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It’s Back-to-School – Hold on to the Purse Strings

  • Broadcast in Finance
Cornerstone CU League

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As we get ready to say goodbye to the lazy days of summer, it's time to turn our attention to the new school year. According to a new back-to-school survey by Accenture, a majority of parents plan to spend more on their children's back-to-school shopping this year, driven by rising costs or necessity rather than greater spending power.

The survey finds that 67% of parents plan to spend between $100 and $500 and 41 percent plan to spend $500 or more for back-to-school shopping this year. One-third of parents spending more plan to increase their spending by $250 or more. Among the reasons given for the spending increase, 71 percent cited higher prices and 56 percent cited increased school requirements. Startling, nearly one in five parents said they will spend more in order to help their children "keep up with their friends."

It's not hard to blow your family budget when it comes to fulfilling the needs (and wants) of our children – particularly when retailers have eye-catching aisles of back-to-school supplies just waiting to picked up by anxious students. On today’s episode of Your Money, Your Matters, we will discuss the importance of planning and budgeting for back-to-school. We’ll offer tips on how to cut costs, and stay on budget.

Your Money. Your Matters is a weekly show broadcasting every Tuesday from 11 a.m. to noon Central Time. The program features radio personalities Linda Webb-Mañon and Rick Grady, Cornerstone Credit Union League; Courtney Moran, Cornerstone Credit Union Foundation, and Todd Mark, Consumer Credit Counseling Services.