Back to School Spending Could Hit a Record High This Year. Here's How to Avoid Credit Card Debt

In some parts of the country, school is already in session and has been for weeks. But where I live on the East Coast, we still have a good number of days until school resumes officially.

To be clear, the back-to-school shopping season is pretty much a month-long affair, if not longer. I've already done some of my shopping in preparation for the start of the school year. But once classroom assignments come out and sports teams are finalized, I'm going to be looking at a very long list of items I need to buy, from school supplies to uniforms and gear. And I'm really not looking forward to the credit card tab that's apt to ensue.

Of course, I'm not the only parent at risk of raiding their savings account or racking up debt just to cover the many items needed for the start of a new school year. The National Retail Federation says that back-to-school spending is expected to reach $41.5 billion this year for families of children in grades K-12. And parents in that category plan to spend an average of $890.07 on back-to-school shopping. Yikes.

Fortunately, there are a few things you can do to limit your back-to-school spending. And the less you spend, the less likely you are to end up with credit card debt that lingers.

1. Don't get fancy

Everyone wants their kids to have the best of everything. But I follow one key rule in my household. I won't spend more than I have to on kids' clothes. This means that if a child of mine wants a $50 sweatshirt or a $35 pair of jeans, they can't have it. Sorry.

Actually, I'm not sorry. It's one thing for me, an adult, to invest in a higher-end brand because I don't grow out of my clothing every six to 12 months like my kids do. If you want to shave your costs, don't get fancy with back-to-school clothes. Stick to the basics and remember that generic brands like Amazon Essentials are your friend.

2. Ask for hand-me-downs

My family is fairly comfortable, financially speaking. We're able to generally pay our bills without worry and we have cash socked away for things like travel and home repairs. In spite of that, I see no reason to pay for things like new clothing and sports gear when I have friends with older kids who no longer need theirs.

Now I won't have my kids wear somebody else's ripped shirt to save a few dollars. But some of my friends recently gave me clothing in great condition, and because of that, I easily saved $100 on back-to-school items like new fall jackets and soccer cleats.

3. Look to your local dollar store

I haven't yet gotten my kids' school supply lists, so I'm not sure what their teachers intend to ask for. But once those lists come home, I plan to try to scoop up as many supplies from my local dollar store as I can.

Granted, this strategy isn't perfect because dollar store school supplies tend to run out in September. But it's worth a try. And also, there are certain items I know my kids are bound to need, like crayons. So guess what? I've already hit the dollar store to stock up on those.

Many parents spend a fortune on back-to-school items and wind up in debt because of that. Certain expensive purchases may be unavoidable. But if you follow these tips, you may find that your 2023 back-to-school tab isn't as dreadful as you thought it might be.