It’s my favorite time of the year.
The start of school and the end of “I’m bored” will be here soon. I love my kids, but I’m tired of trying to find things to keep them occupied without breaking my summer bank. But there is a downside to sending them back to school. The spending.
Retail stores are already gearing up for the spending that comes with a return to the classroom.
I’ve tried duck-taping the holes in their backpacks, but the kids insist on new ones. Oh, well. Seriously, what do they do with those backpacks all year long to get those big holes? And I’ve tried pushing down on my son’s head but to no avail. He just keeps on getting taller and outgrowing his clothes.
The Census Bureau recently released some very interesting back-to-school statistics.
In August 2010, families spent $7.4 billion at clothing stores. Book store sales totaled $2.2 billion.
In its annual back-to-school survey, the National Retail Federation found that after cutting back on their purchases last year, parents are ready to spend this upcoming school year.
The report found that consumers with children in grades K through 12 will shell out an estimated $688.62 on back-to-school products, from clothing and school supplies to electronics, up from $603.63 last year.
The average person with children in grades K through 12 will spend $129.20 on shoes and $95.44 on school supplies such as notebooks, pencils and backpacks.
“When it comes to their children, there’s nothing more important to a parent than making sure their children have everything they need, even in a tough economy—and especially when it comes to back-to-school shopping,” said NRF President and CEO Matthew Shay.
The key word there is “need.” Shop with that in mind. At any rate, here’s the Color of Money Question of the Week: What’s your best way of saving for back-to-school shopping? Share your tips so others can save, too. Send your comments to colorofmoney@washpost.com. Please include your name and city. Put “Back-to-School Spending” in the subject line.
Let’s Chat Today
Join me today at 12:30 p.m. ET for my online text chat.
My guest will be Jack Otter, author of “Worth It Not Worth It?: Simple and Profitable Answers to Life’s Tough Financial Questions.” Otter is the executive editor of CBS MoneyWatch.com. His book was my pick for the Color of Money Book Club selection for July.
Be sure to login early or read the chat later.
Should Colleges Offer a Shopping Sheet?
This week I wrote about a new college shopping sheet released by the Department of Education.
U.S. Education Secretary Arne Duncan is asking college presidents to use a new one-page “shopping sheet” intended to help students and their families clearly see the amount of loans they may need to attend an institution and how much in grants and scholarships they would receive.
As I wrote in my column, Duncan’s letter immediately made me think of the Temptations song “Ain’t Too Proud to Beg.” The song was about a man begging his love to stay. The key lyrics applicable in this case: “If I have to beg, plead for your sympathy, I don’t mind ’cause you mean that much to me.”
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