With the start of August comes the bustle of back-to-school shopping. From elementary through high school, parents brace themselves for the steep financial outlay, with the average family expected to shell out around $875 on school essentials this year, a figure sourced from the National Retail Federation’s latest survey. Retail experts share top tips to ease the financial burden during this bustling shopping season.
One pivotal tip is to capitalize on tax-free shopping days, a boon offered by seventeen states. During these designated periods, items like school supplies, clothing, and especially big-ticket electronics can be purchased without the added cost of sales tax.
However, snatching up all supplies in a single shopping spree might not be the wisest move. Spreading out purchases to take advantage of various sales can lead to greater savings. Samantha Gordon, a deals editor at Consumer Reports, advises, “If you stagger your shopping, you’re more likely to hit different sales throughout the season.” This method allows parents to prioritize immediate needs for the school’s start, potentially leaving some purchases for later when prices may drop further.
Pre-shopping research is another crucial strategy. By signing up for loyalty programs, checking social media for real-time promotions, and comparing prices, consumers can uncover numerous discounts. Natalie Kotlyar, a retail specialist at BDO, stresses the advantages of loyalty programs where “special discounts and points can turn into actual savings.”
Price matching policies also present a savvy saving avenue. Many retailers will honor lower prices found online at the point of purchase and even offer retroactive price matching if an item is reduced further after purchase. Kotlyar points out that many shoppers are unaware of these policies which can lead to significant savings. Gordon elaborates on the process: “If you find a lower price after buying, simply return to the store for a refund of the difference, or return and repurchase the item at the reduced price.”
Bulk buying is yet another cost-effective approach, especially for families with several school-going children. Wholesale clubs like Costco and Sam’s Club are ideal for stocking up on items like pencils and glue sticks. Gordon suggests, “Teaming up with another family can halve the costs while still reaping the benefits of bulk prices.”
In addition to these strategies, there’s also a community aspect to consider. Sharing resources and coordinating shopping with other families can not only cut costs but also foster a sense of community support. As families navigate the complexities of back-to-school preparation, these strategies offer a blueprint for managing expenses without compromising on the necessities that equip students for success in the new academic year.