Back-to-school cost forecast to rise
But there are ways to ease the strain
Americans are forecast to spend the most money ever on back-to-school gear this year, according to the National Retail Federation.
Families with children in elementary school through high school plan to spend an average $696.70. That’s up just under 2% from last year, according to an NRF survey.
Families with college students are expected to spend an average $976.78, which is up about 3.7% from last year.
An estimated $26.2 billion will be spent during the 2019 back to school shopping season, which typically reaches a peak in August.
The NRF is a retail trade association that has been conducting its annual Back-to-School and Back-to-College surveys since 2003.
“Consumers are in a strong position given the nation’s growing economy, and we see this reflected in what they say they will spend on back-to-class items this year,” NRF president and CEO Matthew Shay said in a statement.
But this is Wisconsin, where seeking out bargains is considered a sport.
So, we scoured the internet and consulted folks at the University of Wisconsin-Madison to see if we could come up with a few tips and tricks to save money on back-to-school shopping.
Here’s what we found.
You don’t have to buy everything now
“Figure out which items your child needs at the start of school and which items can wait a month or two,” Peggy Olive, a financial capability specialist at the Center for Financial Security at the UW-Madison School of Human Ecology, said in an email.
That’s especially true because children, especially teenagers, are usually growing like crazy — and outgrowing their clothes, sometimes in a matter of months.
“Maybe one or two pairs of new pants will make do for the start of school, especially if your child is going through a growth spurt,” Olive said. Waiting to buy some items until late fall allows kids time to grow “and a chance to spread out spending.”
Olive is not the only one offering that
advice.
“Don’t feel pressured to get every single item on your child’s supply list before the first day of school,” according to Consumer Reports. “Ask the teachers which items are needed right away, and then purchase remaining supplies later. You’ll get better deals in September.”
School-oriented deals historically reach their peak in late August and early September, when stores are more motivated to clear shelves, according to Courtney Jespersen, a consumer savings expert at Nerd Wallet.
There are other things that can be done to stretch back-to school dollars, including:
See what’s left from last year. Are there school supplies and/or clothes from last year that can still be used? Do the kids really need need new backpacks or lunch boxes? Do any of their clothes still fit?
Know ahead of time what you can spend. Set a realistic budget for supplies and clothing for each child in school, Olive said. “Compare your budgeted amount with your monthly expenses. Are there places you can cut back on other bills to find back-toschool funds?” she said.
Bring your phone or calculator with you. Tally the prices of school supplies you are buying. “They can add up quickly when you go through your shopping list,” according to Olive.
Be careful about using credit. “Try to pay for back-to-school shopping with cash or from your checking account. If you use credit, make sure you don’t spend more than you can pay off in one month, or billing cycle,” Olive said.
Don’t be afraid to ask. What resources does your community have to help stretch your dollar? School districts frequently have information on school supply donations and clothing exchanges sponsored by local service organizations, according to Olive.
Don’t be afraid to say ‘no.’ If you simply can’t afford a school expense, etiquette and lifestyle expert Elaine Swann recommends an “on-your-ownterms no.”
If your middle schooler wants a pair of shoes that retail for $158, saying “no” is certainly within reason.
Other times, you might have to tell a teacher or administrator “no.” If you can’t donate to a fundraiser or classroom event, volunteer instead.
If you do participate in a fundraiser or other event, you can set a cap based on your budget. “It’s perfectly fine to say, ‘Here’s what I can do. You want me to buy three reams of paper? I can buy one,’ ” Swann said.
Get the kids involved
A teaching opportunity. Involving children in shopping for their own back-to-school supplies can teach them important lessons about spending.
“Explain that there are many options available for buying the things they need,” Olive said.
Olive provided an example: “A pair of jeans might cost $50 at a stylish chain store; $25 at a retail department store; $8 at a thrift or resale shop; and $3 at a garage sale. Let kids check out a thrift store and look through store (advertising) fliers to price and plan for items they might purchase.”
Never too early to learn. “Engage younger children in learning about how much things cost, and how you, as an adult, make spending decisions,” Olive said. “While shopping, for example, younger children can look at folders and see that the one with the cartoon character on the front is $2, and others are 10 cents.”
There are important life skills involved in the process.
“Learning to make decisions based on math skills, judgment and personal taste is what money management is all about,” Olive said. “Setting limits on spending doesn’t mean a lack of choices, but it does make kids have to think strategically.
“Older kids will understand that if they buy six folders at 10 cents, as well other items at cheaper prices, they might have enough money left in their budget for brand-name sneakers.”
Computers and gizmos
Electronics continue to be a growing piece of the back-to school market, with back-to-college shoppers planning to spend the most in that category.
Consider buying refurbished electronics. Consumer Reports says, “Rather than splurging on a brand new computer or phone, look for a certified used model from a reputable seller like Amazon or Newegg,” according to an article posted on the organization’s website. You can also go directly to an electronics manufacturer. “Manufacturer-refurbished goods will have been returned to factory-like condition and should be covered by a manufacturer’s warranty,” according to Consumer Reports.
Total spending for K-12 schools and college combined is projected to reach $80.7 billion, down from last year’s $82.8 billion largely because of the decreased number of households with children in elementary through high school, according to the NRF. According to the survey:
❚ Clothing and accessories will top K-12 families’ expenses at an average $239.82.
❚ Electronics such as computers, calculators and phones come in second at $203.44.
❚ Shoes are third at $135.96.
❚ Supplies such as notebooks, pencils, backpacks and lunch boxes check in at $117.49.
Among K-12 shoppers:
❚ Teens are expected to spend an average $36.71 of their own money on school supplies. A decade ago, that number was $30.88.
❚ Pre-teens are forecast to spend $26.40, up from $11.94 a decade ago.
“Members of Generation Z are clearly becoming more involved with backto-school purchasing decisions rather than leaving the choices up to mom and dad,” NRF’s Shay said. “Over the years, both teens and pre-teens are spending more of their own money on back-toschool items.”
College shoppers are forecast to spend:
❚ $234.69 on electronics.
❚ $148.54 on clothing and accessories
❚ $120.19 on dorm and apartment furnishings.
❚ $98.72 on food.
Also, “College shoppers are really showing their school spirit when it comes to buying collegiate gear this year,” Shay said. Spending on collegebranded items is expected to average $62.22, up 17% from last year.