Back-to-school season is approaching, and a recent survey conducted by CNET revealed some interesting insights about back-to-school shopping trends among US adults. According to the survey, US adults who have already shopped for back-to-school items or plan to do so will spend an average of $662. This may seem like a significant amount, but it’s crucial to start planning early to manage these costs effectively.
One of the key findings of the survey was that 44% of respondents had already set aside money specifically for back-to-school shopping. This proactive approach to budgeting is a smart way to avoid overspending and accumulating debt. Planning in advance allows families to make informed decisions about their purchases and prioritize their spending effectively.
When it comes to saving money on back-to-school supplies, the survey revealed that 90% of respondents are using various savings methods. The most popular method, chosen by 41% of respondents, is taking advantage of sales, discounts, and coupons. This is a great way to cut costs and make your budget go further when shopping for school supplies.
In addition to using sales and discounts, other savings methods include price comparison shopping, taking advantage of major sales events like Prime Day, and buying fewer items. It’s essential to explore different ways to save money and make the most of your budget during the back-to-school season.
One expert recommendation from Dasha Kennedy, a millennial financial coach and CNET Money expert, is to start planning early and look for deals and discounts. By starting your back-to-school shopping early, you can take advantage of sales and special offers to save money on essential items. Additionally, you can explore tax-free weekends in your state to avoid paying sales tax on big-ticket items like laptops and clothing.
When it comes to covering the costs of back-to-school shopping, the survey found that the majority of respondents (44%) are using money they’ve already budgeted for this purpose. This responsible approach to financial planning is commendable, as it helps families avoid debt and make informed decisions about their purchases.
For those who may need additional financial assistance, there are options like Buy Now, Pay Later plans and credit cards. However, it’s important to use these tools wisely and ensure that you can pay off your balances in full to avoid incurring interest charges. Planning ahead and saving for back-to-school costs throughout the year can also help you manage your expenses more effectively.
In conclusion, back-to-school shopping can be a significant expense for many families, but with careful planning and smart budgeting, it’s possible to save money and make the most of your budget. By taking advantage of sales, discounts, and coupons, starting your shopping early, and exploring different savings methods, you can reduce your costs and avoid unnecessary financial stress during the back-to-school season.
