With inflation running high, low and middle income families are looking to stretch a dollar or pick up more income to afford sending their kids back to classrooms.
Walmart has priced 100 school supplies at under $1 this back-to-school season, when many consumers are feeling the pinch from inflation.Leticia Miranda
Even with a rotation of hand-me-downs and new shoes gifted by family members for the school year, Waldorf’s budget is stretched thin. She plans to spend $200 total, down sharply from the $800 she recalls spending last year.$37 billion this back-to-school season The back-to-school season comes as middle-income shoppers experience the steepest rise in their cost of living over the last year and low-income consumers face fewer options to manage high prices, according to Wells Fargo research. Federal stimulus payments and the expanded child tax credit — which Congressat the end of 2021 — helped low-income people save, pay down debt and raise their net worth to record levels last fall, said Sarah House, a senior economist with Wells Fargo.
Thompson plans to take his kids to Walmart for school supplies and thrift stores for clothes. He registered his children to attend a different school district that provides students with Google Chromebooks. But even with that cost out of the way, Thompson expects to spend about $150 on each of his kids this school year, roughly $50 more than last year.
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