Summer is over and the kids are back in school. All kids need school supplies and here is the amount of money that was spent of school supplies.
$37 billion is what we are spending on school supplies an clothes this year. That is about the same as it was last year. The average family will spend about $864 this year, which is about $15 more than it was last year. There was a report that 75% of parents were stressed about paying more money this year.
“Back-to-school shopping is stressful even in the best economic times,” said Matt Schulz, the chief credit analyst at LendingTree. “With inflation running rampant and supply chain issues lingering, these are definitely not the best of times.”
With inflation being high this year some families didn’t spend as much as they have in previous years. Spending only school supplies and clothes has gone up since the pandemic began in 2020. Families have spent $168 more since 2019.
With school already started most parents already have their supplies purchased. If you are looking for more there are ways to save money.
How To Save Money On School Supplies
With the amount of money spent of school supplies being a lot, there is still ways to save money. Only buy what you need right now, so if the kids want that one item not on the list just don’t get it.
An expert also said to use a credit card with rewards or cash-back bonuses. Also, applying for a new credit card with a 0% interest for 12 to 21 months and then paying it off over the course of the year without interest charges.