Financial management is critical to your current wellness and future success. It all starts with education and information on managing your finances, and Altra Federal Credit Union can help.
Question: How can I save money on back-to-school shopping?
Answer: The school supply list you are waiting for (or dreading) is often a mile long. And if you’re bracing for higher costs this year, you’re definitely not alone. To help navigate back-to-school shopping, here are some tips that can help you save money and help budget effectively.
Create and prioritize your list
Before you start shopping, create a list of needs and put them in order from most pressing to least. So, a few new shirts and a pair of shoes might be at the top of the list and that new iPad for homework might be at the bottom (the old one is still kicking). You may not be able to cover everything right away – but creating this list will help you see what you need to tackle first.
Make a back-to-school budget
Now that you have your list, create a back-to-school budget. Make a budget category for school-related expenses that happen every single month (like after-school care or club fees). Other back-to-school expenses will be a one-time thing – like all those three-ring binders. Put those one-time school supply items in a separate budget line item.
Spread out the shopping
You may be tempted by all the back-to-school sales, but don’t blow your budget in July by purchasing everything for the entire year at once. Plus, your kids may outgrow items during the year – like shoes, coats and jeans. Focus on getting the items you need right away, then spread out the rest of your spending over a few months to make it easier on your budget.
Utilize discount stores
Check out your local discount or dollar store for back-to-school shopping. For one, they often get random shipments of name-brand items that sell for up to four times the dollar store price at other stores. Also, items like clipboards, poster board, planners and pens are just as good here as anywhere else.
Download apps to favorite stores
Many stores have apps that offer serious savings rewards when you’re back-to-school shopping (or doing any shopping). These apps often alert you to exclusive offers or clearance items. Also, check out loyalty program options from stores that you or your kids frequent. You may be able to rack up points redeemable for a future discount or receive a discount on every single purchase in the store or online.
Don’t rule out back-to-school supply box
If your child’s school offers a prepared supply box, check into it! Do some online price checks to see which is the better deal: buying everything on your own or getting the box from the school. What you find may surprise you.
Take advantage of tax-free weekend
If your state has sales tax and schedules a tax-free weekend for back-to-school items this year, plan your shopping around that date and get in on those savings! In Tennessee, it’s Friday, July 25-Sunday, July 27. You can buy qualifying items like clothing, school supplies and computers tax-free. Check the Tennessee Sales Tax Holiday site for specific qualifications.
Get support sooner rather than later
If rising costs are stretching your budget thin, don’t wait until it becomes a crisis. Ask your financial institution to see what tools and resources they provide. Your bank or credit union may offer free certified financial counselors who can work directly with you to create or modify your budget, save more, or tackle debt.
Altra Federal Credit Union offers an array of financial tools and information to help you manage your money. For more, visit them online, visit one of their Clarksville locations – 1600 Madison St. or 2625 Wilma Rudolph Blvd. – or call 800-755-0055.
Brian Selph is the Retail Market president for Altra Federal Credit Union. Portions of this article were obtained from Ramsey Solutions, “How to Save Money on Back-to-School Shopping” July 19, 2022. Content is for informational purposes only and is not intended as legal, tax or financial advice.