Back-to-school spending is at record levels. Families are spending even more to prepare children for school and college, buying more laptops and computer accessories in anticipation that at least some classes will take place online because of the coronavirus pandemic, according to the latest study by the National Retail Federation and Prosper Insights and Analytics.
Spending on K-12 and college back-to-school expenses (excluding tuition) climbed to $33.9 billion in 2020, up from $26.2 billion in 2019, and broke the record of $30.3 billion set in 2012.
That breaks down to:
$789.49 per family (K-12)
$1,059.20 per family (college and graduate students)
Not only is back to school spending costly, but it also pushes our emotional buttons. Our ‘parental programming’ that we need to ‘do more’ for our kids goes into hyperspeed, reports Psychology Today. While we want to make sure our children have the best of everything, without realizing it we may be trying to overcompensate, driven by guilty feelings or emotional stressors. Take a deep breath and plan accordingly based on needs and not desires.
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