ORLANDO, Fla. – Shopping for the new school year is underway.
This year, parents are facing higher prices for just about everything on their list, thanks to inflation reaching a 41-year high.
“That’s food prices, that’s rent and that’s back-to-school supplies. So, everything’s up a lot, and it’s really biting into the purchasing power of the typical family,” said Mark Zandy, chief economist for Moody’s Analytics.
Meanwhile, a new National Retail Federation survey found one-third of consumers say they’re spending less in other areas so they can pay for items their children need for school.
Financial experts say it’s good that parents are prioritizing items for school, and there is three ways you can not spend as much.and has these three tips to save money.
First, make a budget and stick with it. Next, take it slow.
Some parents make the mistake of buying too much before school starts-- only to find out that their children don’t actually need it.
“Don’t worry about spending hundreds of dollars on clothes and hundreds of dollars of school supplies,” said Jully-Alma Taveras, founder of Investing Latina. “Have a good understanding of what the needs are going to be for that semester or for that year and take it slowly.”
Finally, Taveras recommends giving your children a set amount and letting them shop with you. That way it’s a money lesson for them too, forcing them to prioritize what they really need.
“Don’t go too crazy with the stickers and the binders and all of those extra things,” Taveras said. “Because a really important part of financial power and also teaching generational wealth is having these conversations.”