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Summer is nearly over, which means that “back-to-school time” is here. It seems that every year, the major financial costs that are part of a new school season continue to rise. According to the National Retail Federation (NRF), school and college shoppers are projected to spend over $83 Billion this year. And no one is immune to back-to-school costs, including military families.
Luckily, recent media reports also reflect a growing trend of shoppers to delay purchases until after school actually begins to ensure they are buying the right fashions and supplies. This means that a large percentage of families have not yet completed shopping, and there is still an opportunity to save money on purchases.
In addition to the annual school “start-up expenses” – such as new clothes, computers, backpacks, and supplies – many parents are increasingly responsible for additional fees, including:
This increased burden on parents makes it even more important to establish a financial plan and stick to it. Here are 7 back-to-school tips to help save money this school year:
Even with rising back-to-school costs, it is possible to plan ahead and stick to a budget. Controlling your spending and avoiding debt can help reduce your stress and give you more time and energy to enjoy the school year with your children.
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Ethan Ewing is a veteran consumer financial services and online marketing executive. He manages all aspects of Bills.com, a leading consumer finance website that provides practical financial advice and free financial tools and resources. Ethan is a driving force behind Bills.com’s growth. He has held leadership positions at two Experian companies and built a lead generation business for Ameriquest Mortgage. He holds a BA from Denison University.