Buy school supplies wisely in the face of rising prices and inflation

ORLANDO, Florida. – Back-to-school purchases are underway.

This year, parents are facing higher prices for just about everything on their list, thanks to inflation hitting a 41-year high.

“It’s food prices, it’s rent and it’s back-to-school supplies. So everything is up, and that’s really reducing the purchasing power of the typical family,” said Mark Zandy, chief economist at Moody’s Analytics.

Meanwhile, a new survey from the National Retail Federation has found that a third of consumers say they are spending less on other areas so they can afford items their children need for school.

Financial experts say it’s good that parents prioritize items for school, and there are three ways not to spend so much. and has these three money-saving tips.

First, set a budget and stick to it. Then take it easy.

Some parents make the mistake of buying too many before school starts, only to discover that their children don’t really need them.

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“Don’t worry about spending hundreds of dollars on clothes and hundreds of dollars on school supplies,” said Jully-Alma Taveras, founder of Investing Latina. “Have a good understanding of what the requirements will be for this semester or for this year and take it slow.”

Finally, Taveras recommends giving your kids 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 get too crazy with the stickers and binders and all that extra stuff,” Taveras said. “Because a very important part of financial power and teaching generational wealth is having these conversations.”

Copyright 2022 by KSAT – All rights reserved.

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