When Meghan Lakata\u2019s kids return to school from summer break, they\u2019ll have new (to them) clothes and supplies. But thanks to some creative shopping habits, the mother of two isn\u2019t stressed over back-to-school spending.<\/p>\n
Lakata, a pre-K teacher in Maryland, uses tools like state sales tax holidays, cash-back apps and buy-nothing groups to keep back-to-school costs down. Bulk purchases help, too.<\/p>\n
\u201cI have the two kids and there\u2019s a lot of overlap in what they need,\u201d Lakata says. \u201cSo if I can get like a big 48-count of pencils, I\u2019m going to do that.\u201d<\/p>\n
If back-to-school spending forecasts for 2023 are correct, every little bit of savings might help. According to the\u00a0National Retail Federation, families with children in kindergarten through 12th grade will spend a record $41.5 billion on back-to-school shopping this year. An additional $94 billion will be spent on back-to-college shopping. Those figures make the back-to-school season the second-largest spending period of the year, after holiday shopping.<\/p>\n
Here\u2019s how to keep more money in your pocket this season.<\/p>\n
Search your state tax administrator\u2019s website to see whether your state is one of several with a tax-free holiday. If so, in-person and\u00a0online shopping\u00a0for items like clothing, books, school supplies and electronics during the designated time frame could provide a 4%-7% pad to your budget.<\/p>\n
\u201cI\u2019m planning on getting the kids a couple of new items they want and school supplies that week,\u201d Lakata said, adding that she\u2019ll save 6% without sales tax.<\/p>\n
These holidays generally run in July or August. Lakata says this is the time to buy supplies, not only for the tax exemption, but because items are cheaper.<\/p>\n
\u201cThat box of crayons that\u2019s 50 cents in August is going to be like $2.50 in December,\u201d she says. \u201cThey drop the prices so much for back-to-school, but we feel like we can\u2019t get the same deals if we restock midyear. You\u2019re going to pay a lot more.\u201d<\/p>\n
Don\u2019t miss:<\/strong> The Apple Watch may now be a back-to-school necessity<\/p>\n Electronics top the planned back-to-school expenditure list in 2023, with an estimated $38 billion to be spent for K-12 and college students, according to the NRF survey.<\/p>\n College students can qualify for \u201ceducation pricing\u201d from companies like Apple Plan to purchase directly through the manufacturer to get the discount; purchases at big box stores like Best Buy Don\u2019t miss:<\/strong> Who has cheaper school supplies: Walmart or Target?<\/p>\n An estimated $25 billion will be spent on back-to-school and back-to-college clothing this season, the NRF says. But that could be an expense to offset with your local buy-nothing group.<\/p>\n Buy-nothing groups offer a way for individuals to rehome and gift goods to one another, with no buying, selling or bartering. You can find your community on the Buy Nothing Project website.<\/p>\n \u201cI try to get as much as I can on the buy-nothing Facebook page,\u201d Lakata says. \u201cI got an entire wardrobe of clothes for my kids. I don\u2019t buy new clothes often for them, just because you can get them for free.\u201d<\/p>\n Listen<\/strong>: Do something. Buy nothing.<\/p>\n Many new credit cards come with a\u00a0sign-up offer\u00a0that can earn you hundreds of dollars worth of cash-back or travel rewards. Since you\u2019ll have to spend a certain amount of money in a specific window to earn those rewards, periods of high spending can be the perfect time to get a new card and offset some of your costs.<\/p>\n But aim to pay your statement in full each month. If you carry a balance, the interest can negate any rewards.<\/p>\n Also see:<\/strong> 4\u00a0ways I use credit cards to make my family\u2019s travel cheaper<\/p>\n Whether it\u2019s lunch food or school supplies, buying in bulk can lead to big savings \u2014 but have a plan. Overpurchasing can erode the savings you made elsewhere.<\/p>\n Lakata says she looks at the school supply list and identifies things both her kids, in 4th and 5th grades, will use; then she buys those items in bulk at a discount.<\/p>\n \u201cComposition notebooks can often be cheaper in a multipack, and last year both kids needed them,\u201d she said. \u201cOr plastic folders. I can get a six-pack of those instead of buying them individually and save money.\u201d<\/p>\n2. Student discounts on electronics<\/strong><\/h2>\n
\n AAPL,
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\n Microsoft
\n MSFT,
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\n Samsung
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\n and Dell
\n DELL,
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\n This could lead to savings of 10%-20% or more on that new laptop, tablet, phone or monitor.<\/p>\n
\n BBY,
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\n or Walmart
\n WMT,
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\n generally won\u2019t count.<\/p>\n3. Buy-nothing groups<\/strong><\/h2>\n
4. Credit card bonuses<\/strong><\/h2>\n
5. Buy in bulk<\/strong><\/h2>\n