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NerdWallet's Smart Money Podcast
Back-to-School Budgeting: Strategies to Save on School Supplies
Aug 14, 2024
Sara Rathner, a NerdWallet contributor, shares insightful budgeting and money-saving tips for back-to-school shopping. She highlights spending habits revealed by a recent survey, emphasizing the importance of sticking to supply lists to avoid overspending. The conversation dives into how inflation is shaping buying choices, with families increasingly opting for secondhand items and using credit responsibly. Listeners also learn about effective strategies such as cashback apps and price tracking to maximize savings during this seasonal rush.
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Quick takeaways
- Households are projected to spend an average of $541 on back-to-school supplies, yet many do not budget effectively for these expenses.
- Employing strategies like using cash back credit cards and tracking prices through apps can significantly lower costs and avoid unnecessary debt.
Deep dives
Back-to-School Spending Trends
Parents of K-12 students are expected to spend an average of $541 on clothing and school supplies this year. Interestingly, while a third of respondents plan to set a budget for back-to-school shopping, around two-thirds do not engage in this budgeting practice. Despite inflation leading to higher prices, only 16% of shoppers intend to buy fewer supplies than in previous years. Many families are adapting by seeking sales and using supplies from previous years, showing a blend of financial caution and necessity.
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