During the back to school shopping season in 2019, The National Retail Federation expects families of children from elementary to high school to spend $696.70 and families with college students to spend $976.78. Total back to school spending is expected to reach $80.7 billion. Help your credit union members plan and budget for this expensive time of year with a prepaid card. Suggest these six simple back to school shopping tips:
- Take stock of supplies already in your home: Have you unpacked the kids backpacks from the end of last school year? Reuse last year’s supplies that are in good shape. Only buy what they actually need.
- Hit the dollar store first for the essentials and save big. Also consider buying for the mid-year restock while prices are low during back to school sales.
- Shop on sales tax holidays. Fifteen states offer tax free sale days gearing up for back-to-school. Check to see if your state offers a tax-free shopping day for school supplies.
- Host an end of the summer fashion show and ask the children to create ten outfits from the clothes they have to prepare for the first two weeks of school. Then, if it’s important to you and the children, consider getting one new “first day of school” outfit.
- After taking stock of the essentials already in your home, supplies and clothes, create a back to school budget. Load a prepaid card with the amount that fits into your budget to be sure not to overspend. Take into consideration school fees, beginning of the school year fundraisers, and extra-curricular startup costs
- Shop without the children. Print the school supply list and hit the store on your way home from work one evening. A kid free shopping experience is faster and less stressful. Plus, when you arrive home with several bags of supplies for the children – they will be elated!
Back to school shopping is a financially overwhelming endeavor. Ease your member’s worries with these six simple tips and encourage them to budget for this expense with an LSC prepaid everyday spend card. For more information about how LSC can help your members financial wellbeing, please contact us today.