A statistic that is a good indicator of the challenges in the economy, that both shows how slowly it is growing as well as the high cost of housing in our country, is the number of people using Housing Choice Vouchers. As of the start of 2016, over 2.2 million households are enrolled. These households are made up of over 5 million unique unique individuals, or “soles”. All of these people are receiving assistance with their rental costs from the federal government.
Depending on the survey used, parents should plan on spending anywhere from $600 to $1,000 during 2016 on school supplies. This is a huge expense, and the earlier that families start to plan on this (and budget for it), the better. Even after they do that, many households will still not be able to take on that extra expense.
Be prepared for a big jump in the cost of Obamacare for 2017. For the estimated 20 million Americans who are enrolled into the Affordable Care Act or state plans, they may see increases in the high single digits to even over 10%. Many of the current enrollees may not be planning on this increase for 2017, but they should start to be aware of it now.