Back to school costs expected to soar this season; Expert advice on how to save (2024)

FAQs

Back to school costs expected to soar this season; Expert advice on how to save? ›

"Shop at bulk supply stores, especially if you have multiple kids," said Fricker. "'Buy now, pay later' can be a great option for zero percent financing, whereas a credit card will charge you interest if you don't pay the balance off before the due date." She also says to take advantage of sales tax holidays.

Bay Area parents expect to spend $800 on average for back to school supplies.

For back-to-school shoppers, clothing and shoes are the top expected shopping categories with 95% in the market for clothing and 94% for shoes, according to the retail federation survey. Clothing and accessories topped the list for back-to-college shoppers, with 86% expecting to spend.

A study from World Remit shows that the cost of school supplies in the United States has increased by over 25% compared with 2022. Though inflation is the lowest it has been since March 2021, high prices are still stressing shoppers and increasing their reliance on local and national back-to-school drives.

Outsource non-educational functions

Lots of costs come from all the functions that go into running a school outside of instruction. Many times, public schools may not realize how much they could save by outsourcing non-educational functions like transportation, food service, and specialized maintenance.

The National Retail Federation estimates families with children in elementary through high school plan to spend, on average, $890 per household. Which is up $25 compared to last year. For families with college students, they predict you'll spend $1,367 this year, which is up $168.

What country has the shortest average school day? ›

Finland School Hours

Typically, the Finnish school day starts anywhere from 9 to 9:45 a.m., and students typically spend only about five hours a day in the classroom. What's more, Finnish students typically have little to no homework.

Instruction: Teachers' salaries and benefits are generally the most expensive elements of a school, and schools typically use most of their budgets to cover these costs. Operation and Maintenance: A school cannot function if its physical plant is in poor repair.

In a recent Morning Consult report, only 36% of parents say that they can afford their kids' back-to-school supplies, compared to 52% who said so in 2021. Last year, parents had access to extra money thanks to the monthly installment payments the boosted Child Tax Credit provided.

Maintain Your Long-Term Saving

“When considering whether you're going to go back to school, it's important to make sure you have at least six months of living expenses saved,” Joseph says.

Tip 1: Set a savings target

Set yourself a savings target, a realistic one, because that's what keeps your saving plan sustainable especially as a student. Going for the extreme claiming that you will save 90% of your money at the beginning only gives you an excuse to give up easily.

Some people argue that delaying U.S. high school start times would incur significant costs for schools and parents. However, an economic analysis shows that delaying school start times is a cost-effective, population-level strategy that could have a significant, positive impact on public health and the U.S. economy.