Back-to-school season can be exciting for students looking forward to starting new classes and reuniting with friends. But recent price hikes have parents crunching the numbers a little harder this year.
Ways to save
Families in 2023 spent an average of $890 per student on supplies and new clothes for the school year, up from $864 the year before. With the price of some items continuing to rise, buying your children what they need for the school year can require careful budgeting. Use these tips to save — and to decide where to splurge:
1. Shop year-round
If you can anticipate some of the supplies your child will need throughout the year, plan purchases to line up with sales or set up spending buckets for school supplies in your budget with an Ally Bank Spending Account. For example, you might expect to buy a device if your child’s school doesn’t provide tablets or laptops. You can plan to purchase the necessary equipment around events like holiday sales ahead of their first class.
Read more: Keep your finances organized while back-to-school shopping with spending buckets.
2. Shop online
Compare retail prices online to get the best deals or head to physical stores that price match less expensive online product listings. Taking advantage of exclusive online sale days, like Fourth of July and Black Friday, or student discounts during the back-to-school season, can also help you save.
3. Reuse supplies
Unused or lightly used supplies from previous years and hand-me-down items like books or calculators from older siblings can help reduce school expenses. Purchasing supplies in bulk is also often cheaper and helps in the long run when you save leftover materials for the following year. Near the end of your kids’ school years, consider donating extra supplies to teachers or programs for children in need.
4. Talk to teachers
Find out which supplies are essential for the school year by having a quick chat with your child’s teacher – even send them an email for clarification. They can give you advice on which items your child will need for themselves and which ones can be shared with their peers. Some classrooms may have communal supplies students can use. Understanding what your child has access to can help you avoid unnecessary purchases.
Places to splurge
While there are many areas where cutting costs makes sense, there are times when it's worth investing in items that can have a lasting impact on your child or contribute positively to their social development. Here’s how you can handle these larger expenses:
1. School trends
Talk to your child about what’s on trend with their classmates. For example, maybe they want the latest pair of sneakers that will last them the full school year. As a parent, you want your child to succeed — both socially and educationally — when they head back to school. Balance splurges in your budget by saving ahead with an Ally Bank Savings Account bucket. You can set aside money all year long for the bigger-ticket items and be ready for the new school year. Also keep an eye out for deals on more expensive items.
2. Invest in durable items
Investing in more durable, higher-quality pieces can help you save in the long run, even if they are more expensive. For example, spending more on a nice backpack can save you from buying a new one each year. But stay aware of your child’s needs: their middle school backpack may not work for high school.
Class is (almost) in session
Whether it’s your first round of school-year spending or your last, reduce potential financial stress from back-to-school shopping by creating a plan and a budget. Having a better understanding of your expenses for the year can help you feel secure in your spending and ensure your child feels ready to take on the school year.
