Are your kids headed back to school — or are you going back to college or grad school? Get ready to spend big bucks. Back-to-school spending for college is expected to reach $54.1 billion in 2017, with costs for kids in elementary through high school reaching $29.5 billion, per the National Retail Federation’s latest survey. Those figures are up significantly from 2016, when expected spending was $48.5 billion and $27.3 billion, respectively.
For individual families, average spending for college students is estimated at nearly $1,000, while parents of kids in elementary through high school will spend about $690 on average this year.
Electronics and clothing are two of the biggest expenses for anyone going back to school. College students also expect to spend a lot on dorm supplies and food, while parents of younger kids will be putting more cash toward school supplies and shoes than they did in 2016.
The good news is there are deals to be had if you know where to look and are smart about your shopping — so you don’t have to blow your budget if you’d rather be a more frugal shopper. Just follow these seven secrets to saving money and you’ll be left with extra cash in your pocket to go towards tuition or other money goals.