Although it’s not even August yet, storefronts and businesses are beginning to advertise what some kids dread, and others cherish, back to school time. In a report from Huntington Bank Backpack Index, school supplies have increased a whopping 88% since 2007. With this statistic, here are 3 tips to consider for this back to school season.
- Kids are good at persuading
- Leave the Kids at Home:
In a 2017 report from National Retail Federation, 65% of back-to-school purchases were a direct result of their children’s influence. Instead of brining your child, involve them early in the process by checking out store ads at home and pointing out what they like. This will help you get more of what matters, and less of impulse purchases
- Bring the Kids with
Want to bring your kids with? Use it as a learning experience by teaching them about prioritization and budgeting. Not only will this help them realize the difference between want and need, but will also help them understand the value of money and how to be a savvy shopper.
- Leave the Kids at Home:
- Looks for the deals
August brings slightly cooler weather and more importantly, great back to school deals. Before shopping, check your mailbox and email for the latest deals on school supplies. This will help you narrow down which stores to shop at. Beyond this, check out the stores loyalty program. Businesses like Kroger offer loyalty cards that can help you save on supplies as well as groceries and other necessities.
- Buy/Rent Used
Gone are the days where required textbooks come brand new with a price tag of $100 and up. Companies like Amazon and Barnes & Noble offer online and in-store textbook rentals at the fraction of the price of brand new textbooks. Once you receive a list of required material, you can search the title and/or ISBN # to find the best deal all while saving you time.
The earlier in life a child begins learning about saving on the little things for big savings in the long term, the better off they are for ‘real world budgeting’. By utilizing some of these strategies, you will be able to make your school supplies list and credit card statement shorter, just like they should be! Most importantly, these tips will help you save all while growing your child’s knowledge on finances and how to save.
Questions about other ways to save for your child’s education? Have left over money after purchasing back to school supplies and want to put it toward your retirement goals? Reach out to your financial advisor today and see how they can help you on your financial journey!
*Statistical references and content derived from Forbes.com and Marketwatch.com
Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
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