Four Tips to Help Save on School Supplies This Year
Summer break is coming to an end and many parents are preparing to send their children back to school. The rise in demand for goods, coupled with supply shortages, are causing consumers to see higher school supply prices than in previous years.
According to a study conducted by KPMG, the average spend for school supplies will rise up to $268 per student, a $21 increase over 2020 costs. In the same study, they mentioned, “Spending for pre-school and college students, in particular, is expected to spike up 32 percent and 13 percent respectively compared to 2020. Spending for students in middle school and high school is only expected to be up 3 and 4 percent respectively.”
With the increase of costs on school supplies this year, it’s ideal to consider how you can save some extra cash. Here are four tips to help you save on this year’s school supplies.
1. Reuse supplies from last year.
Some school supplies, such as pencils, folders, and binders are typically needed each school year. Instead of buying these items brand new, consider having your child reuse these items. Take note of the condition the items are in and determine if they will last during the upcoming school year. Are the seams and pockets in the folders still intact and not ripped? Do the rings in the binders open and close correctly? If the items can still serve the intended purpose, then consider re-using them. Other school supplies you can consider re-using include backpacks, calculators, scissors, and highlighters or markers.
2. Shop around for discounted items.
When you’re out shopping, take note of any higher priced items that could put a strain on your budget. Consider shopping around to find a lower price. Dollar stores generally carry the same or similar school related items, but at a discounted price. When you are establishing your budget, make sure you identify your spending limit and include all of the school related items you plan on purchasing.
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3. Use a credit card with cash back perks.
With these price increases, you might not have the funds readily available to purchase all of the school supplies your child needs. Consider other solutions to pay for these expenses, like a cash back credit card. First Bank’s World Mastercard® features unlimited cash back with no minimum redemption amount.1
4. Create a sinking fund.
Setting up a sinking fund is a great way to save for school supplies that may need to be purchased or replenished halfway through the year. Additionally, if you want to get a head start on saving for next year’s school supplies, this is an ideal solution to consider, as you won’t see much impact to your bank account at one time. With a sinking fund, you’re setting a small amount of money aside each month to help finance purchases. To help you achieve this, consider using Plinqit, First Bank’s savings app. This app allows you to set a savings goal with a specific end date and will automatically transfer a set amount of money towards your sinking fund savings goal.
As inflation rises and the demand for goods increases, consider how you can save some extra cash on school supplies this save money school year. For more information on how First Bank’s products and services can help you navigate the rising costs of back-to-school, contact a trusted First Bank advisor.
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