Each year, as summer draws to a close, it’s time to gear up for the classroom! Whether you’re shopping for your elementary school students or preparing to head back to campus, we’ve got some helpful spending habits to keep your finances in shape once classes are back in session.
Money-Saving Strategies for Back-to-School Shopping
Shop during tax holidays
Take advantage of tax holidays to stock up on school supplies. These tax-free days, which typically fall conveniently in the weeks before the back-to-school season, are a great time to enjoy tax-free purchases on essentials. This is an excellent time to shop if there are multiple students in the household.
Find out if your state has tax-free holidays on the Tax Foundation website.
Save on staple items by shopping at dollar stores
While you should probably anticipate spending more for sturdy, high-quality items like backpacks and binders, you can save a bundle by purchasing essentials for under $2. Shop at your local dollar store for items like loose leaf paper packs, composition notebooks, No. 2 pencils and index cards – things that you will likely be stocking up on throughout the year.
Take inventory of unused or reusable supplies
Students often don’t use all of the supplies they’re asked to purchase, leaving excess at the end of the year that winds up tossed with old assignments and worn-down pencils. Before school starts again, take inventory of leftover supplies from the previous year to determine what can still be used (or reused!) for the year ahead. Hold onto unused supplies like unsharpened pencils, pens, erasers, colored pencils, paper and folders. Reuse items like rulers, pencil cases, scientific calculators and book covers.
Purchase refurbished electronics instead of new
Students will likely always need pen, paper and the familiar trappings of back-to-school supply list – but whether it’s grade school or college, conducting research, drafting essays, tracking and managing grades and collaborating with groups makes electronic items like computers and tablets a necessity. The AARP suggests that consumers can save as much as 70 percent on refurbished electronics compared to new ones – a considerable discount when considering the retail price. Shop around with certified refurbished electronic retailers, from big box stores like Best Buy and Amazon to small shops selling through eBay’s Refurbish Program. While these listings may require a bit more research, a careful check of the item’s condition and confirmation of warranty could help you land substantial savings. In addition to shopping refurbished electronics, you can also save on new, “open box” items, and opt for older or pared down models like Chromebooks if you don’t need particularly advanced specs.
For additional savings, you can also utilize price matching where retailers allow to score deals that you may not have otherwise gotten in-store, and trade in or sell older, unwanted electronics to put toward the cost of new ones.
Textbook savings: Rent, buy used or go digital
For college students, returning to campus means it’s time to embark on the dreaded textbook hunt. Students who receive financial aid may relegate themselves to the campus bookstore where their funds are automatically allotted, which usually means they’re purchasing the most expensive option. But there are cost savings to be found elsewhere – especially if students won’t need their textbooks beyond the semester.
Rent or purchase physical and digital textbooks from online retailers like eCampus, CampusBooks, Chegg and Amazon, or see if you qualify for programs like Bookshare. You can also utilize electronic library services like Libby to check out digital copies of required reading materials, or check your campus library for the assigned textbooks. Create study groups to share resources with friends and classmates in the same course, and coordinate times for each member of the group to use the needed materials.
With a little planning, you can ensure you have everything you need to succeed in the classroom without breaking the bank.