Even as numerous individuals indulge in summer fun, the onset of a new school year waits just around the corner. Parents are bracing for the escalating costs of school supplies, which appear to rise each year. Citing a 2014 article from Today News, parents on average will spend $100 per child in K-12 on school necessities, a 12% increase from the previous year. For households with multiple children, these costs can deal a hefty blow to their budget. For those looking to cut corners on the upcoming school expenses, here are several savvy strategies to explore:
1. Consolidate and Inventory Current Supplies:
As each school year concludes, students typically bring home a myriad of unused supplies that tend to get ignored in backpacks, closets, and family study rooms. Before the commencement of the new academic term, take stock of what’s already available by gathering and organizing the leftover supplies. You might be surprised by the number of folders, notebooks, pens, and pencils you discover tucked away in forgotten places like old storage boxes, desk compartments, and file cabinets!
2. Initiate a Trade-Off with Fellow Families:
Do you have any acquaintances with children older or younger than yours? Use this opportunity to compare your school supply list against theirs and swap items. This can result in mutual financial savings as both families end up spending less on new supplies.
3. Implement the Envelope Budget System:
Set aside a specified cash budget for particular school-related expenses. Physically seeing the amount of money you need to work with can help restrain overspending, a common occurrence with debit or credit card use. Any leftover money can be allocated to savings goals or paying off debt.
4. Scour Garage Sales and Thrift Shops:
Instead of paying full retail price for school essentials, comb through garage sales and thrift shops for discounted items. These locations often accept cash as a rule and it boosts your bargaining power.
5. Browse at Dollar Stores:
Brand names and fancy designs often escalate the price of school supplies. If you’re working with a tight budget, dollar stores offer basic items without impacting your wallet significantly.
6. Check for Tax-Free Shopping Events:
Some states or counties have tax-free holidays prior to the start of the school year. On these days, any school-related purchases will have no added taxes, saving you money.
7. Opt for Bulk Purchases:
Large quantities of frequently used items like notebooks or lined paper can be purchased from big-box stores or warehouses at reduced prices. Over time, this method can accrue significant savings.
8. Utilize Coupons:
Leveraging coupons can also assist in reducing expenditure on school supplies. Always be conscious of any conditions provided, as some coupons may have restrictions.
9. Off-Peak Purchases:
With sufficient planning, you could purchase school supplies after the peak buying season has passed to enjoy clearance discounts.
Arguably, smart strategies and foresight can help you meet your kids’ school supply requirements without straining your budget. Any tips to add? Feel free to share your money-saving methods in the comments! Courtesy of SmartAsset.com.