Parents prepping kids for back-to-school might also be trying to prep their bank accounts.
According to the National Retail Federationparents will spend an average of $864 on school supplies in 2022, a $168 increase from 2019.
Diane Morais, president of consumer and commercial banking at Allytold TODAY Parents that recent price hikes “definitely” have parents crunching the numbers a little harder this back-to-school season.
“Families clearly need a few strategies to help them make the most of what they have to spend,” Morais said.
Sharita M. Humphrey, financial educator and spokesperson for Self Financialtold TODAY Parents that it’s important for parents to think ahead when it comes to the financial implications of back-to-school spending.
“Carrying debt each month is stressful and can negatively impact your credit,” Humphrey said. “Planning back-to-school shopping purchases by looking for the best deals will help to alleviate unnecessary spending and limit what you put on