Summer is nearing its end which means it’s time to equip students with the supplies they need to have a great school year. But it costing their parents nearly everything. ESSENCE previously reported, a by Qualtrics and Intuit Credit Karma revealed that 59% of those surveyed say that due to the soaring living costs, they will spend more money on back to school shopping for their children this year compared to the recent past.
According to the report, higher costs create affordability challenges for nearly one-third (31%) of parents who say they are unable to afford back-to-school shopping for their children this year. Atlanta-based financial advisor says the last she wants to see parents forgoing their basic needs to cover costs for school necessities. “First and foremost, you always have to put on your mask before help others,” she tells ESSENCE.
“So, just reminding a lot of parents that there are scholarships and things of that nature for students, but there are no scholarships for retirement. Even though we, as mothers can tend to want to overextend ourselves to the highest level, you still have to remember that you don’t want to put yourself in a predicament where you’re going to have to lean back on that child later on in life or doing anything that completely unravels the foundation you put together.” Easier said than done when coming up against immediate college costs that stand your child’s education, but Garner Scott says it’s important to look at th.