As the back-to-school shopping season approaches, many parents are feeling the financial strain of purchasing school supplies and other necessities for their children. A recent survey revealed that nearly one-third of parents are unable to afford back-to-school shopping this year, with 34% planning to take on debt to cover the costs. With inflation driving up prices and fewer sales available, parents are facing a challenging shopping season.
Natalie Kotlyar, a national practice leader of BDO’s retail and consumer products industry group, noted that back-to-school shopping is more expensive this year compared to previous years. Inflation has played a significant role in driving up prices, with a year-over-year increase of 3.0% in June. Additionally, Samantha Gordon, a deals editor at Consumer Reports, mentioned that there are fewer sales this year, particularly on tech products like laptops.
To help parents navigate the back-to-school shopping season and stay within budget, experts offer some valuable tips. One suggestion is to start shopping early to allow time for researching options and finding discounts. Ashley Patrick, a personal finance expert at Budgets Made Easy, recommends saving throughout the year to lessen the financial impact of back-to-school shopping.
Comparing prices is another essential strategy to ensure you’re getting the best deal. By leveraging retailers‘ loyalty programs, price-matching policies, and coupons, parents can maximize their savings. Waiting to make purchases can also be beneficial, as companies like Amazon often run pre-holiday sales in October, offering significant discounts on tech equipment and other items.
Buying in bulk at wholesale clubs like Costco, BJ’s, and Sam’s Club can help save money, especially when splitting costs with another family. Taking advantage of tax holidays in states that offer them can also lead to savings on school supplies, particularly electronics. It’s important to be aware of each state’s restrictions and guidelines for tax-free weekends.
Furthermore, before making any purchases, it’s wise to do a quick inventory at home to avoid buying items you already have. Reusing supplies from previous years and shopping secondhand are also cost-effective options. Kotlyar mentioned that consumers may choose to spend less this year by making do with existing items or opting for secondhand shopping.
In conclusion, with careful planning, comparison shopping, and strategic timing, parents can navigate the back-to-school shopping season without breaking the bank. By following these tips and being mindful of their spending, families can ensure a successful and budget-friendly start to the school year.