Tips For Back To School Spending
Saturday, August 3rd, 2019 -- 7:32 AM
Households with children in grade school and high school will spend almost $700 on back-to-school shopping this fall, according to the National Retail Federation.According to the Clark County UW-Extension Office, clothing, electronics, and school supplies are the top three expenses listed by families in the Federation’s annual July survey. Households with a college student will spend closer to $1000 this year with the biggest expense being electronics. The UW Division of Extension offers these tips to consider as households prepare for the start of a new school year. First, go through school supplies and clothes from last year and list all of the items and clothes that you already have on hand. Next, write down a list of items you absolutely must purchase. Parents need to plan for fees paid directly to the school. Get out your phone or calculator to come up with a total budget amount for supplies, fees, and clothing for each child in school. Parents can involve their children in the budgeting and shopping.
Younger children will learn about how much things cost and how adults make spending decisions on a budget. Talk about trade-offs in decision-making. Be careful about using credit. A credit card payment will mean cutting back spending for future monthly expenses. When this fall is taken care of, it’s not too early to begin thinking about next year.
Check out financial education resources from Extension at https://fyi.extension.wisc.edu/money/. For more information and educational resources on managing your family’s finances, contact Extension Clark County. Questions or to register for the program please call 715-743-5121 or email [email protected].
Feel free to contact us with questions and/or comments.