The National Retail Federation predicts the average family with children in K-12 will spend $669.28 on clothing, backpacks, electronic gadgets to aid classroom work and other school necessities. The figure, the federation says, is up 5 percent from last year.
Many merchants give a hand-up by offering discounts and in some states, the politicians have looked at the situation and enacted sales tax holidays for items specifically related to the back-to-school spenders. Shoppers should stay aware of sales and perks and shop when the advantages are greatest.
An Associated Press article offers five ways to ensure that you don’t go into the annual holiday spending cycle still staggering from the school expenditures:
- Make a budget. Knowing what you can afford helps you approach the list of what you need realistically. Calculate the costs of school supplies, clothing, shoes and what-nots and make it match the budget. Starting off without a brake can end in disaster. Look back at the preceding year, if possible. The list of required items likely will not have changed dramatically (although you might expect a little more expense as your child moves up the education ranks.) Don’t spend money on what is nice (fancy desk sets, etc.) but not necessary.
- Shop on tax holidays if they are offered in your area. A dozen-plus states offer a break from taxes on certain purchases. Times usually are limited, usually three days’ window. You can save 3 percent to 7 percent on average. Most of the state plans target items that cost less than $10. In some states, routine school supplies are on the list of tax-free items and some include computers, which have become indispensable in many schools. Remember that local sales taxes won’t be included in the break. And if you are shopping online, the good must be sent to an address within the area affected by legislative largesse. You can learn if your state is one that does offer the holiday by going to tax admin.
- Be wary of over-using credit. Stores sometimes offer special deals on their own credit cards, especially during times of traditional heavy spending. But look before you leap at what looks like a good deal. Especially if you will not be able to pay down the balance before interest kicks in, you may pay more than you want to. The interest charged on these cards usually is in the 15-to-19 percent range.
- Comparison shopping takes a little more time, but can save money. Be aware of the prices of clothing and school supplies such as notebooks, in particular. Most stores have them on sale. If you’re going online, remember to factor in shipping costs. Use smartphone apps that compare prices, such as PriceGrabber and RedLaser. Users scan the bar code on a product and the app lists stores where the item is available and at what price. Some online sites such as Goodshop.com, offer coupons good at more than 5,000 stores. They then donate up to 20 percent of your purchase to a school or other charitable cause.
- Wait a bit. Resist the hype in the back-to-school ads. After the initial push is over, many stores begin to clear their shelves to get ready for the upcoming holidays. Unless the immediate need is urgent, buy a minimum number of supplies to get your children started and then re-supply when the clearance sales are in full swing.