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How to Reduce Debt by Being a Savvy Shopper

For parents of young children, back-to-school shopping is something that can easily get out of control. It seems like every year there are new items to buy, old supplies that have broken down, and it seems like an endless budget is what’s needed for all those department store trips. It can be difficult to balance this and the need to reduce debt.

Finding deals is the easy solution. Here are three tips for saving money (and limiting your debt load) during the back-to-school season:

  1. Go thrift shopping. For kids who have to get into brand name clothing, a thrift store can be a great place to get relatively current fashion at a super-low price. You can double dip too, as many of these stores will feature used school supplies during the back-to-school season for much cheaper.
  1. Use money-saving apps for regular spending. For the purchases you need to make, apps like Flipp (deal-finder for groceries, electronics, and more) and GasBuddy (finding the cheapest gas in your area) should be part of your school spending plan. These apps are great for comparing prices and shopping the lowest price on certain items. Use the extra time in the summer to grab the apps and get used to what they offer. When back-to-school shopping starts, you’ll be smarter about where you go to find deals.
  1. Know when the sales are. A 2017 study showed that parents expected to pay almost double on school supplies than they did in 2016, with technology a chief cause. These electronics are pricier than old school binders and notebooks, so knowing when they go on sale is critical. For example, July is the best time to buy last year’s laptops. Or, if you need to buy new, take advantage of the sales right before school begins in September.

You can also stay organized with all the back to school mayhem with others apps like Extracurriculars and iStudiez Pro. Huffington Post breaks down how these apps improve your time management during busy times, with a special focus on the late summer.

By getting savvy with these shopping tips, parents can reduce the debt they rack up during the back-to-school season. They can stay within their spending plan, lower stress, and make the season a lot easier.

Learn more about steering clear of back-to-school debt with this podcast, as BDO Licensed Insolvency Trustees (LITs) talk about how planning ahead can limit spending.

If you have tips of your own to share, put them out on social media using hashtags #BackToSchool #DebtSolutions and #KidsAndMoney

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