According to the National Retail Federation (NRF), it is estimated that an average of $696.70 will be spent by families of K-12 students in 2019. Additionally, for those families with prospective college students it is expected that an average of $976.78 will be spent in those households on back-to-school supplies.1 In total, the NRF is expecting to see upwards of $80.7B in back-to-school spending heading into the 2019-20 school year.
Admittedly, the numbers above can come across as being a little alarming for the average household. So how can you best save a little money, while still providing your student with everything they need heading into the new school year? Take a look at some of our suggestions below!
Do Inventory
When possible, re-use items that may have been left over from last year. Completing an extensive inventory of what you already own can help you reduce costs greatly and still effectively prepare your student for the coming year.
Whether it be gently used pens, pencils, folders or clothes; there are plenty of items that may not have been fully used from the year prior that can provide financial relief this back-to-school season.
Prioritize Necessity vs. Luxury
It has become increasingly difficult in 2019 to follow this tip, but determining what your student needs vs. what they want can help you save big this summer! With technology playing such a big role in the modern classroom, it might be easy to fall in the trap of over-investing in back-to-school electronics. We suggest reviewing your students provided supply list and checking with their teachers to ensure that they are adequately prepared for their classes prior to making any large purchases.
Discount Shopping
There is little doubt that online shopping has become a major force in back-to-school spending and experts are expecting to see that trend continue. In fact, in a survey, 59% of back-to-school shoppers are expected to take advantage of online shopping and discounts.2
Amazon Prime Day, on July 15th, was the day that many had marked on their calendars, but there are still options available for online shoppers! For instance, eBay is offering back-to-school deals through July 22nd so if you missed out on Amazon Prime Day, check eBay for some great deals!3 Additionally, for Ohioans, on Friday, August 2nd through August 4th there is a sales tax holiday, which could be an excellent option for last second shopping!
If you are in a bind and would like further assistance than the options above, we may just have the best option available for you! At CES Credit Union we offer Back-to-School loan assistance for those who qualify. Learn more and get started at the following link! https://bit.ly/2JCiXHc
*All loans subject to credit approval.
Sources:
1. https://nrf.com/insightsholiday-and-seasonal-trends/back-school
2. https://www.foxbusiness.com/retail/back-to-school-spending-record-retail
3. https://www.foxbusiness.com/retail/ebay-amazon-prime-day-outlet-hot-deals-sale