COLUMN: Ideas to lower back-to-school shopping costs

With inflation hiking the prices of everything over the past four years, and schools asking families to fork over larger and larger sums of money every year to help with shared supplies, the cost of your back-to-school shopping trip can quickly spiral out of control.

Consider these ideas to lower your back-to-school shopping costs.

• Wait until fall to refresh school wardrobes. Most kids and teens go back to school during the heat of summer, thus any clothing you buy for back-to-school may not work for those winter months. With that in mind, it can help to wait until closer to fall to invest in a school wardrobe that will last. This way, you can spend your clothing budget on sweaters, pants, and cold-weather clothing that kids can wear through the following spring.

• Stick to your school’s shopping list for each grade. Wait until you have your school’s list for each grade in hand before starting your back-to-school shopping. It’s far too easy to overspend when you don’t have the list.

• Price shop online. With the school shopping list in hand, you can compare prices for back-to-school essentials online with prices advertised by local stores. If you can order some supplies cheaper online and buy the rest with local retailers, you’ll save money in the end.

• Wait until school starts to buy any extras. Many school shopping lists have a mix of essential items as well as required items your kid doesn’t really need. If you’re on the fence about whether your child will need or even use certain items, consider waiting until school starts to find out.

• Consider buying refurbished electronics. If your school shopping list asks you to buy pricey calculators or tablets, looking for used items on auction websites or second-hand sites can help you save big.

• Crowdsource items you need. Ask people you know or who live near you if they have access to items you need in the short-term. You may find that your neighbors still have calculators or musical instruments from when their kids attended school, or that a teacher friend of yours has some extra supplies they can’t use.

• Consider crowd buying. If you have some extra money and have access to a warehouse shopping center, consider coordinating with other families to bulk buy common items and lower the cost for everyone!

Back-to-school shopping can be expensive. Use these tips to cost-effectively get your kids ready for the new school year.

One of my primary objectives is to help you achieve your financial goals through a holistic approach that is tax-efficient in my wealth management and tax resolution practice. For more information, visit www.fredtfoxiii.com.

Fred T. Fox III is Lawton native and businessman.