Maximizing Your Kid’s 2024 Back-to-School Budget

As the summer season concludes, parents of children aged 10-18 face the inevitable challenge of back-to-school (BTS) preparations. With the rising costs of school supplies, especially for older children who may require specialized equipment and technology, strategic financial planning becomes crucial.

Getting a jump start on BTS shopping provides several advantages, allowing you to capitalize on discounts and sales, as well as spread out the growing costs of school supplies over a longer period of time. Plus, it gives parents more time to hunt for the best bargains and ensure their kids are all set for a smooth return to school.

Tip 1: Create a Detailed BTS Budget

According to the National Retail Federation, families now spend an average of $890.07 on BTS items! Start by listing all required items, prioritizing them, and noting their costs. Use the school's provided supply lists as a starting point and consider additional needs for older children, such as advanced electronics or specialized gear for extracurriculars.

Involve your children in the budgeting process. Help them set up a savings account for larger expenses, which promotes financial responsibility and literacy early on.

Your Next Step:

Regularly review and adjust the budget as you shop to ensure you stay on track and make necessary adjustments for unexpected expenses or savings.

Tip 2: Consider Cost-Effective Shopping Options

Before heading out to the major retailers, explore these budget-friendly alternatives:

• • Dollar stores: Great for basic items like notebooks and lunch boxes.
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• • Office supply stores: Competitive prices on stationery and desk accessories.
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• • Community swaps and online marketplaces: Use platforms like Facebook Marketplace for free or inexpensive items.
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• • Thrift stores and online platforms: Find gently used sports gear, clothes, and tech on sites like Poshmark or Gazelle.
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• • Textbook exchanges: For older students, check out rental or purchase options on Chegg or Amazon.

Your Next Best Step:

Always compare prices across multiple platforms to ensure you are getting the best deal possible.

Tip 3: Ensure You Get the Best Deals

Use technology to your advantage:

• • Set price alerts on essentials to catch the best sales.
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• • Follow favorite brands on social media for exclusive deals.
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• • Utilize browser extensions like Honey or Rakuten for discounts and cash back.
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• • Buy discounted gift cards to reduce costs. Always check for extra promo codes before completing online purchases.

Your Next Step:

Organize your shopping list by priority and potential savings to maximize the impact of deals and discounts.

Tip 4: Shop During State Sales Tax Holidays

Many states have specific days where sales tax is waived on items, like clothing and electronics, offering significant savings. Check the schedule for your state and plan your shopping to coincide with these tax-free periods.

Your Next Step:

Prepare a comprehensive list of needed items ahead of time to ensure you can take full advantage of the tax-free savings.

Tip 5: Leverage Cash Back Credit Cards

If you don’t have a cash-back credit card, consider one like the Synchrony Premier World Mastercard®, which offers unlimited cash back with no annual fee. Use it for daily purchases to earn rewards that can help cover future expenses while managing the balance to avoid interest.

Your Next Step:

Regularly monitor your credit card statements to track your rewards and manage your spending effectively.

Tip 6: Plan Ahead!

Learn from this year’s shopping:

• • Monitor your spending to adjust next year’s budget.
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• • Set reminders for major sales events.
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• • Keep using your cash-back credit card to accumulate savings.
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• • Consider opening a high-yield savings account or investing in a CD to boost your savings.
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• • Automate your savings by setting aside a portion of each paycheck for BTS expenses.

Your Next Step:

Review what worked and what didn’t at the end of each BTS season to refine your strategy for the next year.

Start Saving Now

Despite the challenges of inflation and rising costs, strategic planning and smart shopping can make BTS expenses manageable. By applying these tips, you can prepare your family for a successful school year without financial strain.

 

Cathie Ericson, a seasoned freelance writer with expertise in personal finance and education, provides these insights to help you navigate the complexities of financial planning for your children’s education needs.

 

READ MORE: Teaching Kids About Money and Saving for the Future

 

 

Sources:

1. National Retail Federation. "Back-to-Class Shopping Expected to Reach Record Levels." July 13, 2023.