Back to School Budgeting
NEW YORK (AP) — As the back-to-school shopping season returns, so does the annual tug of war between kids who want the trendiest clothes and parents who need to hold to a budget.
A recent Associated Press article suggests ways that parents can keep stress down and also teach some valuable lessons to the kids at the same time.
A survey by the National Retail Federation found the average family expects to spend $527 on back-to-school items this year, up 18 percent from $444 last year. Of that, teenagers are spending an average of nearly $29 of their own money, and preteens are investing about $13, the study by the Washington, D.C.-based trade group said.
June Walbert, a certified financial planner with USAA in San Antonio, said parents should work with their children to set priorities. “Turn back-to-school shopping into a family event, just like planning the family vacation,” she said. “Families don’t just pick up and go on a vacation; they plan.”
Deciding what to buy, where to buy it and who will pay for it teaches the importance of budgeting and helps avoid overspending, she said.