Updated: Mar 5
Due to the disruptions in the supply chain with high demand and low volume equals higher prices.
According to CNBC (TV), the cost for back to school clothes is going to increase 77% as most of the clothes come from Asia in shipping containers which has seen a 220% increase and the cost for trucking them to the stores is up 53%.
In addition, notebooks are up 75%, book bags 22%, televisions 22% and sneakers 17%.
So if you are on a specified budget you may want to stretch the life out of your shoes and clothes; however, you can also go to second hand shops and estate sales.
Oftentimes, what they sell can be gently used or unworn and the beauty is that they will be sold for a fraction of their original cost.
You may also need to cut down own your budget in other areas to manage the cost and you can review many of our personal finance tips to help you achieve that
All in all, this is a great reminder that when you are forced to cut back on things you often realize that in the past you bought new things because you wanted them rather than needing them.