With K-12 families set to spend nearly $700 on back-to-school shopping, setting a budget is essential.
The back-to-school shopping season is the second most expensive time of year for families with children. To help households stick to a budget, Consolidated Credit has created a free interactive back-to-school budget planner. They will also host a free webinar on August 14 to help families identify practical ways to save.
With roughly 78 percent of American households living paycheck-to-paycheck, according to a 2019 Forbes report, back-to-school expenses can stress consumers’ budgets and lead to increased debt. This year, the National Retail Federation estimates that families with K-12 children will spend nearly $700, while families with college-bound students will spend almost $1,000.
“Periods of increased spending can be tough when you’re just making ends meet,” explains April Lewis-Parks, Education Director for Consolidated Credit. “It often leads to increased credit card spending and higher bills, which only stresses budget more.’
Lewis-Parks says that was the idea behind the free back-to-school spending planner. It’s one of a series of spending planners the organization created to help families avoid overspending during expensive times of the year. It allows parents to set a budget based on how much they make annually and then plan accordingly for all the expenses they need to cover.
Consolidated Credit recommends these following money saving strategies for back to school shopping:
- Get your kids involved and talk to them about what items they need.
- Make a list to help you stay on target while shopping.
- Cut spending day-to-day to increase cash flow.
- Use social media to get exclusive offers and receive updates on sales.
- Generate extra money by selling unneeded items online or at a yard sale.
Consolidated Credit will a Smart Back to School Savings webinar on Wednesday, August 14, at 1:00 P.M. (ET). Participants will learn ten smart ways to save on expenses, how to coupon without going crazy, and how to include children in setting a budget to turn shopping into a money management teaching moment.
shopping into a money management teaching moment.
About: In 26 years, Consolidated Credit has helped over 6.5 million people overcome debt and financial challenges. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and counseling.
Media Contact: April Lewis-Parks 954-377-9344 [email protected]