School is officially back in session or just around the corner for many American students, and families are feeling the stressful surge of inflation as they head to big retailers for pencils, backpacks, and other classroom needs.
According to a national survey from real estate and retail management firm JLL, more than half of families plan to cut down on back-to-school spending because of the high prices. However, even so, The National Retail Federation estimated that back-to-school spending will increase 36% this year compared to 2019.
Rising inflation and its impact on back-to-school shopping
The national survey from JLL shows that, out of 1,001 parents of school-children in mid-June, the average back-to-school budget is $339 per child this year, up from $332 in 2021.
There’s no question that Americans are feeling the stress of inflation, and everyone is trying to find ways to manage their money and minimize costs. Now, the spiking costs of consumer goods like clothes, school supplies, bags, etc., are putting parents in a pinch.
4 tips to avoid high inflation prices on back-to-school spending
Even in the best economy, back-to-school season can place a demanding financial burden on parents. So how can you dodge inflation and stay within a reasonable budget this year? Let’s break down 4 tips on how to prevent overspending on school supplies.
1. Take advantage of every discount you can
Certain retailers have limited-time special discounts for back-to-school shoppers and college students. Consider taking part in retailers’ rewards programs too, especially if you already plan to shop there. But be sure to read the fine print, or even better, review the agreement with your lawyer before signing up.
2. Timing matters
Remember that you don’t have to get every single item your kid needs on the first day of school. Pick up the necessities first, and you can get everything else throughout the school year as needed. Holidays like Labor Day and sales tax holidays can bring big sales, so watch out for that too.
3. Consider ways to not overspend
Think about swapping used supplies and clothes with neighbors and friends, or checking out used backpacks and clothes from local shops. Goodwill, Plato’s Closet, Buffalo Exchange – all have used, good-condition fashion pieces and bags.
4. Take the time to go through what you already have
Many Americans buy all-new supplies like pens, markers, highlighters, etc. when they already have these items around the house that their kids can use. Take some time to vet through your kid’s checklist and shuffle up some supplies from home before dropping pretty pennies on unnecessary supplies.
Talk to a lawyer about how to navigate an inflated economy
During tough economic times, it’s most important to have the right protection in place and understand how to best maximize healthy financial stability. As inflation rises, so do more instances of consumer finance-related legal issues. Talk to a lawyer to discuss any legal concerns you have.
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