SHREVEPORT, La. -Â A new study from LendingTree is looking at the burden back-to-school shopping has on families in the ArkLaTex and the rest of the country.Â
The study looked at the estimated back-to-school spending bill and compared it to the average monthly household income in each state.
Louisiana came in 3rd with families expected to spend 15.8% of their monthly paycheck on shopping.
Arkansas was 4th with 15.5%, Oklahoma tied for 7th with 14.6%, and Texas tied for 26th with 12.7%.
The good news is LendingTree found the cost of school supplies hasn't changed much since 2019.
The national average expected to be spent per family is about $858. LendingTree says that's not too much higher than the average before the pandemic. The biggest difference is the income levels between states.
As you can see, while Texas families pay the most for back-to-school supplies, they also get paid more which equals a lower percentage of "burden."
Meanwhile, Louisiana, Arkansas, and Oklahoma were all near the bottom with monthly incomes hovering around $5,000.Â
"Back-to-school spending hasn't changed much compared with before the pandemic, but that doesn't mean families are feeling comfortable. Many households have spent years dealing with higher prices on everyday essentials, leaving less room in the budget for seasonal expenses like school shopping. In many states, these costs take up a big portion of a family's monthly income, forcing parents to make tough choices about where to spend and where to cut back"Â said LendingTree's chief consumer finance analyst, Matt Schulz.Â
But don't worry, there are ways to mitigate the damage done by back-to-school spending, even if you're living paycheck-to-paycheck.Â
Shulz recommends making a budget and checking out thrift shops for cheaper items. Also make sure to plan ahead.Â
"Back to school shopping isn't a surprise, so it's something that back to school shopping isn't a surprise. So it's something that you can plan for, and it may not help you that much this time around, but if you can start now building a back-to-school fund, it can work wonders for you a year from now" said LendingTree's chief consumer finance analyst, Matt Schulz.Â
You can also check out back to school giveaways in the area.
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