Everything looks different in 2020 – including shopping for back-to-school supplies. As parents begin back-to-school shopping in the age of COVID-19, there are some things to keep in mind.
Considering that many students are currently learning from home - and even taking more tech-savvy courses such as web design and coding - the lists may include a plethora of new technology – such as laptops, tablets and printers – and the total cost can come as a shock to unsuspecting parents.
Retail analyst, financial expert and chief research officer with H Squared Research, Hitha Herzog, recommends that parents consider point-of-sale loans, which are similar to layaway. If you don’t have enough to pay for an item in its entirety, you can pay for it in increments over time. Companies such as Affirm, Afterpay and Klarna are giving these types of loans, and it’s a excellent option for smart shoppers and frugal spenders.
She also notes to ensure you know what your interest rates are like for your credit cards versus these point-of-sale loans, and then make a decision based off that.
As with all financial situations, it’s important that buyers know their budgets and then stick to it.
Watch the full video below for more information!