Is Back-to-School Breaking the Bank?

Published 07/25 2014 09:20AM

Updated 07/25 2014 09:22AM

(CNN) Before you know it, fall season 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 of a family’s budget.

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 percent 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 school costs.


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