Time to Think ‘Back to School’ – But How Much Will it Cost You?
If you're feeling your wallet getting a bit lighter than usual this back-to-school shopping season, you’re not alone.
Although both my parents taught at my local elementary and high schools in my home town, I always remember them groaning at the expense of supplies every year leading up to the first day of class.
I mean, they can only borrow me so many extra notebooks from their own classrooms before they're forced to buy me new ones. Plus, every year I just had to have that rad new Trapper Keeper that came out!
Anyways...
According to new data from the American Express Spending & Saving Tracker, parents are expected to spend $1,642 on back-to-school expenses this year, which is up from $1,239 in 2015.
That’s a 33 percent jump from last year... Ouch.
“When looking at trending data on this topic from the past five years, 2016 is showing the largest year-over-year increase for back-to-school shopping,”said Jed Scala, Senior Vice President, Consumer Lending at American Express. “This may be attributed to an ever-evolving back-to-school shopping list and, perhaps, parents’ ability and willingness to spend more when it comes to education and extracurricular activities.”
For the full report, CLICK HERE.
While you may not be able to avoid the fall buying frenzy, you can at least reduce the back-to-school costs. Just use a few of these suggestions below to trim the fat from your back-to-school budget:
- 1
Start Your Shopping at Home
We're not talking about shopping online here: Why bother buying a brand-new pack of pencils when you have oodles of No. 2s sitting in your kitchen drawer? Send with your kids what you already have at home before you go purchase any new supplies.
- 2
Know Exactly What You Need
This can also tie in with number one. Make a list of the specific school supplies that you'll need before you hit up the store -- you'll be less likely to fall victim to impulse purchases this way.
- 3
Seek Out Store-Specific Savings
Most major stores offer some kind of discount or loyalty program that can give you extra savings, either right at the register or a few weeks down the road. Staples, Office Depot and OfficeMax all run fee-free programs that reward customers with store credit on a quarterly basis.
- 4
Sometimes is Pays to Wait... to Shop
While your kid will likely need a backpack, lunchbox and crayons by the first day of school, certain items of clothing can wait until at least a few weeks into the semester. You can also cut your back-to-school costs by scouring office-supply stores after the back-to-school rush is over
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