SEATTLE — With back-to-school season just around the corner, back-to-school shoppers should be prepared with some tips and tricks.
According to the National Retail Federation, back-to-school spending is expected to reach more than $38 billion this year.
“Back-to-school shopping is no doubt expensive,” says Bankrate analyst Ted Rothman. “According to the National Retail Federation, parents of the average K-12 student spend $875 on back-to-school shopping. And that’s electronics. Clothing, backpacks, shoes, and, of course, all the general school supplies,” Rothman adds.
Rothman shared some tips for families looking to save money.
First, check stock availability before you shop, and check out “buy nothing” groups on social media sites.
“There are a lot of people locally who want to give things away – maybe their kids have outgrown the clothes – and you can find them on platforms like Facebook. We get a lot of clothes, toys, school supplies, etc. from friends, neighbours and acquaintances,” Rothman said.
Certified financial planner Sterling White says parents should do just that.
Check the prices of all the items listed online.
He says, “When you see something in a flash sale or on Amazon, you think, that’s something that you need, that’s something that’s already a priority for you, and now you can get it for less.”
Rothman said people should be careful about using credit cards and the popular “buy now, pay later” options.
“Companies like Affirm and Klarna now have physical payment cards, so it’s not just an online thing anymore. For example, you can have a physical card that you can use in stores, and people can get into trouble for overspending there.”
Finally, White encourages involving your kids in the budgeting process: “You could say you’ll spend X amount of money on a backpack. If you want something nicer than that, you can buy it within your budget. This teaches your kids the value of work.”
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