As summer winds down and the new school year slowly approaches, so too does the need to go back to school shopping. According to Credit.org, “The National Retail Federation tells us the average family spending for back-to-school expenses will be $696.70 this year.” For many, this number may be out of their family’s budget. So what are the best ways to save on school supplies that still set students up for success? The answer may lie in shopping with a plan, taking inventory of what you already have, comparison shopping and taking advantage of sales.
1. Shopping with a Plan
Going back to school shopping without a plan or budget is an easy way to indulge in impulse buying you may not be able to afford. “Set a budget for back-to-school shopping before you go to stores, then figure out how much you can spend for various items on the list. “ says Consumer Reports. Making a list of the items you need and sticking to it will also help avoid unnecessary expenses while guaranteeing you get what you need for the school year.
2. Take Inventory
If you’ve been buying school supplies for a while, there’s a good chance you already have a collection of items bought in previous years. Take inventory of what you already have before you go shopping, that way you know what you can recycle for the current year and what you absolutely need to buy new. This can also decrease the chance of buying duplicates of supplies you may already have.
3. Comparison Shop
While most shoppers flock to big department stores and make all of their purchases there, it’s important to know you have options when it comes to where to shop. According to Credit.Org, “Use web sites and newspaper ads to compare prices, and remember that a lot of stores will stock up on school supplies where they normally wouldn’t, so don’t just look at the obvious retailers.” Often times you’ll find items cheaper from places like the dollar store or bargain stores that aren’t always marketed for school supplies.
4. Take Advantage of Sales
There’s no doubt about the prevalence of back to school sales during this time of year. Don’t feel afraid to take advantage of the discounts provided by popular brands! Feel free to use coupons as well as they can also help with saving money. As long as these sales aren’t used to justify impulse purchases, they are a great way to encourage shoppers to stick within their budget.
Looking for more interactive resources? American Consumer Credit Counseling has a great budgeting worksheet perfect for keeping up with expenses while allowing users to personalize it to what they need. YEFCU also has a plethora of savings accounts to choose from for budgeters to use specifically for back to school funds. No matter what your situation, by adopting smart financial practices you can make the most of your back to school budget and manage your school supplies spending.
