Yep. It's that time of year already... Whether you've got your first kindergartener and you're starting from scratch, or you have a senior in high school begging for a car and some new clothes, or you've got a child just getting into college... The end of the summer usually means the pocketbook starts to hurt just a little bit more.
Let's be honest, no matter how old you were, you had to be in top form when school came back in session. How many of us don't remember getting a new haircut, a few new shirts, maybe a new pair of jeans to go along with the standard school supplies? (As a child of the 80s, for me it was an awesome new trapper keeper and a Fraggle Rock lunch box.)
You weren't cool unless you had one of these.
The first day of school was your number one opportunity to show off and establish yourself as one of the "cool kids." (full disclosure, I wasn't one of the cool kids, but that didn't mean I didn't beg my mom for all sorts of stuff we couldn't afford.)
The economy may be down, but the rules of the playground haven't changed, and the amount of money parents are spending on their kids on back to school shopping reflect that very fact.
According to a study by the National Retail Foundation the money being spent on back to school supplies, clothes and electronics is higher than ever. In 2010 the average American family will spend $606.40 to get their children K-12 ready for school, and despite the lagging economy, this number is up significantly from the 2009 average of $548.72, and surpasses even the $594.24 we saw in 2008.
For many families, this could spell disaster.
According to the study, the combined K-12 and college back to school spending this year will reach $55.12 billion, making it the second highest "holiday" spending event of the year, only behind the Winter Holidays (and eclipsing the $14.6 billion we spend on the 3rd highest spending event of the year - Mother's Day... Interestingly enough, we spent $3.44 billion on St. Patrick's day... Which is more green dye and shamrock shakes than I care to imagine.) While this may be great news for the economy, it can be bad news for parents who are stuck in a bind... December may be the giant when it comes to family spending, but September isn't generally quite as planned for. Far too many families find themselves stuck in a situation where their kids from elementary school to college need supplies, clothes, and/or electronics, and they simply do not know how to pay for it. According to the NRF study, parents are trying solutions from thrift stores to shopping online to save money, but even with these solutions, we'll be spending more this year than ever. Talk to us about cash loans, and don't get stuck in a situation where you bury yourself financially or get trapped in a payday loan to help get your kids ready for school.
Please give us a call and we'd be more than happy to look at some options that will make both you and your kids happy, and get the school season started with the least amount of tears as possible (we can't promise the kids will be happy to go back to school, only that we can help you get them a little less sad.)
Who knows, for the right offer I might even be able to throw in a lightly used Fraggle Rock lunchbox... I can't promise anything though.
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