Money-saving tips for back-to-school shopping

KEY TAKEAWAYS: 

✔ As a student, you’re learning a lot about life and money. It’s a great time to develop habits that will set you up for success in life.

✔ Student discounts are everywhere. It’s not hard to get what you need for less. 

✔ Don’t go it alone. If you have roommates, make saving money a group thing.

In the later months of summer, the thoughts of most parents and students shift to prepping for going back to school. It can be one of the biggest expenses for parents, second only to the holidays.  Between supplies, clothing and technology, it can add up fast. The average back-to-school shopping spend per child is $597.

To help you save money on back-to-school shopping and ensure you get the essentials you need without breaking the bank, here are some tips for making the most of your back-to-school budget this fall.

Start with a list

With a deadline looming and the flyers promising endless deals, it’s easy to get carried away and overshop. To stay within your budget, make a list and stick to it. Start by taking inventory of what supplies and clothing items the kids already have; there might be lots of almost-new items with lots of life left in them, or supplies that can be passed on to younger siblings or relatives. Then make a list of must-have and nice-to-have items for each child, taking into account your monthly budget.  

Set a spending limit and stick to it

Using your list of the items the kids will need, include a range of costs for each (from low to high). This will help you plan for best and worst-case scenarios for expenses while helping you manage a set amount. 

Time the sales

Big-box stores compete ferociously for your back-to-school dollars, so take advantage of their price wars for some big savings. Compare your shopping list against the weekly flyers, and place your order when big-ticket items like electronics get marked down. Keep in mind, too, that some clothing and department stores will offer a one-time price adjustment if you buy something that has since been marked down.

Finally, some retailers offer student discounts, and many will do price matching upon request, so you don’t always need to run around town to take advantage of the best deals on what you need. 

Skip the dollar store

Your local dollar store is a great source for cheap goodie-bag candy and low-budget wrapping paper, but it’s not always your best bet for school supplies. You might pay less now 

but if the quality doesn’t compete with more durable name-brand items found elsewhere—it may not be worth it if the supplies don’t last as long, or if they’re more likely to stop working.

Shop refurbished and open-box

For preteens and teenagers, back-to-school wish lists can often include pricey electronics and tech accessories. If you decide to get them that new smartphone or those wireless earbuds, do some research to see if refurbished or open-box options are available. Many are online returns that have never been used. You can save hundreds of dollars compared to buying new, and the devices will often come with a manufacturer’s warranty for one year or more. 

Splurge where it counts

Kids can be rough on items like backpacks and shoes, so it makes sense to spend a little more on those things. In the long run, it’s better to buy a durable backpack that comes with a warranty than to go for a flimsy one that will need to be replaced halfway through the school year.

Well-made, high-quality clothing and supplies can also be passed on to siblings and friends or even sold to a consignment shop or online to another parent if they’re still in good condition. 

Play “wait and see”

You can save time and money, especially with younger kids, by waiting to see what their school and teachers—not the big brands and retailers—tell them they need for the year. The “wait and see” approach can also pay off when it comes to back-to-school clothes shopping. You won’t have to worry about last-minute growth spurts for children, and teens may want to see what fashions classmates are wearing before spending their clothing budget.

Save throughout the year

If you know (roughly) your family’s back to school expenses every year, plan by setting up a separate account and regular transfers. For example, if you spend roughly $500 every year, you can plan to set aside approximately $10 a week in savings to reach that target. It’s a lot easier to save a little and avoid spending a lot.

Back-to-school shopping doesn’t need to be stressful or break the bank. With some thoughtful planning and budgeting, the kids can be set up for success at the start of the new school year with everything they need.  If you need money for something else, easyfinancial can help with loans up to $100K.

Disclaimer: This content is intended for informational purposes only and does not constitute financial advice on any subject matter.

[1] 2023 Deloitte back-to-school survey. Source.