Smart Strategies for Back-to-School Savings: A Family's Guide

As summer draws to a close, families gear up for the back-to-school rush, a period often accompanied by hefty expenses. However, with strategic planning and savvy shopping tactics, families can navigate this season without draining their wallets. Here's how:

1. Create a Budget: Before hitting the stores, establish a realistic budget for back-to-school expenses. According to the National Retail Federation (NRF), families with children in elementary through high school plan to spend an average of $849 on back-to-school items. By setting a budget and sticking to it, families can avoid overspending and maintain financial stability.
2. Shop Sales and Discounts: Keep an eye out for back-to-school sales, which typically offer significant discounts on clothing, school supplies, and electronics. Many retailers also provide coupons and promotional codes that can further reduce costs. According to Deloitte's annual back-to-school survey, 52% of families plan to take advantage of discounts and promotions when shopping for school supplies.
3. Buy in Bulk and Share: Consider purchasing school supplies in bulk with other families or classmates to take advantage of volume discounts. By pooling resources and sharing items like notebooks, pens, and art supplies, families can save money while still ensuring that students have everything they need for the school year.
4. Comparison Shop Online: Before making any purchases, research prices online to ensure you're getting the best deal. Utilize price comparison websites and apps to compare prices across different retailers. According to Adobe Analytics, online back-to-school shopping is on the rise, with an expected increase of 6% in online spending compared to the previous year.

By implementing these strategies, families can ease the financial burden of back-to-school shopping while ensuring that students are well-prepared for the academic year ahead. You can also check out the awesome Education Loans B-M S FCU provides here: https://bmsfcu.org/education-l...

Sources:

• National Retail Federation (NRF)
• Deloitte's annual back-to-school survey
• Adobe Analytics