Tips for Students Making Large Purchases

Table of Contents

1. Setting a Realistic Savings Goal for School Expenses
2. Effective Budgeting Techniques for Large Purchases
3. Prioritizing School-Related Purchases
4. Exploring Payment Plans for Expensive Items
5. The Importance of Research and Price Comparison

The thrill of shopping for school is something both students and parents look forward to. It means a fresh start and new beginnings, with tons of anticipation for a new classroom experience. However, shopping for gear can also be tough on the budget. Big purchases like electronics, dorm items, and back-to-school uniforms or outfits can add up fast.

To handle these school costs better, it's important to have a clear budget in place. Plus, smart shopping strategies can make a difference. Before you start your shopping journey, we're here to guide you through some tips that can help you save when you're making large purchases.

Setting a Realistic Savings Goal for School Expenses

As you start looking at sales flyers and shopping online, knowing how much money you will need for school is essential. To do this, check what you or your child has from last year and see what new items you'll need. Are the backpacks and lunch boxes from last year still usable? Do you have any supplies or decor left from spring? After you figure out what needs to be replaced, you can set a goal and start checking prices.

Calculating the Total Cost of School Supplies

To avoid spending too much, it's important to figure out the total cost of all the school supplies you need. Start by making a clear list. Break it down into specific groups like writing utensils, which can be further broken down into items like ballpoint pens, notebooks and writing pads, spiral notebooks, sharpie pens, erasers, sticky notes, and so on. Class lists often call for a range of supplies like glue sticks, rulers, tapes, staplers, protractors, and paper towels, so don't forget to check your classroom requirements.

Next, use online resources, store flyers, or a simple calculator to estimate the cost of each item, ranging from electronic items like laptops or tablets, headphones, to art supplies and desk organizers. Keep in mind that this first estimate doesn't have to be final. It’s just a guide, and you can change it as you shop for different accessories and compare prices.

Creating a Timeline for Your Savings Plan

Your shopping will be easier if you spread out the cost over time, which is why it's a good idea to make a timeline. First, find out how many weeks are left before you need to buy school clothes and supplies. Next, take your total savings goal and divide it by the number of weeks. This will show you how much to save each week. If you can, try to set up automatic transfers to your savings account to help you save consistently.

Maybe you can wait to buy that fancy new calculator until it's on sale, or your child can use some supplies from last year. Also, keep an eye out for great school supplies while shopping in person, as you may discover new and unique items that may not be available online. It's worth it to take your time and be strategic, rather than rushing to buy everything at once.

Effective Budgeting Techniques for Large Purchases

When it comes to big school purchases, being proactive can help you stick to your budget. This means keeping track of how you spend, finding ways to save, and checking out different payment methods that fit your budget. Little changes can add up to big savings over time.

Tracking Spending and Savings

One important part of good budgeting is keeping a close eye on how you spend and save your money. You can use a budgeting app, a simple spreadsheet, or even a notebook to write down your income and expenses. This way, you can spot where you are spending too much money without knowing it.

Tracking your spending is not just about writing down your purchases – look for ways to save money, too. Did you hold off on an impulse buy? Did you bundle some school essentials and save? Write down how much you saved and celebrate each little win. When you carefully track your spending and savings, you take charge of your money.

Identifying the Best Times of Year for Discounts on Supplies

Timing is very important when looking for the best deals on school supplies. Stores frequently have back to school sales all summer, but sometimes have bigger discounts. 

Watch out for these key shopping times:

• Before School: Most stores lower prices on necessary supplies during the two months before school begins to attract shoppers. A back to school sale can have a huge impact on your shopping experience.
• State Tax-Free Weekends: Many states have tax-free weekends, where you can save money on clothing, shoes, and school supplies.
• Clearance Sales: After school shopping gets busy, stores typically mark down leftover items. Check back shortly after school begins for a better deal.
• Thrifting: Thrifting can be a fun way to find all types of items for school at a fraction of the cost year-round! You can also check out websites like Poshmark, Depop and the RealReal for more variety in secondhand options. These platforms offer a wide selection of clothing, accessories, and even high-end brands, often at a significant discount.

