As if soaring grocery costs and energy prices weren't hitting Americans hard enough, inflation is now being felt by back-to-school shoppers. A new WalletHub survey finds 52% of parents plan to spend more on back-to-school this year than last, and 70% believe schools ask them to buy too much. "The problem with school supplies is for many parents, it's not a want they can choose not to do, it's a requirement," says Bill Dendy, financial planner with Raymond James. "You want to be a good parent, and there are certain things you have to do for your children."
Dendy tells KTRH back-to-school expenses sneak up on a lot of people every year. "Like those who are surprised when it's time to pay property taxes, or income tax time at the end of the year, it's one of those things we know we're going to have to do...like the holiday season," he says. "And I see a number of people go into debt this time of year, and hope to come out of it just in time to go back into debt for the holiday season."
Indeed, the WalletHub survey finds 77% of parents are willing to go into debt to pay for their child's education, up from 72% last year. Dendy recommends avoiding debt and finding other ways to save by planning and budgeting. "Knowing prices before you go, knowing your inventory before you go, recycling what you already have from previous years, and considering buying things in bundle or in co-op with other parents," he says. "These things can go a long way toward reducing the overall cost of sending kids back to school."
You can also take advantage of the Texas tax-free holiday weekend for back-to-school items. It's coming up this weekend, August 9-11.