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.
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Ethan Ewing manages Bills.com, a website business which provides practical financial advice and resources to everyday people. Prior to joining Bills.com, Ethan was a Vice President for Experian Interactive, a leader in online marketing and advertising, where he was responsible for developing online partnerships with many of the internet's largest properties. Ethan has also built a website business for Ameriquest Mortgage, managed a mortgage origination operation and consulted on secondary market bulk mortgage acquisitions. Ethan received his BA from Denison University, where he was a captain of the men's lacrosse team.
Bills.com's goal is to help Americans better manage their financial matters, with a focus on monthly budgeting and cutting expenses. Check out www.Bills.com/IQ to get your free BillsIQ score and find out how financially fit you are.
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