4 tips to save money on back-to-school shopping

00:00 Speaker A

Well, Americans spent a total of 125 billion on back to school shopping last year. That’s according to the National Retail Federation, and that number is expected to climb even higher in 2025. Meanwhile, the US Senate Federal Credit Union estimates the average family shells out nearly 600 bucks per child each year from kindergarten through 12th grade. Joining me now is Casey Bond, Yahoo Finance personal finance editor. So Casey, we were just going through some of those stats. I mean, back to school spending, clearly a big burden for many families out there. So what are some of the best ways to save this year?

00:53 Casey Bond

Right. So one strategy you can try is buying in bulk. That’s a great way to lower the cost per unit of certain items. Um, it’s particularly good for families that have multiple kids in school at the same time, or you can even coordinate with other parents in your child’s class and kind of split up that cost. Um, when it comes to tech in particular, buying a pre-owned or refurbished laptop or calculator, um, is often a better option than buying new. You’re going to shave quite a bit off of that purchase price. Um, many states also offer tax holidays. So, um, this usually happens in August, sometimes late July, when the state will remove sales tax from a certain category of items for say a week. Um, so time your shopping during these sales tax holidays and you can save quite a bit of money on things like clothes and shoes and other back-to-school supplies. Um, and then finally, lots of retailers offer student discounts, but it’s not always obvious that they do. So, when you’re shopping, be sure to ask about those student discounts and see if you can shave even more off your final price.

02:58 Speaker A

Yeah, we love those discounts. And what are what are some of the most affordable retailers for back to school essentials? And are there any big store names that are offering some deals right now?

03:12 Casey Bond

Yeah, so one study found that Walmart, um, their prices are about 60% less than the average. Um, so that’s a great option. Dollar General is also an affordable place to shop, particularly for writing and drawing supplies. And then Target as well is another great option.

03:48 Speaker A

And finally, Casey, for families looking to plan ahead, how can they start prepping now for the 2026 school year without breaking the bank?

04:00 Casey Bond

Yeah, well, you can use this year’s back to school shopping as a way to plan for next year, um, and maybe do an even better job of fitting it into your budget. So, be sure you save all of those receipts from your shopping this year, so you can get an idea of how much you did spend. Um, then you can take that number, divide it by 12, and you’ll know how much you need to set aside each month throughout this next year, um, to meet that that goal or that amount that you expect to spend. Um, it’s also a great idea to put your savings in a dedicated account, uh, especially a high yield savings account. So while that money is sitting there waiting to be used next year, it’s earning a competitive interest rate and your balance is growing even faster.

05:10 Speaker A

All right, Casey. Thanks so much. Stay with me. We’re talking Fed next. But for those of you watching, you can scan a QR code below for more savings tips on back to school shopping.