Summer is nearly over, which means that “back-to-school time” is here. It seems that every year, the major financial costs that are part of a new school season continue to rise. According to the National Retail Federation (NRF), school and college shoppers are projected to spend over $83 Billion this year. And no one is immune to back-to-school costs, including military families.
Luckily, recent media reports also reflect a growing trend of shoppers to delay purchases until after school actually begins to ensure they are buying the right fashions and supplies. This means that a large percentage of families have not yet completed shopping, and there is still an opportunity to save money on purchases.
In addition to the annual school “start-up expenses” – such as new clothes, computers, backpacks, and supplies – many parents are increasingly responsible for additional fees, including:
This increased burden on parents makes it even more important to establish a financial plan and stick to it. Here are 7 back-to-school tips to help save money this school year:
Even with rising back-to-school costs, it is possible to plan ahead and stick to a budget. Controlling your spending and avoiding debt can help reduce your stress and give you more time and energy to enjoy the school year with your children.
Sound Off...What do you think? Join the discussion...
Ethan Ewing is a veteran consumer financial services and online marketing executive. He manages all aspects of Bills.com, a leading consumer finance website that provides practical financial advice and free financial tools and resources. Ethan is a driving force behind Bills.com’s growth. He has held leadership positions at two Experian companies and built a lead generation business for Ameriquest Mortgage. He holds a BA from Denison University.
This morning, my kids asked me about how I became interested in money. There are a couple of reasons, but we got talking about my job in mortgage banking and how I worked with delinquent borrowers and that I got to review the original underwriting on those mortgages, and that I saw a lot of […]