Home Budgeting Finance Advice for ‘back to school’ expenses – Finance tips to stay on top of your financial health

Advice for ‘back to school’ expenses – Finance tips to stay on top of your financial health

According to reports from the Huntington Bank Backpack Index, the total cost of school supplies jumped 90% from 2007 to 2017, and the report that was released recently predicted increases of 1% for elementary and 5% for middle-schoolers for the approaching school year. Nevertheless, there are several reasons behind people feeling good about shopping for school supplies. This is indeed an interesting time of the year and parents can actually share the enthusiasm of the children.  School supply shopping is the perfect time for parents to spend time with their kids while teaching them how to shop smart.

If you continuously watch your expenses on ‘small stuff’ like groceries, school supplies, and clothing, with time this can considerably increase the overall savings. You can even include your kids in the back-to-school shopping procedure and identify your spending goals to decide where exactly you can do your shopping. During this back-to-school season, here are few financial tips that you can follow.

Visit the local retailers

Stores like Office Depot, Staples, and Walmart provide you with competitive bargains against internet-only retailers. Look for some special discounts but make sure you don’t get attracted towards low prices as this may force you to spend on things that you don’t need. Don’t forget to check out the local retailers which offer discounts on prices throughout the year like Five Below and Dollar Store.

Shop during the sales-tax holiday

There are many states which provide a shopping day or some shopping weekend when they waive off the sales tax which is otherwise applicable on other days. You can shop for all kinds of school supplies on this day if you want to avoid paying local and state taxes, which is 10% in most states.

Combine deals

In case you come across a great sale at the local retailer, shop when you can get the sales tax exemption, you can even use some coupons and also earn reward points. If you shop this way you can earn the highest discount. In case you pay with a card that offers you cashback, you will be able to save more. Just make sure you don’t accumulate those balances and rack up interest charges.

Online shopping is always better

We are familiar with the fact that time is money. Apart from Amazon, there are other competitive sites like eBay where you can get discounts. In case your family feels that time is nothing but the scariest resource, you can search deals online as that may be the best way to save money and time.

Buy used books

Do you still cringe to buy used books since you’re concerned about the retailer’s quality? If answered yes, be sure that Amazon and Barnes and Noble are all there to help you with the best online books. You may even consider downloading digital textbooks.

Therefore, if you have a kid at home who is back to school and you are supposed to buy lots of school supplies, make sure you follow the above-mentioned tips to stay within your best financial health.

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