Welcome to Extreme Investor Network, where we provide you with expert advice on personal finance to help you make the most of your money! Today, we are diving into the back-to-school shopping season and how it can impact your finances.
According to recent reports, nearly one-third of back-to-school shoppers will go into debt to cover the cost of supplies for the new school year. This can be a significant financial strain for many families, especially with prices on essential items such as backpacks increasing over the years.
However, there is some good news. Despite the rising costs, overall inflation is on the decline, making back-to-school shopping less of a burden for most families compared to previous years.
On average, families with children in elementary through high school are expected to spend close to $875 on school supplies this year. This, along with spending on college supplies, is projected to reach nearly $40 billion, making it the second-highest back-to-school spending season ever.
But fear not, there are ways to save on back-to-school shopping! Consumer savings expert Andrea Woroch suggests shopping for gently used items on resale sites, using price-tracking browser extensions, and applying coupon codes to maximize your savings. Additionally, stacking discounts and leveraging rewards programs can help you get the best deals on new items.
So whether you’re a parent navigating tight budget constraints or a student looking to keep up with the latest trends, Extreme Investor Network is your go-to resource for all things personal finance. Stay tuned for more tips and tricks to help you make the most of your money!