For the second time in as many years, back-to-school costs are increasing. With a nearly 15% increase in the cost of supplies, many families are seeking ways to cut costs and still get the supplies their students need for school.
One strategy is purchasing supplies early in order to beat crowds. Early shopping may also help families get supplies before the costs increase for folders, highlighters, and paper.
But while some seek to get supplies at the cheapest price, other families have just decided to increase their budgets and make cuts in other areas to afford the items their children need. This year's average cost is projected to be just over $300 per household for the school year.
Nearly 1 in 2 families have decided to finance school supplies using credit cards or “buy now, pay later” programs. But experts warn against going into debt for supplies.
Cutting costs may be difficult, but to minimize debt caregivers can seek out coupons, shop on tax-free weekends if possible, and research online before purchasing supplies to find the best deals.