Young Americans with children may have a significant amount of payments and requirements to help their child succeed in life. These are especially apparent as the school year comes around, with adults needing to fit various new expenses into their financial plan.
Approximately 80 percent of parents plan their spending for their children when they are getting them ready for the school year, according to a report from RetailMeNot.com. However, only 23 percent actually were able to meet or spend less than the amount set. Nearly 30 percent of parents between the ages of 18 and 34 noted they will be able to spend less than the budget they made, while only 9 percent of older parents said the same.
“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.”
More than 70 percent of parents noted they begin their back-to-school shopping for their children before August. However, there are some who start even earlier. More than 15 percent of parents in cities and suburbs noted they start shopping before the previous school year even ends. Meanwhile, approximately 14 percent of young parents claim they have similar back-to-school shopping habits.
Parents spend significant funds on children’s school expenses
As many children will need several items to help make the transition back to school easier, it may be a good idea for these parents to revamp their financial strategy to ensure everything is purchased and money doesn’t get tight.
Approximately 21 percent of parents will spend more than $200 but less than $300 on their child’s school expenses this summer, according to a report from Offers.com. More than 15 percent explained they will spend more than $400, while 21 percent said they will get by by spending $100 or less.
Many parents will also focus on deals when trying to better afford these items. The report added that four-fifths of parents will try to find discounts on shoes, while 85 percent will look for the same with clothing. Nearly 70 percent will seek out deals for general school supplies.