The average adult spent approximately $103 per day during August, according to findings noted in a recent Gallup poll. This was $14 higher than July’s level, as well as notably improved from the $80 average recorded at the beginning of the year.
These figures change when looking at whether or not these people have young children. Those without kids reported an average of $92, while ones with youngsters had a figure of $125 per day, the poll noted. Both figures were more than $10 higher than July’s level.
When considering those in the 18 to 29 year-old category, the average improved to $83, which was higher than the previous month’s measurement of $74, the report explained. For those in all age groups, individuals may have experienced a boost in their spending due to their children going back to class. Many parents are dealing with higher expenses in order to give their kids – no matter the age – the right amount of school supplies.
There is still a possibility that these spending levels will subside during the final few months of this year, the report added. Despite a potential drop in spending, even previous levels ranging between $80 and $90 per day could still signal a certain comfort in budgeting and finances as the year goes on.
Fees for school supplies complicate budgeting
Many parents are expecting to not only spend on their child’s clothing and school essentials, but also items that are expected to be in the classroom.
On average, parents feel they will spend nearly $290 in these classroom costs for their children this school year, a report from RetailMeNot.com explained. More than 20 percent of those polled said this level could exceed $300.
“The financial pressures that have been placed on the backs of parents due to budget cuts can mean a difficult start to the school year,” said Trae Bodge, senior editor for The Real Deal by RetailMeNot. “It’s important for parents to start shopping early and plan their back-to-school needs well in advance so they can set a budget and try to stick to it.”