September Financial Newsletter

Smart ways to spend this school year

As children head back to the classrooms this fall, school expenses are on the minds of parents now more than ever. Over the past decade, back-to-school spending has risen significantly and is expected to total more than $27 billion in 2018, according to a recent Deloitte study. While your child dives into their new classes, consider these tips for spending smart this school year.

Timing your costs

The vast majority of back-to-school shopping occurs early,
as 83 percent of total spending takes place before the second
week in August. Yet despite this popularity, holding off until
late August or early September can be a wiser approach.

By waiting to shop for supplies other than the day-one essentials, your student can determine what will actually be needed for each class. This helps avoid purchasing unnecessary supplies or having
to re-shop for missed items. Also, since clothes and accessories typically represent a large portion of back-to-school expenses, waiting allows your child to find out what is in style. On average, early shoppers wind up spending an extra $100 compared to the later shoppers.

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