Now that most children are going back to school, parents are beginning to think about back-to-school purchases after more than a year of homeschooling.
However, many are feeling squeezed financially. A recent survey by CreditCards.com found that 35% of parents feel under pressure when it comes to shopping for the return to school.
This is an even bigger issue for younger parents, compared with older demographics. The survey shows that almost half (49%) of millennial parents have felt pressurized into spending more than they can afford on their kids’ school items this year.
For those in Gen X, 37% said they were having to spend more than they felt comfortable with, and 27% of baby boomers said they felt the same.
A similar survey carried out in the holiday season about parents’ purchases found a similar pattern, with 46% of millennials, 41% of Gen Xers, and 28% of baby boomers feeling pressured to spend more than they want to on their kids presents.
How to keep shopping manageable
Avoiding debt is a key concern for many consumers. In the last few years, credit card debt has increased and more people are struggling to back their debts back.
This poll highlights the problems faced by consumers. However, budgeting is essential and overspending on back-to-school shopping is rarely worth high credit card bills.
Additionally, experts worry that overspending could be sending the wrong message to children. Teaching kids to manage their money and stick to a budget is an important life skill.
If you’re in this position, one way to keep your back-to-school spending manageable is to involve your kids in these decisions and give them a budget to help them prioritize items.
Also, before shopping, make a note of what you already have. If you have items in good condition, you can save money by not buying new ones. Create a shopping list before you start spending – this way, you will know what you need and can stick to a budget.