Family budgets face new school-year costs as families seek funding options
Across North America, a notable share of households finds themselves relying on loans or credit to cover the essentials required for the new school year. In a recent survey, 22% of participants admitted they would need to borrow money to purchase school supplies, clothing, and other mandatory expenses. The data come from Vyberu.ru, a financial market study, and a copy of the results is available to editors at socialbites.ca for reference. The numbers reflect how households balance education-related demands with tight budgets, especially when prices rise at the start of the academic year.
In another part of the findings, about one in three parents—31%—reported having enough overall resources but a need to set aside funds for future costs. In practical terms, a quarter of respondents are actively trying to cut back on discretionary purchases to build savings, while 22% believe they can cover the expected costs without introducing further strain on the family finances. This snapshot shows how households plan around education costs while juggling other financial commitments, a pattern that resonates with families in Canada and the United States where school-related expenses can quickly escalate.
Yaroslav Bajurak, the head of Vyberu.ru, commented that the financial load on families tends to rise before the school year begins. He pointed to rising prices across goods and services as a key factor, along with the natural drawdown of savings after holiday spending. The trend suggests that households are more deliberate in how they allocate funds for education in the weeks leading up to the start of classes, which often requires careful budgeting and strategic decisions about spending in other areas.
Industry data from the OFD Platform indicate that the average enrollment-related cost this academic year reached 13.4 thousand rubles, marking a 7% increase compared with last year. Although this figure originates from a different market, it underscores a broader pattern: education-related costs tend to rise year over year, influencing family budgets and saving strategies. For families in North America, similar shifts can appear in tuition, school supplies, transportation, and extracurriculars, all compounding the challenge of funding a successful school year.
Socialbites.ca highlighted in early August practical guidance on organizing child-related school needs, including budgeting strategies and cost-saving ideas. The site has also featured ongoing tips to help parents manage tuition and other compulsory school expenses, emphasizing proactive planning and prudent spending. These insights are particularly useful for households navigating the back-to-school period, where the goal is to minimize financial stress while ensuring children have what they need to learn and grow.
Across the broader landscape, many families seek efficient ways to stretch every dollar during back-to-school season. Practical steps may include mapping out essential purchases, comparing prices, and leveraging community resources such as school supply drives or bulk buying opportunities. While the specifics can vary by region, the underlying principle remains the same: thoughtful preparation reduces surprise bills and helps maintain a balanced budget for the year ahead. This approach is especially relevant for families in North America who aim to keep educational expenses predictable and manageable while supporting their children’s academic success. [citation: Vyberu.ru study]