Ready for the second-biggest shopping season?
Back-to-school is expensive. Here’s where to save and where to spend
Fresh markers, a new pair of kicks and the latest tech are at the top my first grader’s back-to-school shopping list. Her influence on my shopping habits is intense, and it takes all my parental strength to say, “I can’t afford it. We have a budget, so let’s stick to it.” I’m not alone in feeling the pressure. According to Deloitte’s 2018 back-toschool survey, children will likely influence over $21 billion of the total $27.6 billion of back-to-school spending this year. In total, households say they’ll spend an average of $510, with the majority of families budgeting $286 for clothing and $112 for school supplies.
With back-to-school season being the second-biggest shopping season of the year, it’s easy to get caught up in the advertising and get enticed to spend.
Before hitting the stores, here’s where to budget, what to cut and how to deal with influential kids who want it all. Wait for the school list Most schools send parents and caregivers a list of mandatory supplies in August, so it makes zero sense to buy stuff without first knowing what your kid needs.
Stocking up on crayons and ruled paper because it’s on sale may seem like a deal, but it’s a dud if your student needs a stack of binders and a few pencils.
Sticking to the school’s list can also curb impulse purchases and serve as a tool to explain to kids the differences between wants and needs.
Home inventory first, stores last, teachers always!
After clothing to cover growing limbs, the biggest student need is school supplies. Items like scissors, rulers, lunch kits, and backpacks can often be reused, so do a home inventory of last year’s gear before hitting the stores for new stuff.
If your kid’s teacher offers to buy class supplies in bulk for a fee, go with the deal! Teachers often get bulk discounts at big box and specialty supply stores, so joining a group buy can save you time and money. Encourage kids to pay The Deloitte survey found kids’ spending influence is strongest with clothing, school supplies, and electronic devices. Since brand names and designer logos often cost more, get your kid to contribute to the purchase by paying the difference between the bargain brand and the designer splurge they’re asking for.
Younger children can use their weekly allowance to learn the value of money, while high schoolers with part-time jobs can do the math to calculate the hours of work needed to buy their desired item. Timing matters Parents who begin school shopping early are likely to spend 20 per cent more than those who get a later start in August and September. But to save the biggest bucks, resist the urge to stock up before school starts.
Waiting a week (or three) gives your kid a chance to see what’s cool for school, and parents can catch early fall sales when retailers blow out inventory for winter and holiday items. Don’t feel pressured to buy everything before school starts; store deals and discounts are available yearround. Hand-me-down devices, or shop refurbished
Does your kid really need a brand-new gadget or device? Prices for a new iPad start at $430 for a 32GB model and jump to $1,650 for a top-of-theline iPad Pro. This doubles if you have two kids wanting the latest gear.
Rather than shop new, reuse household tech by passing down older models within the family. Not everyone gets the flashy new packaging, but having use of a device is better than none at all.
Don’t forget to check for refurbished items online or in-store to save 15 to 25 per cent over new. Refurbished electronics have often been returned to the manufacturer due to a minor flaw. Or because the original buyer changed their mind, and the item is then repaired and resold at a discount — often with a full manufacturer’s warranty.
Shopping refurbished is hit or miss depending on what’s in stock, but after buying two laptops and one cellphone on discount, I always check resale before shopping new.
By planning your back-toschool spending and including the kids in the decisions, you can cut through the pressure and enjoy the school year.