It’s hot outside now, but the end of summer break will be here sooner than you think — and that means back-to-school shopping.
The back-to-school market is now worth $34.4B for K-12 students, per Deloitte. And this year, parents are expected to spend an average of $661 per child, up 8% and 27% from 2019.
Oh, just that major bummer reigning across all markets right now: inflation.
“It’s not that people are really buying more, it’s just the costs have truly changed in the past year, based on our survey,” Alex Vaz, senior manager for Deloitte & Touche LLP, told Fortune.
A Morning Consult survey found just 36% of parents think they can easily afford supplies, down 16% from last year.
To save, some parents are turning to used or refurbished items, while others are checking for deals and sales, such as Amazon’s recent Prime Day.
Parents will also spend less on technology and more on clothing and accessories, which are 18% more expensive this year, as kids ditch at-home education for in-person schooling.
For those looking to save: Bankrate has some tips.
It can be common for families to take advantage of big sales on school supplies by purchasing extra items for the future. Before heading out to the stores, look around for anything you may have bought in advance, as well as for any supplies that are left over from last year.
“Shop your home first before heading out to buy school supplies,” says Laurie Hise, founder of the Passionate Penny Pincher blog. “See if you have highlighters, pens, pencils, notebooks, and other school supplies saved up from past years before heading out to shop.”
Hise recommends keeping an eye out for loss leaders, which are items stores advertise at low prices — or even at a loss — in order to lure customers into their stores.
Stores like Walmart and Target offer big discounts on school supplies beginning in July that typically last until September, Hise says. But also watch for a few loss-leader items each week at stores like Staples, Office Depot, and even Walgreens or CVS. Hise says you can expect to find items as low as 25 cents.
Budgeting blogger Andrea Woroch says it’s no wonder back-to-school spending is up — kids need their own devices.
However, Woroch notes that you can save hundreds of dollars on a like-new computer for your kids by purchasing a refurbished model.
“Just make sure you buy from a certified seller,” Woroch says, adding that shoppers can find refurbished computers made by Acer, Dell, and more on eBay, and some models come with warranties that are backed by eBay’s Money Back Guarantee.
Woroch also recommends looking for refurbished or barely used items on OfferUp, a website where people buy and sell items locally. “You can find gently used desks, table lamps, and other items you need to create that school zone in your home for a fraction of regular retail price,” she says.
Comparison shopping online can help you save money, and it can also save you the time and effort of driving from store to store in search of the best prices.
Tanya Peterson, vice president of brand at Freedom Financial Network, says that many sites make it easy to price items and find great deals. Check out Amazon, as well as the websites of retailers such as Walmart and Target, keeping an eye out for more back-to-school deals as the start of the school year approaches.
When comparison shopping, have your calculator handy so you can determine the best deal, which includes accounting for the cost of shipping, Peterson says.
While you’re shopping for school supplies online, Freya Laskowski, founder of the personal finance blog Collecting Cents, recommends clicking through a shopping portal that lets you earn cashback.
“Cashback websites like Rakuten and Ibotta are both amazing resources for parents who want to stock up on school supplies while keeping costs in mind,” she says.
With Rakuten, you can also get a $10 bonus when you sign up and place a qualifying order, and the cash back you earn can come in the form of a check or payment through PayPal.
Whether you plan to shop online or in person, you can earn rewards that may help defray the costs of heading back to school. Just remember that getting the most of a rewards credit card requires you to pay your balance in full right away, so the benefits can be negated if you end up incurring debt.
Many cash-back credit cards offer an initial bonus for meeting a minimum spending requirement, but you’ll also earn rewards for each dollar you spend.
Some rewards credit cards earn you more rewards at places where you happen to purchase many of your school supplies, such as grocery stores or on Amazon.
Various retailers offer discounts or other benefits to students on items from clothing to electronics to vitamins. Through Amazon Prime Student, for instance, students are offered access to the online retailer’s Prime benefits — such as free two-day shipping — at a lower price than that of a standard Prime membership. Other stores that offer discounts to students include Apple, GNC, J.Crew, Nike, and some Goodwill locations.
Deals on a range of products and services can also be found at Unidays, a student shopping website that’s free of charge and available to students ages 16 and older. Participating merchants that offer discounts include Apple, ASOS, Expedia, Express, Hollister, and Levi’s.
You may find buying some school supplies in bulk results in a lower cost per item. This might be the case for pens, pencils, markers, crayons, notebooks, or facial tissues. Splitting such large-quantity purchases with friends can end up costing you less money than if you bought smaller quantities for your child only.
Warehouse stores such as Costco or Sam’s Club are known for their oversized packages of goods, some of which might be items on your back-to-school list.
Many deals on school supplies can be scored in the months of July and August, but it might pay off to wait until after school has started to purchase some things. If you can hold off on buying your student a new laptop, for instance, you might find better deals — and more availability — once school is in session.
Certain items your student will need might be on sale at other times of the year. If your college student will be moving into an apartment, for instance, the best time to buy furniture is said to be the month of February. Purchasing a calculator around Black Friday or Cyber Monday might score you the best deal.
Despite rising inflation, it’s possible to shave a significant amount from your back-to-school budget through methods like comparison shopping, student discounts, cashback rewards, and the timing of your purchases.
Comments
No comments on this item Please log in to comment by clicking here