As students head back into school this fall, there is no doubt many parents will face a need to spend a bit more to buy all of the necessary school supplies and new outfits this year, thanks to the significant amount of inflation much of the country is facing.
Back to school is often a time in which families are already stretched as they have to purchase supplies, everything from backpacks to calculators, to help their kids to thrive this year. Budgets are often a concern, and this year, things may be a bit worse.
Though location will play a role, many people throughout the U.S. could find purchasing educational supplies and materials more challenging. Here’s what to expect from inflationary risks.
How Is Inflation Impacting School Supplies?
This figure takes into account all types of inflation or increased costs for goods and services in August of 2022.
Is inflation impacting school supplies themselves? Yes, there are a number of notable increases in supply costs. Patrick Penfield, a Syracuse University’s Whitman School of Management professor, states that inflation will be a factor this year. “Parents will experience sticker shock on clothing, sneakers, and school supplies this year,” Penfield said. “Expect to see ‘shrinkflation’ with tissues, pencils, paper, markers, and many of your other school supplies.”
Though school districts differ on what supplies individuals need, some parents are faced with purchasing calculators that cost $100 and supplies that can be hard to find. Not only is inflation a concern, but there continue to be supply chain shortages in many areas. That leads to the risk of products being limitedly available, pushing up the cost of those that are available as retailers try to capitalize on buyers.
Another expert, Liz Ewing, who is a chief financial officer working for Marcus by Goldman Sachs, states that it could be a tough year for many people. “With inflation impacting the overall price of goods and services, back-to-school shopping this year may feel more like holiday shopping.
How to Save Money on Supplies
Without a doubt, many parents will be looking for ways to reduce costs overall. With inflation up, finding deals and discounts could be beneficial, but they may be hard to find in some areas. Some potential savings opportunities include the following.
Shop online for supplies
Glennis Perez says “One of the ways to beat the lack of available local supplies is to turn to some of the largest online retailers. This could provide the best overall access to supplies and an easy way to compare items, with the potential of saving significantly. Some retailers, like Amazon, offer competitive listings from multiple providers, potentially lowering costs. Walmart recently launched a tool that allows families to local school supply lists for their local school and grade, making it possible to purchase everything on the list with a few clicks and promising lower costs overall.”
Skip the brands
This may be the year to skip the brand name supplies and choose the less expensive options. Even though there may be a wide range of reasons to buy the name brands, including teacher preferences, making the switch could be a big difference in costs. In many situations, this may be necessary due to limited quantities of big brands. Keep in mind that it may be beneficial to compare several products to find equivalent items.
Work together to save
In some situations, parents will want to work with schools and other organizations to find ways to save. Buying in bulk could help, especially if the efforts come from the schools themselves. Finding affordable back to school items in bulk may be challenging at the last minute, but some providers may be able to help.
Also, look towards second hand retailers, organizations that purchase bulk, unsold, and returned items from large retailers and offer them at a discount. Some of these organizations may be able to offer products at a deep discount. That could include items like school materials but also snacks and back to school lunch supplies. Buying in bulk now could help reduce costs over time.
Turn to local organizations for help
Churches, community organizations, and programs for those in need may create a key opportunity for many families in some communities. Families donating supplies to schools, as well as these nonprofit organizations, often run drives in which the community comes together to donate items to schools. Outreach programs through government programs at the state, county, and local levels may also help. A local “stuff the bus” event could also prove to be an opportunity for parents to save.
Skip the new outfits
A big part of back to school shopping is often buying new clothes for the start of the year. Since school often happens at the start of fall, it’s not always ideal to spend a significant amount of money on warm weather clothing. If your child does need items, visit a second hand store, especially in more well off communities, to save.
Back to school may cost a significant amount of money for many families. Turn to local programs for any available help, including on other items such as lowering utility bills, support for food, and free programs for preschoolers.
