As the back-to-school season approaches, families are feeling the pinch of rising prices on school supplies. Despite the recent Consumer Price Index report showing inflation at less than three percent, parents are noticing a significant increase in the cost of essential items for their children’s education.
According to Alexander Langan, Chief Investment Officer of Langan Financial Group, the expenses can quickly add up, especially for families with multiple children. Langan emphasizes the importance of budgeting and seeking out deals to avoid financial strain during this time of year. With the average household struggling to afford a $500 emergency bill, the additional expenses of school supplies can put a significant strain on finances.
Langan suggests that consumers compare prices and shop online before heading to stores to ensure they are getting the best deals. By being proactive and strategic in their shopping approach, families can save money and alleviate some of the financial burden associated with back-to-school shopping.
However, not all parents are as concerned about the rising costs. Rober Suh, a single father from Cumberland County, admits to having a shopping problem and enjoys spoiling his son with stylish school supplies. While he acknowledges the increase in prices, Suh believes that it doesn’t significantly impact his budget and is willing to spend more on items that make his son happy.
Despite the temptation to overspend, Langan cautions against using credit cards irresponsibly. It’s essential to ensure that you can pay off the bill in full to avoid accumulating debt and further financial strain. By being mindful of their spending habits and making informed purchasing decisions, families can navigate the back-to-school season without breaking the bank.
In conclusion, while the cost of school supplies may be on the rise, there are ways for families to mitigate the financial impact. By budgeting, comparing prices, and shopping strategically, parents can ensure that their children have everything they need for the upcoming school year without sacrificing their financial stability. As the back-to-school season approaches, it’s crucial for families to be mindful of their spending and make informed choices to avoid unnecessary financial stress.