Back-to-school season is here, and this year, the second-biggest shopping season of the year will be more expensive than ever. With inflation still at all-time highs, the supplies and gear you always buy may cost a lot more than you paid just a year or two ago.
No worries, though! There are still ways to trim your back-to-school spending and keep your budget intact. Here are 10 back-to-school hacks for beating inflation.
Create a realistic budget for your back-to-school shopping and stick to it. To do this, make a list of essential items and allocate a specific amount for each category, such as clothing, supplies and electronics. Make sure your budget is generous enough to cover all purchases, but tight enough to not end in debt. This will help you avoid impulse purchases and stay within your financial limits.
One of the best ways to save money is to start shopping early. This will enable you to take advantage of sales and avoid the last-minute rush when prices may be higher. For example, you can pick up pencils when they’re on sale at Walmart one week and paper from Target when it is marked down there. Spreading your purchases over time will also make it easier on the budget.
Before heading to the stores, check out the inventory of supplies and clothes you already have at home. Often, last year’s items can be reused or repurposed. Check closets, drawers, storage bins and last year’s backpacks for notebooks, pens, pencils and other supplies. This can help you avoid buying more of what you already have and save a significant amount of money.
Many states also offer tax-free holidays, where certain items are exempt from sales tax. Plan your shopping around these dates to maximize your savings. Combine sales with coupons or loyalty programs for even better deals.
For items you’ll need to buy many of, like notebooks, pens and paper, buying them in bulk can be more cost-effective than traditional shopping. You can generally find discounts on bulk purchases at warehouse stores and office supply retailers. To save even more, you can team up with other parents and split the costs.
Harness the power of technology to find the best deals as you shop for school supplies, gear and clothing this season. A price-comparison website or app, like Honey or RetailMeNot, will automatically compare prices across different retailers to find you the best deal. Many will also find promo codes and coupons for you so steeper discounts can be had.
Thrift stores, consignment shops and online marketplaces, like eBay and Facebook Marketplace, can be treasure troves for gently used clothing, backpacks and other school supplies. Check out these places for high-quality items at a fraction of the cost of new ones. For textbooks, check out websites, like Chegg or ThriftBooks, for used or rental options.
While it might be tempting to buy the cheapest option available, investing in high-quality items can be the least costly choice in the long run. Durable backpacks, sturdy shoes and long-lasting electronics might have higher upfront costs, but they will likely outlive their less-expensive counterparts and save you money over time.
Many retailers offer student discounts on a variety of items, from clothing to electronics. Check out the sites of your favorite retailers to see what they offer before completing a purchase. Don’t shy away from asking about possible student discounts in real-life stores, either. You may need to provide a student ID or use a promo code to access these discounts, but you can walk away with significant savings.
You may want to use credit cards that offer cashback or rewards on purchases to get a little extra back for your spending. Only do this if you know you can pay off the credit card bill in full soon after. Otherwise, the interest charges you’ll be paying going forward will likely offset any benefits you may enjoy.
Back-to-school season doesn’t have to break the bank - even during times of rampant inflation. Use these hacks to get through the season with your budget intact.
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