Column by Peter Rector, Financial Wellness Manager, OnPoint Community Credit Union
Back-to-school season can be exciting, but it also brings a long list of expenses. Families may need to purchase classroom supplies, clothing, shoes, backpacks and electronics, while still managing everyday costs like groceries, housing and transportation.
According to a National Retail Federation survey, families with students in elementary through high school expect to spend an average of $863.86 on school supplies this year. College students and their families expect to spend even more, averaging $1,437.79.
Those numbers can feel daunting, but a little planning can help you feel prepared for the year ahead while keeping your household finances on track. Here are six strategies I recommend to stretch your back-to-school budget:
- Start with a plan and a clear budget. Before you shop, review what your kids already have and compare it with their school supply lists and clothing needs. Reuse backpacks, binders, lunchboxes and other supplies that are still in good condition to avoid unnecessary purchases. Then decide how much you can comfortably spend and prioritize the items students need most. You may also be able to wait on seasonal purchases, such as winter coats and boots, until better sales arrive.
- Compare prices and choose lower-cost alternatives. Take a few minutes to compare prices online and in stores before purchasing. Coupons, loyalty programs and price-matching policies also can help reduce costs. Store-brand notebooks, pens and other basics often work just as well as name-brand options for less. Families with multiple children may also save by purchasing frequently used supplies in bulk.
- Buy the essentials first. You do not need to purchase everything for the full school year in one trip. Nearly half of shoppers surveyed by NRF plan to buy only what students need to start the year and replenish supplies later. A similar share are waiting for better deals, and another 23% are spreading out spending to manage their budgets. Focus on immediate needs first, then purchase additional clothing, supplies or gear as needed.
- Explore secondhand options and local resources. Thrift stores, consignment shops and community exchanges can offer gently used clothing, backpacks and sports gear at a fraction of retail prices. Local nonprofits may also host school supply drives or provide free supplies to families. Check with organizations in your area to see what resources are available.
- Include kids in shopping decisions. Back-to-school shopping is a natural opportunity to teach children about budgeting and tradeoffs. Give older children a spending limit for clothing or supplies and let them decide what matters most. Younger kids can help compare prices or choose between two similar products. Involving children in the process can help them understand the value of money while making it easier for the family to stay within budget.
- Prepare for costs throughout the year. School expenses do not end after the first day. Lunches, activity fees, field trips, replacement supplies and sports gear can continue to add up. Consider setting aside a small amount each month for school-related needs so those costs are less likely to become financial surprises.
Back-to-school shopping can feel overwhelming, especially when so many costs add up at once. But taking time to plan, prioritize and look for savings can help students start the year prepared without putting unnecessary strain on the family budget.
OnPoint offers financial education resources and tools to help families budget, save and prepare for expenses throughout the year. Visit https://www.onpointcu.com/financial-education/ to learn more.
