Top tips to save on back-to-school shopping

By Finance News On Apr 19, 2024

Customers shop for back-to-school supplies at a Target store in Colma, California.

David Paul Morris | Bloomberg | Getty Images

As parents know all too well, it’s hard to cut back when it comes to the kids.

Despite more households living paycheck to paycheck, this year’s total back-to-school spending is expected to match last year’s record high of $37 billion, according to the National Retail Federation. Families with children in elementary through high school plan to spend an average of $864 on school supplies, $168 more than in 2019, the NRF found.

“Families consider back-to-school and college items as an essential category,” said Matthew Shay, NRF president and CEO.

A separate report from Deloitte found that 37% of parents may spend more this year than last year — up to $661 per child.

And yet, 75% of parents are stressed about paying the tab, a 12% jump from last year, according to LendingTree.

“These expenses are taking a major financial toll on American families already struggling with the highest inflation readings in more than 40 years,” said Ted Rossman, a senior industry analyst at Bankrate.

Families are stretched thin

Almost one-third of families said back-to-school shopping will strain their budgets, with middle-income households feeling especially hard hit, according to a new Bankrate.com survey of more than 2,400 adults.

More than one-third, or 37%, of parents with school-age children said they are unable to afford back-to-school shopping due to inflation, and nearly half said they will take on debt shopping for their kids, a study by Credit Karma found.

Bankrate also found that 41% of consumers will change the way they shop for the upcoming school year, with most looking for money-saving strategies.

How to save money on back-to-school shopping

As a rule, stick to buying only what you need right now, advised Julie Ramhold, a consumer analyst at DealNews.com.

Students may have to start the school year with notebooks, binders, paper, pens and pencils, but other purchases, such as a new backpack or lunchbox, can be put off until they go on sale.

If you don’t need a new laptop or headphones right away, Ramhold recommends waiting until Labor Day or even Black Friday, when the discounts on electronics will be greater.

These expenses are taking a major financial toll on American families.

Ted Rossman

senior industry analyst at Bankrate

A price-tracking browser extension such as CamelCamelCamel or Keepa can help you keep an eye on price changes and alert you when a price drops.

In addition to shopping for the best price, take advantage of sales tax holidays, credit card rewards or cash-back bonuses, said Beverly Harzog, a consumer finance analyst at U.S. News & World Report.

If you qualify, Harzog also recommends applying for a new card with a sign-up bonus or offering a 0%…