For children, going back to school often means new things. For parents, however, the novelty comes at a cost. With prices rising ahead of the next school year, many worry that shopping for Lisa Frank binders and new white sneakers could strain their finances.
According to a recent Morning Consult survey, about 26% of back-to-school shoppers expect to spend more than $500 on clothing and supplies this year, up from just 7% in 2021. Only 36% say they can afford the purchases for back-to-school without a problem, and the rest indicate that it is a major budget concern or that they cannot afford it at all.
“Parents are much more concerned and stressed about being able to afford back-to-school purchases than in years past,” says Claire Tassin, retail and e-commerce analyst at Morning Consult. “Many have just started buying, but there is a lot of concern about how inflation is affecting budgets.”
If you’re nervously looking at your back-to-school shopping list, follow these three tips from retail experts to help you keep your spending under control.
1. Take advantage of tax holidays and look for sales
When it comes to saving in the run-up to the school year, “the most important thing is to take advantage of all the discounts you can,” says Julie Ramhold, consumer analyst for DealNews.
If you live in one of the 17 states, you still have time to take advantage of weekends when shoppers don’t pay sales tax on select items, including, in some states, books, clothing and office supplies.
“Be prepared to fight the crowds, but definitely take advantage of state tax holidays,” says Ramhold. “You may be able to get tax breaks on clothing up to $100 and computers up to $1,500. If you’re making large purchases, duty-free shopping can make a big difference.”
Even saving a little cash here and there can add up as you work your way down your shopping list, Ramhold adds. “Use cash back apps like Rakuten or Ibotta, whether you’re shopping online or in a store. Usually the fees are going to be 2% or 3% cash back, but very often those fees increase in times of big purchases.
2. Schedule your purchases to get the biggest discounts
When considering what your child needs for the upcoming school year, it’s easy to think of all the things they’ll need from Labor Day through June. But not everything should be bought this very second.
“Things on the supply list, like notebooks and writing utensils, are the kind of things you should buy,” says Ramhold. “The prices at Target, Walmart and Staples tend to be pretty decent and you know students will use them right away.”
You may be able to find attractive prices on less urgently needed items if you wait out the back-to-school rush for a bit. “If a backpack has a few weeks left, wait until Labor Day or right after,” says Ramhold. “That’s when retailers will try to get rid of back-to-school stuff, and that’s when you might get a better discount.”
Other items worth waiting for: New cold-weather clothing and electronics, like laptops, both of which tend to see their biggest discounts a few months later. “If you can wait for now, you’ll see a lot more sales and better deals on Black Friday,” says Ramhold.
3. Don’t overspend on items your child doesn’t need
Many of the things your child will need in September, such as pens, pencils, and notebooks, are non-negotiable. But some of the more expensive items on his list are more of a judgment call, both in terms of what he pays and whether they’re worth buying, Tassin says.
“We definitely see the highest level of spending on clothes, but kids tend to grow up; new clothes aren’t necessarily discretionary spending,” he says.
Families looking to stretch their money prioritize clothes that are comfortable and fit well, but not necessarily the latest fashions, says Tassin. “A lot of families facing higher prices are trading down, not buying brand-name jeans, for example,” she says.
For many supplies, it may turn out that the frontline item is inappropriate anyway. “If your child is doing most of their virtual learning in a browser, he’s probably fine with a Chromebook,” rather than a more expensive laptop, says Ramhold.
If you take the kids shopping with you, be prepared to set limits on what you’re willing to buy. “They may want a set of colored gel pens, but remember that your teachers may not accept assignments with ready-to-use colors,” says Ramhold.
To keep the cost of sundries from piling up, “think about how your child will use them. If you can’t see it and it’s not on the list, walk past it.” Yes, even if it’s Lisa Frank.
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Source: www.cnbc.com