Shopping for back-to-school? Here’s how not to break the budget

Back-to-school season is exciting — and expensive. Here are ways to save on getting your kids ready for the school year.

It’s that time of year again: The kids are headed back to school. Of course, as those raising kids know, that also means spending money to get them ready for back to school — and that can be expensive, to say the least. According to the National Retail Federation and Prosper Insights & Analytics’ annual survey, families with elementary through high school-aged children plan to spend, on average, just shy of $875 on clothing, shoes, electronics, and school supplies this back-to-school season.

If that sounds like a lot of money, there are ways to save on getting your kids ready for the school year. Read on for great ways to save money on back-to-school needs and wants.

1. Create a plan

Don’t just go to the store and start spending; that is the quickest way to overspend. Look around your home and see what you already have on hand. You likely have pencils, notebooks, and other supplies left over from the previous school year. Take stock of what you already have then make a list of what you need.

2. Set the budget

Once you have your list, set a budget and stick to it. If you have a personal budget of expenses, debt, and income, examine it first to see how much you can reasonably spend during back-to-school shopping.

This is the No. 1 way to save. People often go shopping and think about a budget later. Make your supplies fit into your budget — and remember, you don’t need to do it all at once; you can shop over time to complete your shopping list. It’s better to finish one shopping trip, go home, review what you bought and spent, check the list, and do another trip than to try to get it done all at once and overspend.

3. Take advantage of sales

Shop as many of the back-to-school sales as you can. Seek them out. Look at weekly circulars and sign up for mobile alerts that notify you when items go on sale. If you are determined to save money on certain items, price comparison tools, such as Google Shopping can help you compare prices during sales between stores for the best value. If you’ve gathered the basics, wait until this Labor Day weekend to leverage sales, hopefully scoring the rest of your list at a deep discount.

4. Credit card rewards

Using your credit card rewards can be a great way to maximize spending on back-to-school. Check your credit card rewards and bank-specific discounts to see if and how you can get cash back or access special sales. Many financial institutions send sales and discounts they are participating in right to your email, so check yours to make sure you don’t miss out. But while you look for those deals, still keep your credit card spending limit in mind to ensure you don’t spend beyond your means and potentially damage your credit score.

5. Sales tax holidays

More than 20 states host sales tax holidays — or days when sales tax is not applied to specific purchases like back-to-school items — with several ideally timed to grab necessities for the school year. Check out the Federal Tax Administration’s 2024 list of sales tax holidays to determine if you reside in one of these states or the dates for tax-free back-to-school shopping.

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Quick tips

• Spread out your shopping and constantly review your back-to-school list to avoid over-purchasing, overspending, or under-purchasing.

• Buy in bulk and stock up to save on school supplies and everyday basics, so you don’t have to buy again later. Your kids will be in school for an entire year, and many of those items will carry over into future school years, so get as much as possible in bulk and on sale.

• Look for generic brands, which are the same products as name brands but with much lower prices. Remember: A notebook is a notebook.

Jennifer Streaks is senior personal finance reporter and spokesperson at Business Insider and a financial contributor at theGrio. A nationally recognized expert on money and affordable lifestyle living, Jennifer is an established financial columnist who has been featured on CNBC, Forbes, ABC, MSNBC, CBS, and more.