Pop quiz: Do you know how much you’re spending on all those
back-to-school notebooks, clothes and backpacks?
Answer: They can easily add up to $500 to $1,000 per child
in the first 30 days of school.
Surprised? According to the National Retail Federation, most
households spend more than $600 a year on back-to-school shopping. For college
students, that figure rises to about $900. Altogether, Americans will spend
more than $20 billion preparing for the return to the classroom this year. But,
there are back-to-school savings opportunities out there. Here’s how NOT to get
schooled on back-to-school expenses.
Put in Planning Time
First, gather any back-to-school supply lists from your kid’s
schools, add the clothing and any extras they’ll need, then look through the calendar
to try to predict the cost of upcoming school activities. As parents, we often
get surprised by expenses that we shouldn’t. With your list in hand, it’s
easier to set a realistic budget for each category. Then, stick to the list!
Because impulse buys are abundant at back-to-school hot spots.
Inventory Your House
First
Before taking your list to the stores, search your own home
for items that could fit the bill. You might already have a number of prequisite
products, such as pens and empty folders, in your home office. Or items from
last year that can be reused again – think pencil cases, scissors, etc.
Focus on Big Ticket
Items
There are so many ways to save these days: coupons,
incentive programs, rebates, weekly specials and online-only deals. To cut through
the clutter, focus on finding the best process for the most expensive items on
your list. Don’t worry so much about what the prices of the crayons or pencils
are, because you’re going to find pretty good deals everywhere on those. You’ll
save the most money on those big items, as well as time and gas money.
And get those important items early to make sure you get
what you need – for instance, a calculator or other supplies that need to be a
particular brand or model. For the more generic items, prices typically drop at
the last minute and/or late in the season.
Follow Your Favorite
Stores
Back-to-school clothing sales start appearing in mid-July
and run through the end of August, and the options can be dizzying. They’re
putting lots of coupons out there, so try keeping track of your favorite
retailer’s deals by following them on social media sites like Facebook and
Twitter. Then use those coupons in conjunction with sales to really get the
biggest bang for your buck.
And consider getting on stores mailing lists. Sign up for
store e-mails early and keep your eyes peeled. Think Staples, OfficeMax, Office
Depot, Best Buy, Target and Walmart and any other store where you would
regularly shop for school supplies. Additionally, these shops will likely offer
back-to-school sales and coupons, sometimes exclusive to their mailing list.
Plus, you can comparison shop from the comfort of your inbox. When
back-to-school season is over, you can always unsubscribe.
Price Match Cheap
School Supply Deals
Doorbuster back-to-school deals tend to limit the number of
items a buyer can purchase. But, you can price match a product at other office
supply stores and even Walmart. Doing this increases the number of items you
can get for those low prices.
Always Search for
Coupons
Whether you are standing in line at the checkout counter or
filling your cart online, get in the habit of doing a quick search online for
coupons before purchasing. While you might not find a coupon to meet your
needs, you may find one and end up cutting your bill significantly, all because
you typed a few words into a search engine.
And keep tabs on daily deal sites. Just like regular
retailers, daily deal sites like Groupon, LivingSocial, OpenSky and Gilt offer
back-to-school savings as the summer winds down. As an added bonus, you can
manage your preferences, so these sites will alert you when deals pop up for
particular products.
Be Cheap – But Not
Too Cheap – on Backpacks
Backpacks are the big budget busters for families. The best
way to save on a new backpack is to always avoid the big name brands and more
importantly, always avoid the character-themed backpacks. Those are always
priced 20-30% higher and simply not worth the extra money. However, you still
want to buy quality backpacks, such as Timberland, Rockland, LL Bean and
Embark, that will actually last through the entire school year.
Buy Your Textbooks
Used
Since 2006, the cost of college textbooks has increased by
73% - that’s more than four times the rate of inflation! Today, individual
textbooks often cost more than $200 and are sometimes as much as $400. However,
buying a used textbook can offer significant savings. One algebra textbook,
which retails for more than $200 on Amazon, is available used on the site for
just $45.
Comparison shop for textbooks as well. If you want to save
even more money on your textbooks, do some comparison shopping before making a
purchase. Try TUN’s Textbook Save Engine or CampusBook’s search feature to
determine which options are the cheapest for individual books. Be sure to look
up textbooks using the ISBN numbers, so you can be sure you’re comparing the
right versions.
And did you know you can license an e-textbook online? You
can also save money by licensing (similar to renting/borrowing) electronic
copies of your textbooks. Typically, textbooks are available for set periods of
time, such as one semester.
Take Advantage of
Tech Deals for College Students
Many stores provide discounts on electronics for college and
high school students. Check out the Apple Education Pricing page or Best Buy’s
College Student Deals. Be prepared to provide proof of your student eligibility
with an ID card or college transcript.
Avoid Cold-Weather
Clothes
Retailers are ready to sell you on all their fall and winter
clothes, but few of these items have been marked down at this point in the
summer. And frankly, your kids won’t need them just yet. Wait until you see
more sales on cold-weather gear to stock up.
Get Your Kids
Involved
If you bring your kids with you while you are back-to-school
shopping, make them budget. It’s never too early to start teaching your kids
some financial literacy. By establishing a budget for their back-to-school
shopping, you can make them part of the process while teaching them that money
is a limited resource. This also works with extra-curricular activities. Does
it cost $50 to join Spanish Club? Varsity volleyball uniforms and fees are
$150? If so, then they need to know that their activity of choice is not only a
time commitment, but a financial commitment as well.
"You're off to great places, today is your day! Your mountain is waiting, so get on your way!"
~ Dr. Seuss
~ Dr. Seuss
