Spending less on back to school | blog.firstffcu.com

The back-to-school season arrives quickly each year, often catching parents and their budgets off guard. Preparing for back-to-school shopping can also be a challenge in the current economic climate. The National Retail Federation predicts that in 2024, parents will spend an average of $875 on back-to-school shopping for younger students and around $1,365 for college students. These significant costs emphasize the need for careful planning and smart shopping strategies to ease the financial burden of this season.

To help you prepare without overspending, here are six tips to make back-to-school shopping more budget-friendly.

1. Assess What You Already Have

Begin by taking a comprehensive inventory of what you already own. Check last year’s supplies and clothing to see what can be reused. Thoroughly search desks, drawers, and closets for items that can be repurposed or that don’t need replacing (notebooks, pens, pencils, etc.). By identifying what you already have, you can avoid duplicate purchases and buy only what is necessary. Additionally, go through your child’s wardrobe to determine which clothes and shoes still fit, reducing the need for a full wardrobe replacement.

2. Set a Realistic Budget

Establishing a clear budget before you start shopping is crucial. Review your child’s school supply list and set a spending limit that covers all the essential items. To avoid overspending, base your budget on regular prices rather than sales, giving yourself a buffer for unexpected expenses. If the projected total exceeds your budget, prioritize essential items and seek alternative options for items that may not be as crucial.

3. Conduct Thorough Research

Maximize savings by comparing prices across different retailers and planning your shopping around sales events. Keep an eye out for student discounts offered by many retailers, which can provide significant savings on tech, clothing, and supplies. Additionally, explore and take advantage of online only deals and subscribe to retailers’ newsletters for exclusive discounts and promotions. Sift through your emails for coupons you may have missed – we’ve all signed up for store emails that we’ve forgotten about, and you may just have additional discounts in the palm of your hand.

4. Explore Alternative Shopping Options

While popular retailers like Amazon, Target, and Walmart are convenient, consider alternative options such as dollar stores, discount outlets, and wholesale clubs. These stores often offer substantial savings on school supplies without sacrificing quality. Wholesale clubs can be especially advantageous for large families. Bulk shopping doesn’t make sense for your family? Ask other parents if they’d be interested in splitting the cost of bulk purchases among a larger group.

5. Opt for Refurbished or Gently Used Items

Save money on electronics by purchasing certified refurbished models from reputable sellers. These products often function just as well as new ones, but come at a fraction of the price. Additionally, explore thrift stores for gently used clothing, backpacks, sports equipment, and other supplies. This can be a cost-effective way to provide your child with stylish outfits and necessary items while staying under budget.

6. Plan for Future Needs

Consider planning for next year’s needs during current sales. Anticipate items your child will need and purchase them during off-season sales or special promotions. For example, remember to take advantage of Memorial Day and 4th of July sales for clothing or tech items you know your child will need next year. This proactive approach can spread expenses and reduce financial stress in the future.

First Financial is Here for You

Navigate back-to-school season with confidence and ease the financial burden by implementing these strategies. First Financial is here to help you make informed purchasing decisions and ensure a stress-free start to the new school year.

For personalized financial advice, call 732.312.1500, visit a branch, or explore our services online. Don’t forget to subscribe to our First Scoop blog for more valuable insights and money-saving tips.

Back-to-school shopping has looked a bit different over the past few years. Between the COVID-19 pandemic and inflation, school supply prices have continued to be on the rise. According to The National Retail Federation, the average family expects to spend $864 on school supplies, which is $15 more than last year and $168 more than before the pandemic. This means families need to be a bit more savvy and budget for back-to-school shopping this year.

Here’s how you can save money and spend less on school essentials:

Shop online and compare prices

Instead of driving to different department stores for supplies, try searching online and comparing prices that way. By shopping online, you can find sale items easier and pick and choose where you want to buy from. Plus, you’re less likely to get distracted by your kids and any of the items they are likely to find in different aisles along the way. Keep an eye out for online back-to-school deals from retailers like Amazon, Walmart, and Target ahead of the school year.

Find coupons and wait for deals

It may seem time consuming, but searching for coupons is an effective way to save money during the school shopping season. Coupon browser extensions like Honey, RetailMeNot, and Coupert make it easy to find all the best deals and will even apply them automatically. This time of year there are also major sales on electronics and clothing that you should take advantage of. If you’re not finding savings, consider waiting for the post-shopping season sales that usually happen in late September or early October after the school year has already started.

Also, check out this list of New Jersey back-to-school shopping deals from local retailers before the new school year begins.

Buy in bulk

When it comes to items like pens, notebooks, staples, and paper – buying them in bulk can get you the biggest bang for your buck. It’s typically always cheaper to purchase in bulk compared to by unit, especially if you have a large family. It’s even better if you can apply a coupon or find a sale on bulk items during your next shopping trip.

Shop with a credit card for rewards

Did you know you can get rewarded for your back-to-school shopping? Sure, finding deals is crucial – but you can also get value back for the money you spend. Earn 3% cash back or double rewards on back-to-school shopping through 9/30 on all First Financial Visa Cash Plus Credit Card purchases.*

Don’t have our Cash Plus Card? Apply today.

Don’t let back-to-school shopping overwhelm you! There are plenty of ways to spend less this year if you play your cards right. That’s why we’re here to help – our team can give recommendations based on your financial situation and even help you apply for a First Financial credit card. Contact us to get started, or stop by your local branch to speak with a representative today!

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*A First Financial membership is required to obtain a Visa® Cash Plus Credit Card. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. APR varies up to 18% for the Visa Cash Plus Card when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a VISA Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.