BRYAN, Texas — New pencils, crayons, and backpacks are among a plethora of essential first day school supplies. However, with rising costs due to inflation, a back-to-school report stated that families are being forced to think about their budget.
In June, inflation hit an all time high of 9.1%, the highest rate in 40 years.
According to the National Retail Federation, 4 billion dollars more was spent on school supplies this year compared to last year.
Despite the increase in costs, two financial experts discussed a few ways to keep costs for your family this school year to a minimum.
Tom Debesse, Wells Fargo region director of Southeast Texas mentioned that maximizing on the supplies your child already has will help you budget for the year accordingly.
"Kids may have had for last year for example or maybe a backpack or a pencil case that still looks fine, still usable and you can reuse it again this year," said DeBesse. "It's an opportunity to save money for family."
Matthew McKay, portfolio manager and CFP at Briaud, shared his concern about this year being one of the toughest financially for families.
"I think this is really one of the hardest times we've had in a very long time because wages have not kept up with the pace of price increases," said McKay.
The basis of creating a family budget is initiated by first identifying your family needs and wants. Whether it's a choice between a new backpack or a new tire that just went out, there are ways to cut corners, according to both experts.
"I think for parents and families it's important to start with that budgeting piece figuring out how much you can spend. Frankly it's about looking for bargains, planning your back to school spending." DeBesse stated. "There's a good chance we'll see more students who are not gonna bring as many supplies as they normally would."
Additionally, bargaining and shopping for things in bulk can cut your total costs of spending this school year. These tips, along with proper budget allocation this year can give many families the needed financial wiggle room to have fun on a budget.