This browser does not support the Video element.
Seniors offer back-to-school advice in adorable photos
Senior citizens offered their words of wisdom to the next generation of students heading back to school in a cute photo series that went viral on social media.
Amid the back-to-school shopping season, many parents are bracing for the financial impact as they shop for their child’s school supplies and other necessities.
In fact, according to a new survey, nearly one-third (31%) of parents said they are unable to afford back-to-school shopping for their kids this year.
In addition, 34% of parents said they plan to take on debt to afford it, and 16% said they plan to take on up to $1,000 in debt.
"We’ve noticed already that back-to-school shopping this year is more expensive compared to previous years," Natalie Kotlyar, a national practice leader of BDO's retail and consumer products industry group, told FOX Television Stations. "Despite inflation cooling, it is still a key factor in driving up prices, with June’s inflation data showing a year-over-year increase of 3.0%."
This browser does not support the Video element.
Inflation cools in June
The Federal Reserve could cut interest rates by the end of the summer after a new report released today revealed inflation cooled in the month of June. Justin Leland with Moneywise Wealth Management joins LiveNOW's Austin Westfall to analyze the report.
To make matters worse, Samantha Gordon, a deals editor at Consumer Reports, also told FOX there are "definitely fewer sales" this year, especially when it comes to tech products such as laptops.
"So you do have to be a little savvier or maybe look for lower-cost options if you're sticking to a budget," Gordon explained.
But no matter where or when you shop and what you need for school, experts say there are ways to cut costs and stay under budget.
Take your time shopping
Experts say parents should start looking for everything on their back-to-shopping list as early as possible.
This offers parents the ability to spend more time researching options and searching for discounts.
Back-to-shopping supplies (Credit: Joe Scarnici/Getty Images for Target)
"Ideally, I would suggest saving through the year for school supplies so it doesn't hit the budget so hard in one month," Ashley Patrick, a personal finance expert at Budgets Made Easy, told FOX.
Compare prices
In addition, experts suggest parents take some time to compare prices to make sure they are getting the best possible deal.
RELATED: 1 in 3 parents say they can't afford back-to-school shopping this year, survey says
"Leveraging retailers’ loyalty programs to earn points and access exclusive promotions, can help further enhance savings," Kotlyar explained, adding, "Take advantage of price-matching policies to ensure you’re getting the best price available and continuously check for coupons and discount codes through retailers and third-party apps before you make a purchase."
Wait to buy if possible
But experts also suggest waiting to buy if possible.
"Don't feel the need to buy everything all at once," Gordon explained. "Kids don't need everything on their lists on the first day of classes (and they don't need a full wardrobe right away either). You can always contact their teachers to find out what they might not need right away and put those items off until later."
She said if parents are able to put off any purchases, waiting until October can yield bigger savings, as companies such as Amazon run pre-holiday sales.
"This can be a great opportunity to invest in new tech equipment, as well as find sales on clothing and other items you haven't yet purchased," Gordon continued.
Kotlyar added, "This will likely end up being a slower than expected back-to-school season for retailers. As we approach fall, shoppers may see markdowns in mid to late October, as retailers clear out their excess back-to-school inventory to make way for holiday products."
Buy in bulk
Experts also say it may be worth shopping at Wholesale clubs such as Costco, BJ’s and Sam’s Club, where there may be options to buy certain items in bulk.
"You can even team up with another family and split the cost and the items to save without buying more than you need," Gordon added.
Take advantage of tax holidays
Of the 45 states that collect sales tax, more than a dozen have sales tax holidays during the summer, so experts say this can be a good time to stock up on school items.
"If your state does a tax-free weekend on school supplies, take advantage, especially if you need more expensive items like electronics," Patrick said.
But keep in mind that every state has different restrictions. Some have limits on how much a person can purchase tax-free, while others have rules about which items qualify, and they all hold these tax holidays at different times.
Or, don’t buy at all
While this may not be possible for every item on your child’s school list, experts say it’s important to do a quick inventory at home, too, to make sure you’re not stocking up on things like pens and pencils when you already have a decent supply.
"You don't have to buy all the school supplies for the whole year at once and don't forget to reuse items leftover from last year!," Patrick explained.
Kotylar said we could continue to see consumers pushing back on this year’s higher prices by spending less.
"Some may decide to make do with items from previous years, use hand-me-downs, or opt to secondhand shop," Kotylar said.