Key takeaways:
Back-to-school shopping can cost families nearly $875 — but a little planning goes a long way
Time your purchases around sales tax holidays, clearance events and retailer promotions to stretch your budget further
Tools like savings buckets, cashback apps and price trackers help you spend smarter all season long
From pens and pencils to new electronics and a first-day outfit, the average U.S. family plans to spend $875 on back-to-school shopping. But prepping for the new school year doesn’t have to break the budget. With careful planning, you can buy your children what they need for the school year and save.
Plan your back-to-school shopping
To maximize your spending, here’s how to prepare before you start filling your shopping cart.
1. Build your shopping list
Most schools will send out a shopping list specific to their classrooms, so take a look at that first. Then add anything else you’ll need: supplies, clothing, tech, gear and classroom materials. Separating your items out by categories can make budgeting and strategizing easier. If your list gets overwhelming, prioritize essentials for the start of the new school year, and hold off on non-essentials.
2. Check what you already have
Chances are you have supplies from previous years that are reusable, like folders, binders, pens or calculators. Take stock of what can be reused. Also keep in mind anything that could be repaired, instead of replaced, such as an older laptop that just needs a new battery.
3. Set a budget and track spending
Build a budget to identify how much you need to spend, as well as where you can save or splurge. Allocate funds by categories to create a clear plan. If there are certain items you need to save up for, create a bucket in an Ally Bank Savings Account to set aside funds.
Read more: Want a clearer picture of where your money is going? Try Ally Bank Spending Buckets
Timing and sales: get the best deals
With a plan in place, you can take advantage of timing and get the biggest deals.
Watch for back-to-school sales and store events
Major retailers plan all year for back-to-school season and offer targeted sales. Check both national chains and local stores for competitive pricing.
Take advantage of sales tax holidays
Did you know some states have sales tax holidays? On these weekends, certain goods and services are exempt from sales taxes, which can add up. Dates and eligible items differ by state, so do your research to find out when your local holiday is.
Buy clearance and off-season
If you can anticipate some of the supplies your child will need throughout the year, you can plan big purchases to line up with off-season sales. Smart savings tools in Ally Bank Savings Accounts, like automatic transfers and round ups, can help you prepare for when the time comes.
If there are certain items you need to save up for, create a bucket in an Ally Bank Savings Account to set aside funds.
Where to buy: stores, marketplaces and refurbished options
Your local office supply store isn’t the only option. Consider:
Big box stores
Online marketplaces
Manufacturer-refurbished technology
Reputable online resellers
Thrift and secondhand stores
Local buy-and-sell groups (especially useful for school uniforms!)
Coupons, credit cards and cashback: maximizing financial tools
In addition to store sales, you can find even more ways to save by taking advantage of the financial tools you have access to.
Stack discounts
Combine store coupons, manufacturers coupons and rewards program benefits (where allowed) to maximize discounts. Don’t forget cashback offers from your credit card or through the other ways you pay.
Use cards wisely
If you’re planning to pay with a credit card to earn points or cash back, pay back the balance in full to avoid interest.
Cashback, apps and price-tracking
Cashback apps and browser extensions help to automatically find coupons and cashback offers. You can also track price drops on big-ticket items using price alerts, then buy when the price dips.
Use a smart savings tools
With Ally Bank, our smart saving and spending features help you stay organized and make the most of your money. Try savings buckets to save up for big-ticket items, and use spending buckets to track regular purchases.
Avoid scams and bad deals
While deal-hunting on online marketplaces, remember to check seller ratings and return policies before buying. Deals that look too good to be true can also be a red flag, as they may be fraudulent.
Always pay through secure checkouts or trusted payment methods.
Class is in session
With the right planning, timing and tools, back-to-school season can also be savings season. Small steps, like tracking price drops, using a savings account to prep for seasonal spending and taking advantage of deals and discounts can add up to meaningful school savings.
