The back-to-school shopping trip doesn’t have to be a budget-buster.
Back-to-school shopping can be filled with fun and excitement for kids — and worry and dread for parents. Families plan to spend an average $674 per household on back-to-school supplies, according to a 2016 study from the National Retail Federation, or NRF. That’s an increase from $630 in 2015. Click on to see the common mistakes to avoid when heading out on this annual shopping spree.
Not setting a budget.
Budgeting is key to ensuring the shopping trip doesn’t put undue pressure on your bank account. Break your back-to-school shopping list into categories, such as books, clothes and supplies, suggests U.S. News My Money blogger and TheBudgetnista.com founder Tiffany Aliche. To develop a budget, write down your total spending limit and assign a dollar amount to each category.
Neglecting to make it a teachable moment.
Make the family outing a lesson in Personal Finance 101 by involving your kids in the budgeting and decision-making processes. Taking advantage of this teaching moment can give kids ownership of the shopping trip, educate them on budgeting basics and potentially prevent meltdowns in the aisles.
Jumping the gun.
Shoppers don’t have to check off each item on their back-to-school list in one trip. If you can hold off for a few weeks, backpacks, lunchboxes and fall clothes typically go on sale in September and October.
Skipping sales tax holidays.
This year, 16 states have confirmed sales tax holidays during which they waive tax on everything from clothes and computers to school supplies.
Forgoing research.
Some simple prep work will help you avoid unnecessary or redundant items for the school year. Check if your school provides a checklist of necessary supplies and verify whether you have any of those items around the house. Reuse backpacks, lunchboxes and other supplies that survived the previous year.
Saying yes to expensive clothes.
Shoppers plan to spend $235.39, or about one-third, of their budget on clothes and accessories, according to the NRF. But kids simply grow too fast to justify expensive school outfits, writes U.S. News My Money contributor and Bankrate.com editor Claes Bell. Consider participating in clothing swaps, hunting at thrift stores or developing a clear plan for prioritizing which clothing items justify a larger monetary investment.
Not seeking rewards for your loyalty.
Don’t forget to cash in on any shopping rewards programs you subscribe to, whether it’s Amazon Prime (students get a discount), credit card cash-back rewards or store loyalty programs.
Ditching the plastic.
Your credit card may offer extra rewards, extended warranties on electronics or price protection. Using plastic to pay for school supplies may save you cash, especially if you can repay the bill at the end of the month.
Leaving your phone at home.
Download budgeting and price-comparison apps on your phone to ensure that you’re getting the best deal on your back-to-school items. Digital coupon apps and store loyalty programs, such as Target’s Cartwheel app, can help you save on your purchases.
More from U.S. News
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Avoid These Common Pitfalls During the Back-to-School Shopping Trip originally appeared on usnews.com
