US adults are planning to spend an average of $662 on back-to-school supplies this year, with 44% of respondents already setting aside money for their shopping. The majority of back-to-school shoppers are utilizing savings methods such as sales, discounts, and coupons to cut costs, while nearly 30% are considering taking on credit card debt or using payment plans like Buy Now, Pay Later. Planning in advance can help avoid overspending and accumulating debt, especially when combined with sales and state tax-free weekends.
Many families are budgeting for school supplies this year, with 90% of Americans having a method to save money during the back-to-school season. Financial coach Dasha Kennedy is encouraged by this trend, emphasizing the importance of proactive financial planning. With rising costs and increased demand for tech products, families are making informed decisions and planning ahead to avoid debt. Kennedy recommends breaking down large purchases into smaller increments and saving throughout the year to ease the financial burden of back-to-school shopping.
Most shoppers are utilizing methods such as sales, discounts, price comparison shopping, and buying fewer items to save money on school supplies. Tips for saving on back-to-school clothes and uniforms include shopping at second-hand stores and taking advantage of sales tax-free weekends. Kennedy suggests starting early and keeping an eye out for sales from retailers to maximize savings. Additionally, opening a separate high-yield savings account for next year’s back-to-school costs can help plan in advance without impacting everyday expenses.
While the majority of respondents are using money they’ve already budgeted for back-to-school shopping, fewer are resorting to borrowing with Buy Now, Pay Later or credit cards. For those using credit cards, 14% plan to pay off their balances in full or use them as part of a larger payment strategy. Suggestions for lowering costs on big-ticket tech products include waiting for sales, exploring refurbished options, and being cautious of tech dupes. Buying in phases and comparing prices online and in stores are additional strategies to save money on school supplies.
If affordability is an issue, reaching out to your child’s school or teachers can provide resources such as uniform coupons, layaway plans, and access to nonprofit organizations or donation drives for supplies at no or low cost. Making a list, setting a budget, comparing prices, avoiding impulsive spending, shopping at home first, and buying in phases are recommended ways to save on school supply costs. Overall, planning ahead, utilizing savings methods, and being strategic with purchases can help mitigate the financial burden of back-to-school shopping for families.
