Staples used the classic Christmas song “It’s the Most Wonderful Time of the Year” in a back-to-school advertisement, stirring up nostalgia for parents. In May 2024, Deloitte surveyed parents and found they plan to spend an average of $586 on school supplies and clothing per child, and an additional $582 on extracurricular activities. Financial planner Teri Parker shares her unique method of teaching budgeting to her children during back-to-school shopping, emphasizing the importance of budgeting and making the experience memorable and engaging for the whole family. She recommends researching discounts, buying in bulk during sales, and sticking to the school’s suggested supply list to save money and avoid accumulating debt. Parker also warns against using credit cards for purchases without a plan to pay them off, as the average interest rate is 27.62%. Her tips for keeping back-to-school budgeting on track include setting a budget, checking for sales, involving children in the process, and planning ahead for future school years. As the back-to-school season approaches, Parker encourages parents to spend time planning for a successful shopping experience and preparing children for the new school year. The goal is to make the process memorable and meaningful for the whole family, ensuring a smooth start to the school year.
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How to effectively budget for back-to-school expenses – Daily News