Don't forget to check many stores, including online retailers, to compare prices and find the best deals.

Signing Up for Coupon and Flash Sale Alerts for Great Deals

In today's online world, you don’t always have to pay full price for school supplies. A good coupon or a timely flash sale can help you save more and make your money go further. Many stores send email newsletters and mobile app alerts. These options can keep you updated about sales, exclusive coupon codes, and fun free shipping deals. 

If you're buying online, take a moment to search for coupon codes. Sites like RetailMeNot have many codes you can use for discounts. You may be able to snag that dorm tv or printer for much less. It's also a great idea to follow your favorite brands and stores on social media. They often share flash sales and special offers on sites like Facebook, Instagram, and Twitter.

Prioritizing School-Related Purchases

Once you have set your budget and thought about how to save more money, it's time to focus on your purchases. To start, decide what items are essential. Then, think about what items would be nice to have but are not needed. By thinking about it this way, you can avoid buying things on impulse.

Freeing Up More Money for School Supplies

To maximize your budget, consider selling items you no longer need, like old textbooks, for extra cash. Online platforms offer a convenient way to declutter and earn money for new purchases. Adopting frugal habits like packing lunches instead of eating out can redirect savings toward school supplies. It's also important to invest in durable items, like backpacks and clothing, that will last throughout the school year and beyond. 

Allocating Funds Based on Priority

Take a moment to figure out what you need and what would be nice to have for the school year. The must-haves include important items like notebooks, pens, pencils, and folders. These things are essential for you or your child's learning.

The nice-to-haves may look fun, but they are not necessary. This group could have items like cute planners, the fancy pen or bulletin board, or the newest tech tools. By clearly separating these lists, you will focus on buying essential school supplies first, rather than spending on things that are just for show or the latest trends.

Once you know what items are must-haves and nice-to-haves, plan your budget based on what is most important. Begin by saving enough money to cover all the must-have school supplies. These are the key items needed to do well in school.

Exploring Payment Plans for Expensive Items

If you need to buy an expensive item, like a new laptop or tablet, some planning should come into play. It's important to note you'll have many options, and looking into different payment options can help make it easier for you to buy.

Using Buy Now, Pay Later

You may see that Buy Now, Pay Later plans are becoming popular with the most notable apps being Klarna and Afterpay. They give shoppers on a budget another way to pay. With this option, the payment is split up into different parts — the most common being, 4 equal payments every 2 weeks.

The main benefit of these plans is that they allow you to spread out payments without interest, and they’re generally easy to get approved for. This can be especially helpful for managing larger purchases, like school supplies, over a few weeks. However, like any financing option, it’s important to fully understand the terms and avoid taking on more than you can handle."

How Installment Payment Plans Can Help

Installment payment plans are also a common choice, especially for online shopping. These plans let you pay for items in smaller amounts over a set time, usually a few months. This can help with bigger school costs, like a new computer or school clothes.

At the same time, it's important to know the terms of the payment plan before you agree to it. Some plans might charge interest, which can raise the total cost of the item. Make sure the payments fit your budget – you should be okay with the total cost, including any interest, before you sign up.

The Importance of Research and Price Comparison

In today's world of online shopping and quick information, you have the power to do your own research. That means you can find the best deals. Just a few minutes of checking and comparing prices can lead to big savings.

Tools for Comparing School Supply Prices

Many tools can help you compare prices easily. In fact, several websites and browser extensions focus on tracking prices and shopping. These tools gather data from different stores, making it easy to compare prices and find the best deals available. Plus, you can set up alerts for specific items you're interested in.

Some popular sites to try are PriceGrabber and Google Shopping. There are also useful browser extensions like Honey and Camelcamelcamel, which will do the most of the work for you. These resources can help save time and effort when looking for the best deals on school supplies.

Manage School Finances with Addition Financial

Managing the costs of school can feel stressful at times, but it doesn't have to. You can make it easier by planning a budget, choosing what to buy first, and using smart shopping methods. Addition Financial has many financial products and services to help people and families meet their money goals. Start here to learn more about the benefits of becoming a member today.