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Tame your Back-to-School Spending in Four Easy Steps
Follow these tips before hitting the stores to save on classroom supplies
By Jean Chatzky* It’s mind-boggling how quickly the most basic items on your back-to-school shopping list can add up to big bucks. A new survey shows parents are expected to spend more than ever before on new clothes, classroom supplies and the electronics many students want (and need) in case remote learning is required again during the 2021-2022 school year.
Families with children in elementary, middle and high school plan to spend about $849 on back-to-school items on average, which is about $59 more than last year, according to a report from the National Retail Federation and Prosper Insights & Analytics. Total back-to-school spending is expected to reach $37.1 billion, which is a big jump from $33.9 billion last year and an all-time high in the survey’s history.
College students and their families also are projected to set spending records, the survey found. Total back-to-college outlays are expected to be about $1,200 per student for a total of $71 billion, up from $67.7 billion in 2020.
Maybe you’re feeling like you want to spend more — to celebrate the fact that we’re (hopefully) moving out of the pandemic. Or because the consecutive rounds of stimulus dollars made you feel flush. But maybe…just maybe…you’re not feeling that way. With a little extra effort, families can find ways to save on the items students need to set them up for a successful school year.
Know what you need
Many if not most schools post supply lists by grade level on their websites. Before you shop, find the list, review it and take a photo with your smartphone for easy access when shopping. Because so many students became remote learners last year, many of the items required this year may be the same ones you bought back in 2020 that were barely touched. Items such as backpacks, lunch boxes and those cute notebooks with clever sayings are likely still good as new.
Take stock of previously purchased school supplies and clothes
With an eye to using what’s already paid for, get four or five clear storage bins or old shoe boxes. Then ask your children to go to their rooms and bring back all of the pencils, pens and highlighters they have stashed in drawers, under the bed and anywhere else school supplies lurk. Place them in a box. While they are busy searching, check behind the couch cushions, the junk drawer, your desk or home office for more writing instruments you don’t need. They go in the box, too. Now do the same for folders, composition notebooks, loose leaf paper and art supplies. You may never need to buy pens again.
Before buying new clothes, take an inventory in your child’s closet to see if school outfits and shoes still fit. If not, and you have the time and energy, you could sell them on sites such as Facebook Marketplace or your school’s PTA social media pages to earn extra cash for new clothes.
Use price trackers and promo codes for deals on laptops and tablets
One of the most sought-after back-to-school items this year are laptop computers, with more than half of the families in the National Retail Federation survey reporting they plan to purchase them. Before you buy, check out price-tracking websites and apps, such as Slickdeals, Honey and Brad’s Deals, that can send subscribers email alerts when a product they want goes on sale. Many price trackers also come with automatic coupons or rebate features in addition to the price alerts.
Check with your school about software and approved devices
Many school districts offer free or deeply discounted software programs and laptop computers for students. It’s also a good idea to check with your school or district before purchasing a new device for classroom use. Many public and private schools only allow students to use electronic tablets and laptops provided by the district and won’t allow outside computers on campus.
*This guest article is from the “Your Money Blog” in Mid Oregon’s Digital Banking Credit Savvy resource. It is made possible by SavvyMoney. “Tame your Back-to-School Spending in Four Easy Steps” by Jean Chatzky with Casandra Andrews was published in August 2021.
Tell-A-Friend about Mid Oregon Credit Union
We love rewarding our members when they spread the word about our great checking accounts—that’s why we introduced our Tell-A-Friend about Mid Oregon Credit Union program. When a friend or family member opens a new checking account, you’ll both get a reward!
We’ll buy back their old debit cards and checks for up to $10 and enter them to win a prize! (Prize through October 10, 2021, is a one-hour family photo session valued at $250). What do you get when you refer someone? As long as the person you refer provides us with your name and email address, your award will be automatic. But for a limited time, you are also entered to win a $250 local gift basket. Details are below.
Many ways to refer
There are three easy ways to refer your friends:
First, you can obtain a Tell-A-Friend about Mid Oregon referral slip at any of our seven branches, complete your information on the back and give it to your friend. We will capture your information when they present the coupon as they open their checking account.
Second, you can email your friend automatically using our online referral page. Just visit the page, complete your information, and enter your friend’s name, email address, and a brief personal message before you send it. When your friend opens their checking account, our new account representative will see you sent them an email and complete the process.
Third, use the shareable link from the above-mentioned Tell-a-Friend online referral page. You can share that link via text, social media, email, etc.
