Josh Elledge - Chief Executive Angel
According to a recent survey conducted by RetailMeNot.com, the average total cost parents are expecting to spend per student on back-to-school necessities is at least $300. In a study conducted by the National Retail Federation (nrf.com), the amount parents expect to spend is even more: an estimated $630. It follows as no surprise that the RetailMeNot survey also revealed that 1 in 4 parents are concerned how this cost will affect their budgets.
Even with the smaller of the survey numbers, tangible support for why many parents dread back-to-school shopping is ample. Concerns about budgets and potential new debt are completely valid. Undoubtedly this is a contributing factor to over a third of parents also telling both surveys that they put off shopping until the last few weeks before school. But putting off back-to-school shopping doesn’t ease the financial burden. In fact, it has the opposite effect. Waiting too long to tackle that huge list of necessities results in paying too much, often resulting in unwanted new debt.
Fitting expenses unto your budget to avoid accumulating new debt is doable, it simply takes focus and time. Here are some of my favorite practical strategies for avoiding back-to-school debt…
Strategy 1 – Inventory to avoid unnecessary spending. During the last few weeks of summer, it’s tempting to focus on fitting in more fun time, rather than taking inventory. But you have to force yourself to go through everything your students already have. This alone can save you up to 50%.
Strategy 2 – Buy now! Many items are the best prices we’ll see until next back-to-school season. So stock up! Particularly true for school supplies, retailers are selling hundreds of items for up to 90% off regular retail. Buy enough to last all school year, to avoid paying high retail halfway through.
Strategy 3 – Put off buying! Because it stays fairly warm through September, and sometimes even into October, students often can make do with much of their current wardrobe. Instead of buying every clothing piece your child needs for a whole year right now, shop resale, use current coupons and offers, and comb clearance racks to cherry-pick needed pieces. Then use the interim time before it gets cold to slowly purchase items until you have everything. As it gets cooler, you’ll find retailers placing “back-to-school” inventory on clearance. Much of these are very serviceable for wintertime. This can easily save you 60% or more.
Strategy 4: Upgrade and update. We live in a society that doesn’t always consider having things repaired or updated instead of buying new. Electronics and clothing are two of the largest expenses you can trim by upgrading or updating. A couple ideas:Lengthen and update a skirt by adding a ruffle of coordinating material instead of buying new. (Check sites like Pinterest.com for ideas.); Take a laptop that’s a few years old to a skilled shop for a component upgrade. If the machine can be updated, you’ll save a bundle over buying new. Upgrading or updating can easily save you over 50%.
Strategy 5: Never buy all in one place and never pay retail! If you do need to purchase new items, whether humble pencils, or a budget-hogging laptop… never buy all your items in one place or just grab things at regular retail because “you’re already there” and you “just want to get the shopping done”. You will always end up paying more – and this can result in pulling out the credit card at check-out. Rather than spending money, spend time. Make a plan to snag only the best deals from a variety of stores. Yes, it will take you longer to shop, but you can easily save over 50%. To really stretch your budget and avoid new debt, look for a coupon or coupon code, plus a sale, for everything you buy. Right now, anything you might need for back-to-school is on sale somewhere. And don’t forget to compare prices from online stores. Many have amazing sales and clearance, plus free shipping right now. For help with finding deals, plus coupons and freebies, I invite you to check out our free blog and coupon database at SavingsAngel.com/blog.
