Kids pushing their parents for the coolest in back-to-school gear is a late-summer tradition, and today, youngsters have some backup: social media influencers.<\/p>\n\n\n\n
Peer and social media influences on children are not news unto themselves, but it turns out these factors are affecting how parents spend their back-to-school dollars, according to a new NerdWallet survey conducted online by The Harris Poll.<\/p>\n\n\n\n
The online survey included 2,010 U.S. adults, among whom 595 are parents of kids in kindergarten through college. Of those parents, at least 6 in 10 say their children are influenced by peers or social media when making their back-to-school wish list. And about half of these parents (51%) say they typically end up buying back-to-school products their kids want because of these influences.<\/p>\n\n\n\n
\u201cThe whole notion of \u2018Keeping up with the Joneses\u2019 is amplified on social media, with an entire army of influencers telling your child what they \u2018need\u2019 to have this year. That can make back-to-school shopping a real headache,\u201d says NerdWallet personal finance expert, Kelsey Sheehy. \u201cEase the pressure by having a plan in place before you get started. You can even turn it into a learning opportunity and involve your child in the process so they can learn to prioritize and work within a budget.\u201d<\/p>\n\n\n\n
Here\u2019s how parents are thinking about their back-to-school shopping lists, along with some tips on how to manage the costs and potential frustrations.<\/p>\n\n\n\n
Key findings<\/strong><\/p>\n\n\n\n Note:<\/strong> Throughout this report, unless otherwise noted, \u201cparents\u201d refers to parents with children in kindergarten through college.<\/p>\n\n\n\n Preparing for peer, social media pressure<\/strong><\/p>\n\n\n\n At least 6 in 10 parents say their children are influenced by social media (60%) and friends (67%) on what to buy for back-to-school. In turn, the kids pass the pressure on to parents. Just over half (52%) of parents with children in school say they feel pressured by their kids to purchase supplies and\/or apparel, even if they cost more than they\u2019d normally want to spend, and 51% say they usually end up buying the products their kids want because of influence from others.<\/p>\n\n\n\n Back-to-school shopping tip 1:<\/strong> Share the list and a budget with your child.<\/strong> You have a list of things your child needs and likely can\u2019t indulge every whim on brand names and costly designs. Helping your child understand this upfront can save you from an argument in the store and can impart a useful lesson in personal finance. By setting a dollar limit before the shopping begins, you can avoid the exasperation of being pressured into a pair of sneakers that eats into the money for notebooks and pencils.<\/p>\n\n\n\n Handling splurges<\/strong><\/p>\n\n\n\n Parents can\u2019t blame all of their overspending on pressure from their children, however. Nearly all of those who shopped likely overspent last year, and they may be setting themselves up for failure again this year.<\/p>\n\n\n\n Over 9 in 10 parents (93%) who did back-to-school shopping last year splurged, but only 50% who plan to shop this year say they\u2019ll likely splurge, suggesting either many have cleaned up their act or they\u2019re not being realistic about how much they\u2019ll be tempted to overspend.<\/p>\n\n\n\n Back-to-school shopping tip 2: Make a realistic budget and plan.<\/strong> If you know you \u201calways\u201d splurge this time of year (42% of parents say they do), or believe it\u2019s likely, set a budget that accounts for this. Give yourself wiggle room to buy a few splurge items, but rein in spending on things you can get at a bargain price. If you\u2019re completely honest with yourself, and you know you\u2019ll spend more than you have, begin saving for back-to-school shopping like you do for holiday shopping or any big purchase.<\/p>\n\n\n\n \u201cIt\u2019s better to set a slightly higher budget than it is to feel guilty about overspending, or worse, to have to rearrange your finances to account for unplanned splurges,\u201d says Sheehy.<\/p>\n\n\n\n Comparing and matching prices<\/strong><\/p>\n\n\n\n Price-matching, or asking retailers to beat competitor prices, is an underused practice that can pay off big. Within the past year, 28% of Americans say they haven\u2019t price-matched at all. Parents with children under age 18 are more likely to have price-matched (83%) vs. those without (66%).<\/p>\n\n\n\n \u201cPrice-matching takes comparison shopping to the next level,\u201d Sheehy says. \u201cIt does involve a little more work, but the potential reward is savings above and beyond what you\u2019ll find in sales flyers or emails.\u201d<\/p>\n\n\n\n Back-to-school shopping tip 3: Make comparing and matching prices a habit.<\/strong> Apps such as ShopSavvy or ScanLife make it easy to compare prices while you\u2019re in the store. Compare prices on exact products across retailers; then ask a clerk or check store websites for price-matching policies<\/a>. These policies vary widely from retailer to retailer. For example, Target and Staples have generous price-matching policies, but Amazon doesn\u2019t price-match at all.<\/p>\n\n\n\n Paying for purchases<\/strong><\/p>\n\n\n\n Of those parents planning to do back-to-school shopping this year, about half (52%) will put their purchases on a debit card and 38% will use cash. These methods are far preferable to racking up debt you can\u2019t immediately pay off, but if shoppers can pay cash, they could likely earn rewards on their purchases just as easily.<\/p>\n\n\n\n Just under half (45%) of parents planning to shop will use a credit card.<\/p>\n\n\n\n Back-to-school shopping tip 4: Get paid for your spending.<\/strong> Use a credit card that earns rewards, such as points or cash back, to make your back-to-school spending work for you. But don\u2019t let interest eat into your benefits.<\/p>\n\n\n\n \u201cYou can use a rewards credit card to maximize your back-to-school shopping and earn points or cash back to put toward next year\u2019s summer vacation,\u201d says Sheehy. \u201cJust make sure you can pay the balance off each month. If you don\u2019t, interest charges will quickly eat away at any benefits the card offers.\u201d<\/p>\n\n\n\n Timing your shopping<\/strong><\/p>\n\n\n\n Summer ultimately leads into the school year, but that doesn\u2019t make it the best time to do all of your back-to-school shopping.<\/p>\n\n\n\n Two in five parents (40%) who do back-to-school shopping say they wait until July to start, and 36% wait until August. Just 8% say they purchase school items for the upcoming school year throughout the year.<\/p>\n\n\n\n You may capture some sales by waiting for summer to buy items for the school year \u2014 especially if you wait until just before school begins \u2014 but you could also overspend by purchasing everything in the same month.<\/p>\n\n\n\n Back-to-school shopping tip 5: Time purchases throughout the year.<\/strong> Many states have sales tax holidays that coincide with back-to-school \u2014 check your state\u2019s dates on the website of the Federation of Tax Administrators<\/a>. Take advantage of the savings on these days, but don\u2019t feel like you have to buy everything for the entire year in one go. Fall and winter clothes, for example, will likely be cheaper a few months after school begins.<\/p>\n\n\n\n \u00bbMORE:<\/strong> What to buy every month of the year<\/a><\/p>\n\n\n\n