expenses. For older students, refurbished electronics may offer savings as long as you buy from a reputable seller and review the warranty.
6. Spread Out Clothing Purchases
Your child probably doesn't need an entire fall wardrobe on the first day of school, especially when summer temperatures may stick around for several more weeks.
Buy the essentials now and wait on sweaters, coats, jeans and other seasonal clothing. You may find better deals later, while also spreading the cost across multiple paychecks.
7. Save on Basic School Supplies
A favorite backpack or pair of sneakers may be worth spending more on, but basic supplies don't necessarily need a brand name.
Store-brand pencils, pens, folders, notebooks, binders and highlighters can help lower your total without sacrificing much. If you have multiple children or know you'll need replacements later, buying certain school supplies in bulk may also save money.
8. Be Careful With "Buy Now, Pay Later"
Breaking a purchase into smaller payments can make it seem more affordable, but those payments still need to fit into your future budget.
Before using a buy now, pay later service or putting school expenses on a credit card, look at the total cost and have a repayment plan. A bargain today isn't much of a bargain if it creates financial stress later.
9. Look for Free and Low-Cost Resources
Schools, nonprofits and community organizations may offer free backpacks, school supplies, clothing and other resources for families.
Check with your child's school district and local organizations for back-to-school assistance programs, supply drives, clothing swaps and community events in your area.
10. Start Saving for Next School Year
Back-to-school expenses come around every year, which means you can plan ahead for them.
Once this year's shopping is done, consider putting a small amount into savings each month for next year. Saving $25 a month, for example, adds up to $300 over 12 months.
Make Back-to-School Shopping Work for Your Budget
There isn't one right amount to spend on back-to-school shopping. Start with what you already have, make a list, set a realistic budget and focus on what your child truly needs.
At Service Credit Union, our savings options can help you prepare for both everyday expenses and what's coming next.
