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As a mom of three, I’ve seen what inflation does to your back-to-school shopping bill, and I know it can be a huge source of stress in your household. A study by JLL shares that the average cost of back-to-school shopping this year is up 21.8% from last year. Even though this stat makes it seem like you need to spend more money to get your kids what they need, that doesn’t mean you have to. I’m going to share why I disagree with the trend of spending more on back-to-school shopping and give you some practical ways to do it on a budget.

Here’s the deal: Even though inflation is still a concern, parents who earn more than $50,000 aren’t planning on lowering their spending for school shopping this year. In fact, parents are planning to spend more on back-to-school shopping in 2024 ($475 per child) than they spent on Christmas presents in 2023 (less than $200 per child).

If you’re currently getting out of debt or saving up for an emergency fund, don’t subscribe to this kind of thinking (no matter how much money you’re making). Inflation is still alive and well, and if you have money goals you’re trying to reach, you need to pay attention to your spending.

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And according to Deloitte’s 2024 back-to-school survey, 50% of parents plan to purchase something for themselves during back-to-school shopping. Don’t do it!

Parents need to learn to be frugal. Every child doesn't need a new backpack as part of their back-to-school........

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