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Is Back To School Breaking The Bank?
Updated: Friday, July 25 2014, 07:26 AM CDT
Before you know it, fall will be here and it will be time to go back to school. For parents that means stocking up on notebooks, number two pencils, and back to school clothes -- all of which usually take a big chunk out of a family's budget. So -- just how much parents will pay to send their kids off to school this year?
Back to school is a busy and exciting time for families but you better start setting aside money now because as many parents know, it is also an expensive time.
A new survey done by RetailMeNot and the Omnibus Company finds that families spend $659, on average, on school-related costs throughout the year.
So where is all this money going?
Well, beyond just paying for those lengthy back-to-school lists, it is the extracurricular activities during the year that really adds up.
88% of parents say their kids are involved in these activities, which cost $396, on average throughout the school year.
And field trips and fundraising drives also add up as well.
The survey also found that many parents are making sacrifices to pay for all these extras. Three in four parents said they are spending less on items like clothing, eating out, and vacations to cover the school costs.