Many young people with children of their own could be dealing with a number of expenses. This could become more of an issue when their children start to head to school, as cost demands could put a wrench in their financial strategy.
Approximately two-thirds of parents will spend at least $100 on their child’s school shopping for this fall, according to a report from Offers.com. Only 21 percent noted they will spend less than that amount, while close to the same figure will spend between $101 and $200. More than 15 percent explained they plan to use more than $400 to get their child ready for the school year.
With many parents spending a significant amount of money, it may be necessary to look for ways to save. This was on the mind of more than 95 percent of parents polled, the report noted. The biggest concern when seeking out affordable deals was clothing, as 85 percent noted that was their savings focus. Another 80 percent explained that shoe deals were important, as well. Nearly 70 percent felt they needed to find school supplies discounts.
Luckily, the extra financial stress of dealing with back-to-school expenses may be better dealt with by parents today than even a few months ago. A report from The Conference Board noted that consumer confidence rose to 81.4 in June on its Consumer Confidence Index. This was notably improved from one month earlier, when the figure was 74.3.
Expectations of future financial conditions rose to more than 89 in June, the report added. During the previous month, this figure was 80.6. The Present Situation Index, denoting how consumers felt about the current situation, improved nearly five points to 69.2.