Chance to win a local gift basket
Now through October 15, 2021, you’ll also be entered into a free drawing for a local gift basket valued at more than $465, featuring $250 in gift cards to everyone’s favorite local eateries and retailers, including:
- $100 Old Mill gift card
- $75 Hola Restaurant gift card
- $50 Crux gift card
- $25 Cuppa Yo gift card
- Two High Desert Museum family passes (value up to $108)
- Crux logo cap, Strictly Organic Sumatran Coffee, and much more!
Just visit refer.midoregon.com to Tell-A-Friend about Mid Oregon and start referring. There’s no limit—you can refer as many friends as you like (and earn as many gift cards as you want). You don’t even need to have a Mid Oregon checking account to Tell-A-Friend and be entered to win. Although why would you miss out on all the savings and convenience by having your checking account anywhere else?
Drawing Rules: No purchase necessary to enter or win a prize. Must be 18 years of age or older. Entries accepted through October 15, 2021. No cash equivalent, substitution, or transfer of prize is permitted. One entry per person. Other restrictions apply. See a Mid Oregon associate for details.
Five steps to raising money smart kids
Giving children an allowance can help them build better spending and saving habits
By Jean Chatzky* It’s hard to learn the true value of money without actually having some money to save and spend. That’s why setting aside a specific amount each week as an allowance for your children can be a good way to show them, among other things, that cash is a limited resource.
Parents in the U.S., on average, give their children an allowance of about $30 a week, according to a survey from the American Institute of CPAs. Most of the funds funneled to kids were used for outings with friends, digital devices and downloads, and toys.
While that may seem like a lot to some, plenty of parents expect their children to use the money to cover things they might otherwise pay for. This by the way, is the best and most useful way to give an allowance. Because a miraculous thing happens when children are forced to spend their own money. Snap decisions on must-haves items transition to a much more thoughtful buying process. Kids tend to think long and hard before parting with their own money, instead of yours.
Here’s how to make an allowance system work for your family:
Start when school starts
Typically, kindergarten or first grade is the right time to begin an allowance. By this time, your child will likely have opportunities at school in the form of book sales, candy carts and other treat days where he or she will want money to spend. Little ones will also have plenty of exposure, through you and their grandparents, of other places to shop both in person and online. Supermarkets, dollar stores and even Amazon all tend to have things your child will be able to afford.
Settle on the right amount
If you are unsure of a fair amount to start with, crowd source it through your social networks. Ask your friends and neighbors to see how much they’re giving. It’s a good idea to make sure your child doesn’t receive much more or much less than their peers. Perhaps the best way to decide how much money to give your child each week is to determine what you expect that money to cover. Will they pay for their own school lunches and snacks? Gifts for friends? (In general, when they are young start with a small sum and a small list of things they have to pay for, then increase it as they age.)
Get it in writing
Make a list, figure out how much those items cost and then share that information with your kids. The list of what your children are expected to pay for should be fairly simple in grade school and get more detailed as kids get older. You can start with items like Goldfish snacks and Pokemon cards. Think about wants and not needs. Start to pay closer attention to what you are shelling out money for: video game downloads, Lego blocks, tiny stuffed animals with giant eyes, you get the idea. Over time, add to the list of what they need to pay for: concert tickets, gifts for friends and family, budget-busting designer clothes.
Prepare for some negotiation
As years go by, there will likely come a time when your child asks for a larger allowance. Thoughtfully evaluate the request and decide if you are willing to give a little more. Before making a decision, ask your child to give you several reasons they need or want more money. By doing this, you are teaching your children real life skills that will help them later when they ask for a raise at work. It’s also realistic to give a child a few dollars more a week for every birthday.
Help them earn more
So, what happens when your child wants a $100 pair of designer leggings or a $300 Nintendo Switch on a $15 a week allowance? This is where the lesson of delayed gratification comes in. Things really mean more when you have to wait for them. Here, you have a few options. You can start a mom and pop 401(k) at home and match each dollar saved with another of your own. That will help your child reach the goal faster and be more likely to see it through. You can also offer your kids extra cash for extra work. You could give them $5 or $10 to wash the car or $20 to mow the lawn, depending on the size of your lot. If you go the extra job route, pace the cash flow and don’t make the payoff too fast. After all, you want to groom a saver who appreciates what they have.
*This guest article is from the “Your Money Blog” in Mid Oregon’s Digital Banking Credit Savvy resource. It is made possible by SavvyMoney. “Five steps to raising money smart kids” by Jean Chatzky with Casandra Andrews was published in August 2021.