Parents may want to sing for joy at the thought of kids heading back to school. However, the expenses associated with this time of year may also cause them to sing the blues.
According to the National Retail Federation, back-to-school shoppers will spend $76 billion this year, and families are spending 55% more than they did a decade ago. In addition, the Rubicon Project’s Back-To-School Consumer Pulse Survey found that 61% of parents plan to spend more than they did last year. The average: $917 per child, and for parents of college freshmen it’s more than $1,300.
Some strategies to attack back-to-school expenses:
Have the talk
Back-to-school season is one of those classic teachable moments for parents to improve their kids’ financial literacy.
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