Finance News

Top tips to save on back-to-school shopping


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.

More from Personal Finance:
How to save as food inflation jumps
Nearly half of all Americans are falling deeper in debt
Anxiety about recession as inflation cuts spending power

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



Read More: Top tips to save on back-to-school shopping

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More