As the back-to-school season approaches, many parents are feeling the financial strain of purchasing necessary supplies and clothing for their children. With prices on the rise, a recent study conducted by Intuit Credit Karma found that 59% of parents expect to pay more for school supplies this year than in previous years. This increase in costs has left many parents in a difficult position, with over a third stating that they will need to go into debt to cover the expenses.
The study also revealed that Millennial and Gen Z parents are feeling particularly strapped for cash this back-to-school season, with 56% and 60% respectively expecting to make sacrifices in order to afford the necessary supplies. In light of these challenges, it is important for parents to find ways to cut costs and stay within their budget.
One way to save money is by shopping second-hand. Thirty-three percent of parents in the study reported that they are relying on hand-me-downs this year to help reduce costs. Additionally, shopping online can make it easier for parents to compare prices and find deals on big-ticket items like clothes and electronics. It is also important for parents to remember that they don’t have to buy everything at once. Purchasing a few essential items and utilizing back-to-school drives can help spread out the costs and ensure that students have what they need for the first few weeks of school.
Cheri Read, a financial expert with Market Watch Guides, suggests getting children involved in the shopping process to help them understand the budget and the value of money. By giving children a set amount to spend on their clothing, they can learn to prioritize their purchases and stay within budget. Buy now, pay later apps can also be a useful tool for parents, but it is important to read the fine print to avoid high interest rates later on.
For future back-to-school shopping, Read recommends opening a high-yield savings account to save and prepare for the expenses. By saving money in an account that earns interest, parents can build up a fund to cover the costs of supplies and clothing in the future. This proactive approach can help alleviate the financial stress of back-to-school shopping and ensure that parents are prepared for the expenses that come with the new school year.
In conclusion, the rising costs of school supplies and clothing can put a strain on parents‘ budgets, but there are ways to cut costs and stay within financial limits. By shopping second-hand, involving children in the shopping process, and saving for future expenses, parents can navigate the back-to-school season with confidence and ease. With careful planning and budgeting, parents can ensure that their children have everything they need to start the school year off right.