As the back-to-school season approaches, many parents are finding themselves in a difficult financial situation. According to a recent survey, more than half of parents with kids under 18 (57%) are entering the back-to-school shopping season with credit card debt, and 63% expect to add to their existing balance to cover this year’s back-to-school purchases.

Financial Strain

The financial strain is taking a toll on families, with nearly four in 10 parents (39%) saying back-to-school costs have caused tension or arguments in their household. Many parents are changing when they shop, with six in 10 (61%) saying they’re starting their back-to-school shopping earlier than usual this year to spread purchases across multiple paychecks and avoid taking on debt all at once.

Despite these efforts, many parents still expect to lean on credit or other sources of funding. More than four in 10 (43%) plan to rely on a credit card for their back-to-school purchases. Others will look for cash elsewhere, with some using savings or asking family members for help.

Parental Sacrifices

Parents are making sacrifices to ensure their children have what they need for the upcoming school year. Nearly half (49%) expect to sacrifice essentials like groceries or bills to make room in their budgets, while 38% will depend on hand-me-downs or borrowed items. Many parents are also using the season as an opportunity to talk openly with their kids about budgeting and the difference between needs and wants.

Back-to-school costs are not just a concern for parents of younger children. Many families are also supporting older children in college or post-secondary education, with more than one-third of parents (37%) simultaneously supporting a child under 18 while also helping pay for an older child’s education. The combined cost of back-to-school shopping and college expenses feels unmanageable for many of these parents, with two-thirds (67%) saying they’re being forced to choose between meeting their younger child’s back-to-school needs and paying for their older child’s education.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.