As the back-to-school season approaches, parents and students are feeling the financial strain of rising prices on school supplies. While the most recent Consumer Price Index report showed inflation at less than three percent, the cost of essential items like notebooks, pencils, and backpacks seems to be on the rise.
According to Alexander Langan, Chief Investment Officer of Langan Financial Group, the cost of school supplies can add up quickly, especially for families with multiple children. Langan warns that inflation can „break the bank“ this back-to-school season if consumers are not vigilant about finding deals and budgeting effectively.
Langan points out that for many households, even a relatively small expense like school supplies can be a significant financial burden. He notes that approximately 63% of households cannot afford a $500 emergency bill, making the added expense of back-to-school shopping a potential source of stress for many families.
To mitigate the impact of rising prices, Langan suggests comparing prices and shopping online before heading to the store. By doing some research beforehand, consumers can identify the best deals and make more informed purchasing decisions.
However, not all consumers are as budget-conscious when it comes to back-to-school shopping. Rober Suh, a single father from Cumberland County, admits to having a „shopping problem“ and often splurges on stylish clothing and accessories for his son. While Suh acknowledges that prices have increased slightly, he believes that the added expense is manageable and enjoys treating his son to fashionable items.
Despite the temptation to overspend, Langan cautions against using credit cards indiscriminately. He advises consumers to be mindful of their financial limits and ensure that they can pay off their credit card bills in full to avoid accumulating debt.
As families navigate the challenges of back-to-school shopping in a time of rising prices, it is essential to prioritize financial responsibility and make informed purchasing decisions. By comparing prices, budgeting effectively, and avoiding unnecessary expenses, consumers can navigate the back-to-school season without breaking the bank.