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Did you know that the average family shells out $700 on back-to-school shopping? That’s the second biggest expense for many parents, right after Christmas. And let’s face it, this doesn’t come with the same joy and festivities as the holiday season.
Walking into stores and seeing school supplies in mid-July can be a bit of a shock, especially when the kids are still in summer mode. But with the amount of money retailers rake in from these sales, it’s no wonder they push for early purchases. Is it possible to sidestep this hefty expense and teach our kids some valuable financial lessons at the same time?
Three Tips to Save Money and Make Your Back to School Shopping Less Painful
1. Hold Off on Buying Everything at Once
The first tip is all about timing. Rather than purchasing everything on your child’s list at the start of the season, consider spreading out the purchases.
During the back-to-school rush, prices tend to be at their highest. If you wait for the post-rush sales, you can often snag duplicate or higher-priced items for less. While some essentials like paper and pencils might need to be bought right away, larger items such as backpacks or lunchboxes can wait until they’re discounted. Keeping an eye out for deals can also help you stock up in advance for the next school year.
2. Have a Concrete Plan
Planning ahead can save you both time and money. Before heading to the store, create a list of what you need, determine which items can wait, and estimate your total expenses.
Creating a detailed list helps prevent impulse buys, much like grocery shopping with a planned list. Without a list, it’s easy to end up with a cart full of full-price, unnecessary items. When your child begs for that glowing Star Wars backpack, the list can help you stick to your budget. If it’s not on the list, it’s easier to say no.
3. Get the Kids Involved
While your kids might not be thrilled about back-to-school shopping, involving them can be a great educational opportunity. It’s a chance to teach them about budgeting and smart spending.
Encourage them to think critically about their choices by asking questions such as:
- Which item is better and why?
- Is spending extra worth it for something that lasts longer?
- Will this item be needed next year?
- Is this more expensive just because of the packaging?
- Do we really need all of these in a bulk pack?
Guiding them through these considerations helps them understand value and longevity. Additionally, sharing the cost of a more expensive item can be a valuable lesson. If your child wants a pricier, character-themed binder instead of a generic one, explain the cost difference. Offer them the chance to earn or contribute the extra money needed for their desired item.
When they contribute, they tend to take better care of it, adding a sense of responsibility and ownership.
By planning strategically, pacing your purchases, and bringing your kids into the process, back-to-school shopping can be less stressful and more educational for everyone involved.