A high school teacher who observed parents consistently overspending on school supplies has disclosed the optimal time to purchase school supplies and numerous money-saving strategies.
These tips will prove useful as the start of the new school year is drawing near. It's given that parents everywhere are preparing for the expenses related to back-to-school shopping. Schools by now have most likely distributed the required supplies and technology lists, and the total cost can escalate rapidly.
Rob Phelan, a Certified Financial Education Instructor and full-time high school personal finance teacher from Frederick, Maryland, often observes families overspending and squandering money. In a Business Insider post, Phelan shared practical strategies to help parents navigate the back-to-school shopping season without overspending.
It is no secret that back-to-school shopping can quickly drain your wallet. With careful planning and a dash of creativity, Phelan believes it is possible to equip your child for a successful school year without breaking the bank. Let's dive into these back-to-school savings tips:
1. Rent, Don't Buy: High-Ticket Items
Graphing calculators and laptops often top the back-to-school shopping list, carrying hefty price tags. However, investing in technology that might become outdated in a few years might not be the wisest financial move.
Phelan suggests considering renting equipment from your school. Many schools offer rental programs for calculators, laptops, and other technology. This can save you money and eliminate the need to purchase items that need updating.
2. Tap Into Your Community
Many families have older children who have already navigated the back-to-school gauntlet. Consider contacting friends, neighbours, or family members with older kids. They might have gently used textbooks, calculators, or even backpacks that can be repurposed.
"I love seeing parents making posts on local social media groups or personal pages, letting people know what they are looking for and seeing if anyone has them for free or for sale. Many people have extra classroom supplies and just don't have a person or place to give them to," Phelan added.
3. Time Your Purchases Wisely
Many states offer tax-free shopping periods during the back-to-school season. While the savings might not seem substantial, combining these tax breaks with store discounts can add up. Start looking for deals when you get your child's school supply list. Being prepared and patient can snag significant savings on essential items.
4. Scrutinise That Supply List
Schools typically update supply lists in the spring based on teacher input for the following year. However, these lists can sometimes remain unchanged for extended periods, as course-specific requirements might override annual updates. It's essential to review the list carefully to determine what's necessary.
By identifying your child's essential supplies for the first week of school, you can quickly distinguish between supplies that are actually "needed" and ones that are "nice to have." Phelan notes that some students in his math classes can forgo traditional folders by taking pictures of notes and storing them digitally.
While items like scissors, rulers, and markers can be convenient, many teachers like Phelan provide these supplies for students. Parents can proactively contact their child's teacher to clarify essential items on the supply list.
5. Explore School And Community Resources
Many schools and communities offer support programs to help families with back-to-school expenses. These programs often provide essential school supplies at no cost. Regardless of your financial situation, it's worth inquiring about these resources.
Moreover, many schools offer fee waiver programs for sports, field trips, clubs, and other school-related costs. Phelan, who founded The Simple StartUp to guide 10—to 18-year-old entrepreneurs, said your child's guidance counsellor could provide information and assist with the application process.
Local organisations such as the United Way, religious groups, government agencies, and the Boys and Girls Club often assist with back-to-school expenses. These resources can be invaluable for families facing financial challenges.
The Rising Costs Of Parenthood And Online Safety
Parents today face many challenges, including escalating childcare costs and back-to-school preparations. According to studies, childcare expenses often exceed £1,279 monthly, and financial strain has become a significant concern for many families. However, financial burdens are not the only challenges parents face during the back-to-school season.
A growing safety concern surrounds the trend of posting back-to-school photos featuring children holding signs with personal information. Sharing details such as a child's name, age, grade, school, or future career on social media can pose a serious security risk.
As the back-to-school season approaches, parents juggle financial pressures and safety concerns. While managing rising costs, protecting children's privacy online is equally important. By being mindful of expenses and avoiding oversharing personal information, parents can ensure a smoother transition back to school.
