Don’t let back to school mean back in debt
Sending your kids to school doesn't mean you have to break the bank, especially in this economy. Parents don't have to buy new things for their children every school year.
As a mom of three, I’ve seen what inflation does to your back-to-school shopping bill, and I know it can be a huge source of stress in your household. A study by JLL shares that the average cost of back-to-school shopping this year is up 21.8% from last year. Even though this stat makes it seem like you need to spend more money to get your kids what they need, that doesn’t mean you have to. I’m going to share why I disagree with the trend of spending more on back-to-school shopping and give you some practical ways to do it on a budget.
Here’s the deal: Even though inflation is still a concern, parents who earn more than $50,000 aren’t planning on lowering their spending for school shopping this year. In fact, parents are planning to spend more on back-to-school shopping in 2024 ($475 per child) than they spent on Christmas presents in 2023 (less than $200 per child).
If you’re currently getting out of debt or saving up for an emergency fund, don’t subscribe to this kind of thinking (no matter how much money you’re making). Inflation is still alive and well, and if you have money goals you’re trying to reach, you need to pay attention to your spending.
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And according to Deloitte’s 2024 back-to-school survey, 50% of parents plan to purchase something for themselves during back-to-school shopping. Don’t do it!
Knowing this data will help you walk into stores on the offensive, so hopefully you can catch yourself when you have the urge to grab something new. Impulse buys hit harder during times of inflation, and I don’t want you to fall for the trap of just doing the "normal" thing if it’ll set you back a bit financially (especially if you’re trying to save more).
Here are some of my favorite ways to save when it comes to back-to-school shopping:
After you get your kid’s school supply list, take inventory of what they already have. I know school shopping lists can be so particular these days, but for some of the more general items, there’s no shame in using things from last year (if they’re still in good condition). Go ahead and clean out the backpack, empty the binder, rip out the 10 pages that were used in the notebook . . . There! Good as almost new. If there are questionable stains on a lunchbox, a quick DIY stain remover from Pinterest will probably do the trick.
When it comes to clothing and shoes, you obviously can’t control the growth spurts. You and your friends could do a clothing swap with your kids’ clothes to save money and get newer (well, new-to-you) items. Or look for local consignment sales!
You might be able to make a few bucks selling items your kids have outgrown and pick up some gently used things in their current size. Just don’t forget to save some hand-me-down clothes if you also have younger kids. (Your kids might bug you to buy them brand-new items, but you don’t have to cave!)
A budget truly gives you the freedom to spend because you’ve made a plan for where your cash will go ahead of time. I recommend making three budget line items for school expenses — one for all those fees related to after-school programs and extracurriculars, one for regular school supplies, and one for clothing and shoes.
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My favorite budgeting app, EveryDollar, is a super simple way to keep track of how much you’ve spent in each of these categories. As the school shopping season continues, you can try to trim down your budget with small cuts, like buying generic or canceling a subscription or two.
Also, who says you need to buy everything for school all at once? After you’ve made a list of what you absolutely have to buy, create a plan for how you could spread out the shopping over the next few months. Maybe you pick up a couple of pairs of jeans now and then find more during a Labor Day sale.
Stats show that younger parents are buying more back-to-school items secondhand. If you haven’t thrifted before, try it out. Because it’s actually a super economical way to find what you’re looking for. Stop by your local Goodwill to see what options could work for your child. You never know — you might even find a pair of gently used sneakers or a couple of extra shirts in their size.
Also, websites like Poshmark, eBay and ThredUp are great places to find lower prices on quality brands. I’d even browse around on Facebook Marketplace to see what local finds you could grab.
But if you can’t find a used version of what you’re looking for, you can still go on a hunt for a good deal. Only 57% of parents are going to look for sales this back-to-school season (which is a decline from the year before at 69.5%).6 Be a part of this 57%! Don’t pay full price if you don’t have to. And don’t forget about stores like Dollar Tree where you can find all kinds of office supplies for less.
I know inflation has caused us all to rethink how we spend, but the secret to making your money go the furthest is to create a budget. It will require some intentionality up front, but if you’ll avoid following the questionable shopping trends, take the time to look around your house for items you can reuse, plan to spread out your shopping, and hunt for deals, it will be so worth it in the end. Hopefully now you can take a breath and walk into this back-to-school season with some extra peace of mind knowing you don’t have to break the bank to check off your list.