Parents, Don’t Get Schooled by Inflation: 5 Smart Strategies for Back-to-School Shopping

Although inflation is down from an all-time high, people are still pinching their family wallets—especially when it comes to back-to-school shopping.¹ Whether you’re buying for one student or several (or even for yourself), you may benefit from the following five back-to-school shopping strategies to help you save money.

Create a Budget and Stick to It

Before you start shopping, establish a spending limit for your back-to-school essentials. While you’re planning, take into account items like clothing, school supplies, and electronics. Having a clear spending limit will help you prioritize your purchases and decide what items you can do without (or buy second-hand).

Shop Sales and Discounts

Keep an eye out for sales, promotions, and discounts from brick-and-mortar and online retailers. Many stores offer major markdowns on items like clothing, backpacks, and school supplies.

You should also look for coupons and promotional codes for additional savings. There are even web plugins like Honey that can search and apply discounts.

Comparison Shop

Take the time to compare prices across different stores to ensure you’re always getting the best deals. And don’t forget to check out discount stores, thrift shops, and online marketplaces for extra savings on clothing, shoes, and other essentials. For high-dollar items, like graphing calculators or college textbooks, buying second-hand can save you a lot of money without affecting quality.

Buy in Bulk or Multipacks

Consider purchasing school supplies in bulk to take advantage of lower prices per unit. You may even be able to split the cost with other parents by arranging to buy supplies at warehouse stores like BJ’s, Sam’s, or Costco. Many common items like notebooks, pens, and pencils are cheaper when bought in larger quantities.

Reuse and Repurpose

Before you buy new items, assess what you already have on hand. Backpacks, lunch boxes, and clothes may still be in good condition from the previous year.

You can encourage your children to get creative with DIY projects to personalize, repair, or refurbish items they already have instead of buying a brand-new wardrobe every fall. Another option is to swap clothes with other parents of similar-aged children. Sometimes, it’s not about having something new, just something new to you.

By implementing these strategies, you can save money without sacrificing quality. What’s more, you’ll teach your children one of the most valuable lessons they can learn in life — to do plenty of research before they make major purchases.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

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