Ideas for Saving Money on Back-to-School Shopping | Richard Banks & Associates, P.C.

Believe it or not, the back-to-school season is upon us! While always an exciting time, there can be many aspects that are stressful—this includes back-to-school shopping while on a budget.

Have no fear, though, there are plenty of ways you can make back-to-school shopping fit in with your finances.

Back-to-School Shopping Expenses

Did you know that shoppers spend more on back-to-school shopping than consumers spend on Mother’s Day, Father’s Day and Valentine’s Day combined?

In fact, the National Retail Federation has found that families with children in K–12 planned to spend an average of $684.79 each in 2018, while total spending for K–12 and college combined was projected to reach $82.8 billion.

Some of that estimated $685 in back-to-school shopping was slated for:

• Clothing
• Electronics
• Writing utensils
• Backpacks
• Lunch boxes

Money-Saving Tips

Before heading out to get the back-to-school shopping done, be sure to review these money-saving tips:

1. Do some homework. Don’t just rush out and partake in the “deals” being advertised, be sure you’ve researched and found the prices of those items from multiple retailers and online. Sometimes sales are not all they appear to be, and some items could even be marked up even though they are “on sale.”

2. Establish a plan. It may be better to wait to buy supplies until you’ve received the list of needed items from the teacher, and even then, waiting to buy some of the less important item until the school year has started may work in your favor. It’s not uncommon for the better back-to-school deals to be available once the craziness of the season is over.

3. Utilize money-saving apps and websites. There are many websites and apps that can help you save on the back-to-school season. These include ShopSavvy, Flipp, Hollar.com, Groupon and Amazon.

4. Don’t forget clearance sections and dollar stores. Some of the best deals can be found after browsing through the clearance sections of your favorite stores. Target’s Dollar Spot at the entrance of the store is another excellent area to peruse, while dollar stores can be a great place to find things like folders, writing utensils, erasers, etc.

There’s no need to let the stress of the back-to-school season overwhelm your life—and most importantly, your finances. Instead of joining the mad rush of shoppers, take some extra time to evaluate needs and make a shopping plan that works for your family’s budget.

Worried that the back-to-school season could worsen an already rough financial situation? Richard Banks & Associates is ready and waiting to discuss various options with you, including bankruptcy.