The back-to-school season can be exciting for students looking forward to new classes and reuniting with friends. But with the average family spending $875 on new school supplies, clothes and electronics, the costs could put a strain on your household budget.
With careful planning, you can buy your children what they need for the school year. Use these tips to save:
1. Create a detailed budget
Figure out what you need to purchase, and build a budget to identify how much you need to spend as well as where you can save or splurge. With an Ally Bank Spending Account, you can set up buckets that align with your budget to get a clearer picture of where your money is going.
Read more: Here’s how Spending buckets can help keep your expenses on track
2. Take advantage of online deal days
Plan ahead and save your shopping for days that retailers traditionally offer discounts, like Labor Day or exclusive sale days at large, online retailers. There may also be student discounts during the back-to-school season.
3. Buy used or refurbished (and don’t be afraid to reuse)
If your child has unused or lightly used supplies from previous years (or hand-me-down items from older siblings), there’s no need to buy new. You could also consider purchasing supplies in bulk, which is often cheaper and helps in the long run when you save leftover materials for the following year.
New electronics can get especially pricey. Many retailers offer used or refurbished options for a lower price — just confirm the condition before you buy.
4. Invest in long-lasting items
Buying higher-quality pieces can help you save over time, even if they are more expensive in the short term. For example, spending more on a durable backpack can mean you don’t have to buy a new one each year.
Does your child have an eye on something particularly nice you’d like to save for? An Ally Bank Savings Account can help you reach your goals quicker with smart savings tools.
New electronics can get especially pricey. Many retailers offer used or refurbished options for a lower price — just confirm the condition before you buy.
5. Sign up for sales alerts
Price tracking tools and apps can help you stay on top of price changes. Use them to identify the items on your list, then snatch them up for less when sales pop up.
Great deals are sometimes hidden within your inbox. By signing up for newsletter and email alerts from your preferred stores, you can learn about exclusive discounts, coupons and upcoming sales announcements as they become available.
6. Join a loyalty program
Have a favorite shop in mind? Points programs, credit cards with cashback offers and retailer loyalty perks can help you save big over time.
7. Ask about price matching
Many retailers will match competitor prices for identical items. If the supplies you need are cheaper somewhere else, ask a store clerk if they’ll price match. Additionally, if a store’s website shows a lower price than what’s on the shelf, you might be able to request that rate at checkout.
8. Shop tax-free
Did you know some states have sales tax holidays? On these weekends, certain goods and services are totally exempt from sales taxes, which can save you cash. Dates and eligible items differ by state, so do your research to find out when your local holiday is.
9. Save year-round
Back-to-school season isn’t the only time to buy. If you can anticipate some of the supplies your child will need throughout the year, you can plan big purchases to line up with sales. To be prepared when the time comes, set up a spending bucket for school supplies in your Ally Bank Spending Account.
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.
