6 Strategies for Smarter Back-to-School Shopping
As summer break draws to a close, Meghan Lakata prepares for her kids' return to school with a sense of excitement. Her secret? Employing resourceful shopping tactics to keep back-to-school expenses in check. Meghan, a dedicated pre-K teacher in Maryland and a mother of two, has mastered the art of cutting costs on school supplies and clothing. Let's delve into these savvy strategies for a budget-friendly back-to-school season.
1. Take Advantage of Sales Tax Holidays
Start your cost-saving journey by checking your state tax administrator's website for information on tax-free holidays. If your state participates, you can enjoy a 4%-7% discount when shopping for items like clothing, books, school supplies, and electronics during the designated period. Meghan explains, "I'm planning to buy some new items for the kids during this time. Not only will we save 6% without sales tax, but prices are generally lower for back-to-school essentials." Remember, those 50-cent crayons in August can easily jump to $2.50 by December.
2. Score Student Discounts on Electronics
In 2023, electronics top the list of planned back-to-school expenditures, with an estimated $38 billion allocated for K-12 and college students. For college students, "education pricing" from companies like Apple, Microsoft, Samsung, and Dell can lead to savings of 10%-20% or more on laptops, tablets, phones, or monitors. Ensure you make your purchase directly through the manufacturer to secure the discount, as big box stores may not offer the same savings.
3. Explore Buy-Nothing Groups
The National Retail Federation estimates that $25 billion will be spent on back-to-school and back-to-college clothing this season. But there's a way to offset this expense by joining your local buy-nothing group. These groups provide a platform for individuals to share and gift items without the need for buying, selling, or bartering. You can connect with your community through the Buy Nothing Project website, just as Meghan does. She shares, "I try to get as much as I can on the buy-nothing Facebook page. I've managed to assemble an entire wardrobe of clothes for my kids. I rarely buy new clothes for them because you can find them for free."
4. Capitalize on Credit Card Bonuses
Consider exploring credit card sign-up offers to earn significant cash-back or travel rewards. Many new credit cards provide the opportunity to accumulate hundreds of dollars in rewards, especially during high spending periods. However, it's essential to pay your statement in full each month to prevent interest charges from erasing your rewards.
5. Buy Smart by Purchasing in Bulk
Whether you're shopping for lunch food or school supplies, buying in bulk can yield substantial savings. Meghan advises creating a well-thought-out plan. Identify the items both your children will use and purchase them in bulk to enjoy discounts. She shares her approach, "Composition notebooks often come at a lower price in a multipack. Last year, both my kids needed them. For items like plastic folders, buying a six-pack is more cost-effective than individual purchases."
6. Harness Cash-Back Apps and Websites
Whether you prefer in-store or online shopping, there are ways to earn cash back on your purchases. Apps like Receipt Hog and Ibotta offer cash back for in-store purchases when you scan your receipt. Once your purchase is verified, you'll receive cash back or redeemable rewards, such as gift cards. Meghan highlights the importance of these apps, stating, "After every shopping trip, I snap a quick picture of my receipt using cash-back apps. Those small points add up over time." If online shopping is your preference, consider using a cash-back portal like Top Cashback or Rakuten before making your payment. These portals offer percentages back at various websites, provided you access them through the portal. Additionally, your bank or credit card may offer bonus rewards for shopping through their websites.
By adopting these six ingenious strategies, you can make your back-to-school shopping experience not only cost-effective but also enjoyable. Follow Meghan's lead and embrace these savvy approaches to ensure a smooth transition into the new school year without breaking the bank.