~~Fairfax, VA – Back to school shopping expenses for K – 12 and college aged children was expected to reach $72.5 billion according to the National Retail Federation. The average amount spent for K-12 students was predicted to be $634. Budgeting for annual expenses such as back to school shopping is important. The Association of Independent Consumer Credit Counseling Agencies encourages consumers to include the additional expenses that will accrue during the school year in their budgets as well.
“Consumers who take the time to include as many known expenses into their budgets as possible will be more successful at avoiding unwanted credit card debt,” said Christopher Viale, chairman of the board, Association of Independent Consumer Credit Counseling Agencies. “Having a plan for all expected expenses during the school year will assure better preparation to meet the expenses with current income without relying on credit.”
AICCCA offers the following budgeting tips for parents of K-12 and college aged children:
Elementary. Be prepared to include parent teacher organization dues and fund raisers, school shirts, field trips, yearbooks and lunches in your budget. For a 180 day school year, you will spend approximately $470 for a school provided lunch.
Middle and early high school. Budget items for this age group include sports and other extracurricular activities, including homecoming. School lunches and yearbooks will also be a factor during these years.
High school seniors. Along with the normal high school expenses outlined above, you will have additional expenses to cover for college applications, prom, graduation and senior photos.
College. A conversation with your college-aged child is a great place to start in budgeting for ongoing expenses throughout the semester. Some items to consider are housing, food, transportation, sporting events, entertainment and sorority/fraternity dues.
AICCCA: Founded in 1993, Association of Independent Consumer Credit Counseling Agencies is a national membership organization established to promote quality and professional delivery of credit counseling services. AICCCA and its members are focused on financial education, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, annually counsel millions of consumers nationwide and provide debt management services to consumers with excessive unsecured debt. To contact an AICCCA member agency call (866) 703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.