Back-to-school season can be a stressful time for families, especially those with multiple students under the same roof. The start of a new school year means a time to buy new clothes, books, shoes, and technology, which can put a big strain on household finances.
Good news: There are some ways to cut back-to-school expenses while still checking off all the essentials on your list.
Back to School in Numbers
Back-to-school expenses will vary from family to family and may fluctuate as a student progresses through their studies, but one thing is certain: the costs of school supplies, clothing, electronics and other necessities can definitely add up.
Total back-to-school spending in the U.S. is expected to reach $38.8 billion this year, the second highest on record, according to the latest data from the National Retail Federation.
Families with children in elementary through high school plan to spend an average of $874.68 for the back-to-school season, with K-12 shoppers budgeting $309.35 for electronics, $253.29 for clothing and accessories, $141.62 for school supplies and $170.43 for shoes. College students and their families are expected to spend an average of $1,364.75 for the upcoming school year.
With back-to-school expenses approaching thousands of dollars, many shoppers are holding off on purchases, waiting for the best deals.
5 ways to cut costs on back to school supplies
Some back-to-school items can be a little overwhelming in terms of cost, but there are some ways to save money by adopting smart shopping habits.
Bulk Purchase
Buying nonperishable items in bulk may cost more up front, but it will save you money throughout the school year (and maybe even the next).
Buying items like pens, pencils, paper, markers, disinfecting wipes, sticky notes, etc. in bulk will reduce the cost per item. If more than one member of your family will be attending school this fall, buying supplies in bulk can be a good idea.
This also applies to foods that have a long shelf life: think granola bars, trail mix, dried fruit, and other snacks that are easy to pack in a lunchbox or backpack and won’t expire quickly.
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Buy used or refurbished products
Buying used or refurbished back to school supplies is a great way to save money on items that your students may use for years, like electronics.
According to the NRF, 69% of back-to-school shoppers purchased a laptop, tablet, or other electronic device last year. Buying used can help you save some money below retail price. To save even more, consider trading in your old equipment.
Many major retailers, including Target, Costco, Walmart, Staples, and Best Buy, will accept your old device in exchange for store credit or gift cards.
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Mark your calendars and shop during the tax holiday period
A sales tax exemption is when a state exempts certain items from sales tax for a certain period of time. These exemption dates vary by state and may not fall on the same date each year.
Here are the remaining tax holidays in each state for 2024 that may be helpful for back-to-school shoppers.
Enquire about student discounts
Many retailers offer discounts for students. These offers can save you anywhere from 10% to 20% (or more) off every purchase. Some of the major retailers that offer student-specific discounts and offers include Best Buy, Apple, Nike, Amazon, Dell, and Microsoft.
By installing browser extensions like Honey or Rakuten, you can automatically detect and apply coupons at checkout when shopping online to make the most of your discounts. They also offer cashback at certain retailers, helping you reduce your overall costs even further.
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Next year’s budget is now
Minimizing the financial burden of back-to-school starts with building back-to-school expenses into your budget up front.
Look at your receipts and bank statements to calculate how much you typically spend at the beginning of a new school year, then split that amount into monthly savings. Then create a savings fund and include that savings in your budget as a monthly expense. This will help you split your big expenses into smaller, more manageable amounts so you have money set aside for next year’s new school year.
To maximize your savings, consider putting your back-to-school funds in a high-yield savings account, many of which offer 4% to 5% annual interest.
Read more: Struggling to budget? Following the 50/30/20 rule could be the solution.
