As students head back to school soon, you might be seeing a little less money in the bank account, and there’s a good reason why.
According to the National Federation of Retail states,”back-to-school spending is expected to see its second-highest spending level on record, according to the National Retail Federation’s annual survey conducted by Prosper Insights and Analytics. Total spending for school and college combined is projected to reach $83.6 billion, a more than 10 percent increase from last year’s $75.8 billion.”
Families with children in elementary through high school plan to spend an average $687.72 each, for a total of $29.5 billion, an 8 percent increase from last year’s $27.3 billion. Total spending is the second-highest in the history of the survey following a peak of $30.3 billion in 2012.
We have these 7 tips on how to save money and perhaps not spend $687.72 per student.
1. Don’t feel like you have to buy everything at once.
Retailers will rotate what items they will highlight as a special. One week, notebooks or shorts. The next week, it will be backpacks. Pay attention to the specials and pace yourself.
2. Review what you have before shopping.
Sorting through your child’s closet is probably not at the top of your list of things to do this summer, but in the end, it will save you time and money.
3. Take advantage of price matching.
Many retailers will price match other retailers. Find out their policy which may require an ad or other documentation of pricing.
4. Shop Consignment Sales.
Children grow so fast that they will typically not wear clothes long enough to wear them out. Consignment sales are a great place to find clothes that are sold for a discounted price. Check out Kids Consignment Sale website for the latest sales in your area.
5. Shop at Goodwill.
The store is stocked with polo shirts, shorts, and jeans. They also have an array of other items that you might need for school. Many times you can find items that still have the price tags attached and have never been worn. Check out the Goodwill online auction where we found a pair of Air Jordan Retro 11 even though that auction ended, check here for more interesting items.
6. Purchase refurbished electronics.
Whether you are looking to buy a laptop, iPad, or other devices. By choosing to purchase a refurbished electronic, you can save up to 40% off the retail price and most refurbished electronics come with a warranty as well.
7. Shop Tax-Free Weekend.
All clothing items under $100 and electronics under $1500 are tax-free this weekend. Learn more here.