As summer draws to a close, many parents are feeling the financial strain of back-to-school shopping. A recent survey by Intuit Credit Karma revealed that 59% of parents plan to spend more on school supplies this year due to the rising cost of living. The situation is especially tough for younger parents, with 39% of Gen Z and 37% of millennials struggling to afford these expenses.
Understanding the financial burden
Many parents are already overwhelmed just trying to cover summer child care costs, said Courtney Areb, consumer finance advocate at Credit Karma. This financial pressure can lead to tough decisions, with nearly a third of parents saying they can’t afford to spend money on back-to-school shopping this year.
Clever strategies to cut costs
Luckily, there are some practical strategies parents can use to ease the financial burden.
Shop in small increments: Instead of buying all your school supplies at once, spread your shopping out over a few weeks. This will help you manage your budget more effectively.
Look for tax-free holidays: Many states have sales tax-free holidays during the back-to-school season. States like Arkansas, Florida, and Virginia offer parents the opportunity to save on school supplies. Check your local listings for specific dates and eligible items.
Make a plan to compare prices: Retailers like Target and Walmart allow customers to compare prices with products they found at cheaper prices in other stores. Use the store app to compare prices to ensure you’re getting the best deal.
Additional resources
If your child needs a more expensive item like a laptop, various organizations offer assistance. For example, StandUp Wireless provides resources to low-income families seeking free laptops. Exploring these options can help ease some of the financial burden that comes with back-to-school shopping.
As the new school year approaches, it’s essential for parents to be proactive in managing their budgets. Implementing these cost-saving strategies and researching available resources can help your family get through this difficult time more comfortably.
