Labor Day Deals: Your Back-to-School Budget Bestie

Sticker shock is real this year. A recent study from the National Retail Federation found that families with K–12 students will spend an average of $858.07 on clothing, shoes, school supplies, and electronics.

Even though more than half of parents started back-to-school shopping in July, 84% still have at least half their list left to purchase—which is why Labor Day weekend is such a smart time to swoop in on sales. And, if your kids are already back at school, they've had a chance to spot the trends they like, giving you more insights on what to buy.

Here's how to make those Labor Day deals your budget bestie:

1. Start with a Budget

Labor Day savings can feel like a shopping free-for-all. Without a plan, those “too-good-to-pass-up” bargains add up fast. Set a back-to-school budget before you shop—decide what you’re comfortable spending overall. A little structure helps you enjoy the thrill of bargain hunting without the regret later.

2. Make a Needs and a Wants List

Sit down with your kids and divide the shopping list into “must-haves” and “would-like-to-haves.” Listen to your kids. The new sneakers may be essential, but that $45 trendy water bottle is a wish. This step keeps spending focused and still makes room for a couple of fun splurges.

3. Shop at Home First

Before you fill your virtual or actual shopping cart, open your closets, drawers and last year’s school backpack. Chances are, you’ll uncover more than a few things like lunch boxes, pencils and calculators that are candidates for reuse. Every item you reuse is money saved or re-allocated to that Want List.

4. Be a Deal Detective

Not all sales are equal. It is worth your time to compare sales online vs physical retail sales, especially if there are shipping costs involved. Map your shopping around the stores with the best discounts on your biggest-ticket items on your lists.

5. Maximize Rewards

Stretch your dollar even further with loyalty programs and reward cards. Store apps often have extra coupons, and cash-back credit cards make every purchase work smarter. For example, Bank of America’s Customized Cash Rewards credit card offers 6% cash back for new cardholders on categories like online shopping—perfect for scoring deals from your couch.

6. Bring the Kids Along

Every day is a school day, and this is a teachable moment. Even grade-schoolers can help set the budget, itemize needs and wishes lists, collect the reusable items, and help track spending. Money management is a muscle they must build and starting them early can help create a strong financial foundation.

Pro Tip: Try free budgeting apps to help kids stay on track. Tools like Bank of America’s Better Money Habits’ online guides let students see their spending in real time, turning budgeting into a healthy habit rather than a chore.

Briget Fields is a market executive for Bank of America, Twin Cities and a Better Money Habits Champion.