The 2024-2025 school year is quickly approaching, which means school supply shopping is also on the horizon. A new report indicates that parents of school-aged children or college students, are expected to pay an average of $541 this year on supplies and clothing. Parents who have students attending college out-of-state could see additional charges for things like room and board, books, and dining hall expenses.
Fortunately, no matter where or how you shop, there are some things that you can do to help ease the impact on your wallet.
1. Take inventory of last year’s supplies
Before you hit the stores for new school supplies, take inventory of last year’s supplies. Many things can be re-used like pens, pencils, colored pencils, markers, calculators, rulers, and unused filler or loose-leaf paper. Other things, like folders and binders, can break down over repeated use, so it’s ideal to purchase new ones if older ones are in poor shape.
2. Compare prices
If you haven’t before, it’s a good idea to look around at different retailers to see their prices compared to a competitor for things you’ll need to purchase. Another option is to see if the retailer you’re shopping at will price match. If the product you’re purchasing is cheaper somewhere else, that store may consider matching the competitor’s price to earn your business.
Start saving for next year’s school supply expenses with a consumer high-yield savings account or fixed-rate Certificate of Deposit!
3. Buy generic brands
Another method to help you save money is to buy generic brands of items. These products are similar to those of popular brand name products but are typically cheaper in price. Common school supply items that have generic versions include pencils, pens, notebooks, colored pencils, markers, and crayons.
4. Spread out your shopping
Spreading out shopping across more than one store can also help cut back on the expenses. Instead of doing all your shopping at major retailers, consider other options like dollar stores, office supply stores, or wholesale stores, if you have a membership. Wholesale stores are especially ideal for families that are purchasing for more than one child or are purchasing items in bulk.
Is your child or grandchild planning on joining an after-school sport or club? Learn how you can balance the cost of extracurricular activities.
5. Stick to your list
Most school districts will provide a school supply list of the recommended supplies needed throughout the year. These are meant to serve as a guide as you are shopping. Remember, there are some items that can be re-used from last year, so don’t feel obligated to buy everything brand new if old supplies are still in good condition.
Back-to-school time is also a good time of the year to plan for your child or grandchild’s future. Get started with a college savings account.
School supply shopping doesn’t have to be expensive. There are many things that you can do to help reduce the amount you spend. For information on how First Bank can help you achieve your financial goals, reach out to a trusted First Bank representative.