Stretch Your Dollar: Potentially hitting record-level spending in 2020’s back to school season

Stretch Your Dollar

With just weeks to go before kids are supposed to head back to school, many districts are choosing to begin entirely online or to let parents decide. This could mean lots of homes are going to need school supplies. We are stretching your dollar with how that could lead to record level spending.

Parents across the country are preparing to once again turn their dining rooms into classrooms.
And that means they’re going to need to supplement the things that are normally found at school. According to the National Retail Federation, this means families could spend a record amount on back-to-school shopping.

For parents with kids in kindergarten thru twelfth grade, the previous spending record was nearly $700 per family. This year, it could top that with a projected average close to $800. And for college students, we know those textbooks and laptops aren’t cheap.

Those families could be looking at an average of more than $1,000 up from last year’s record of around $976. More than half of parents with kids in K – 12 are projected to do their shopping online. And more families are planning to buy electronics like computers this year.

With all this increased spending, 30% say comparison shopping is going to be key this year.

If you are buying electronics for back to school, maybe you can look for ways to scale back other purchases. Do an inventory of clothing before buying more and remember clothing and supplies typically go on sale shortly after kids are back to learning. So if you can delay purchases you may save even more.

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