As summer comes to a close, many parents are feeling the financial strain of back-to-school shopping. A recent study by Intuit Credit Karma reveals that 59% of parents plan to spend more on school supplies this year due to rising living costs. This situation is particularly challenging for younger parents, with 39% of Gen Z and 37% of millennials struggling to afford these expenses.
Understanding the financial strain
According to Courtney Alev, a consumer financial advocate at Credit Karma, many parents are already stretched thin after covering summer childcare costs. This financial pressure can lead to difficult decisions, with nearly one-third of parents indicating they cannot afford back-to-school shopping this year.
Smart strategies to cut costs
Fortunately, there are several practical strategies parents can employ to ease the financial burden:
Shop in small doses: Instead of purchasing all school supplies at once, spread out your shopping over several weeks. This approach can help manage your budget more effectively.
Look into tax-free holidays: Many states offer sales-tax holidays during the back-to-school season. States like Arkansas, Florida and Virginia provide opportunities for parents to save on school supplies. Check local listings for specific dates and eligible items.
Plan to price match: Retailers such as Target and Walmart allow customers to price match items found at lower prices in other stores. Utilize store apps to compare prices and ensure you’re getting the best deal.
Additional resources
If your child requires more expensive items, such as a laptop, various organizations offer assistance. For example, StandUp Wireless provides resources for low-income families seeking free laptops. Exploring these options can alleviate some financial pressure associated with back-to-school shopping.
As back-to-school season approaches, it’s essential for parents to be proactive in managing their budgets. By implementing these cost-cutting strategies and exploring available resources, families can navigate this challenging time more comfortably.
