RICHMOND, Va. (WWBT) — Nine in 10 parents with children in kindergarten through college admit to splurging last year on back to school shopping, according to a new online survey from NerdWallet.
The number one item parents broke their budget on was clothing. According to the survey, 74% spent too much, followed by 60% spending more than they wanted on backpacks. Another 59% broke budgets on school supplies.
NerdWallet Personal Finance Expert Kelsey Sheehy says parents tend to over-shop and social media is only making it worse.
“You have a virtual army of influencers telling your kids what they absolutely have to have this year and it’s really hard to combat that,” said Sheehy.
You’ve got to take the power back. Maybe show your children the back to school shopping list. Show them the budget, and use this as a teachable moment.
Also, make a realistic budget. If you know you always splurge this time of year, which 42% of parents say they do, set a budget that accounts for this. Give yourself wiggle room.
And make sure you comparison shop. Apps like ShopSavvy or ScanLife make it easy to do.
There are also some great browser extensions that will help you find deals, such as the Camelizer, also known as Camel Camel Camel. The Honey browser extension and Wiki Buy are easy to download onto your computer and automatically test different discount codes for you.