Tips to Manage the Cost of Back-to-School Season
As the cost of living continues to rise, back-to-school expenses can put a strain on budgets. Kelley Keehn, founder of Money Wise Workplaces, shares valuable insights on how to navigate this expensive season and save money.
Budgeting Strategies
Keehn advises parents, kids, and students to create a budget for back-to-school spending. This involves identifying necessary expenses and setting spending limits.
Be Creative
To save money, Keehn suggests exploring creative ideas such as shopping for second-hand items, organizing clothing swaps, or repurposing existing supplies.
Plan Ahead
Planning ahead can help avoid last-minute purchases at higher prices. Keehn recommends making a list of needed items and shopping during sales or tax-free weekends.
Comparison Shopping
Comparing prices from different retailers and online platforms can help find the best deals on school supplies. Keehn advises using price comparison websites or apps to save time and money.
Teach Financial Literacy
Back-to-school season provides an opportunity to teach children about money management. Keehn suggests involving kids in budgeting decisions and explaining the importance of saving and prioritizing needs over wants. By implementing these strategies, families can better manage the financial challenges of the back-to-school season.
Impact of Back-to-School Season on New Businesses
The rising cost of living and the associated strain of back-to-school expenses can significantly impact new businesses, particularly those in the retail sector.
Understanding Consumer Budgeting
As consumers tighten their budgets during this season, businesses need to understand and cater to their spending limits. Offering competitive pricing, discounts, and sales can attract budget-conscious customers.
Embracing Creativity
New businesses can capitalize on the trend of consumers seeking creative ways to save money. This could involve selling quality second-hand items or offering services for repurposing existing supplies.
Planning and Pricing
Businesses should plan their inventory and pricing strategies well in advance to avoid last-minute price hikes that could deter customers. Using price comparison data can help set competitive prices.
Financial Literacy and Customer Engagement
The back-to-school season is an opportunity for businesses to engage with customers on a deeper level. Offering financial literacy resources or budgeting tools can build customer loyalty and differentiate a business from its competitors. By understanding and responding to the financial challenges faced by families during the back-to-school season, new businesses can position themselves for success.
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