The Cost of Going Back to School

As the new school year quickly approaches, parents prepare themselves to join the herds of shoppers browsing the aisles for school supplies, new clothes, books, electronics and other necessities. As many parents know, back-to-school essentials do not come cheap. To prepare for this cost, it is important for parents to understand just how much this school year will cost them.

Kindergarten – High School Students

  • Supplies: According to the NRF’s 2013 Back-to-School Survey conducted by Prosper Insights & Analytics, the average family will spend an estimated $634.78 in preparation for the upcoming school year. Approximately $290 of this money will be spent on electronics, backpacks and general supplies, such as notebooks and pencils. While the average is down from $688.62 last year, spending is still expected to reach $26.7 billion.  see index
  • Wardrobe: While supplies account for a large portion of spending, back-to-school clothing is what typically costs parents the most money. On average, families will spend around $230 in apparel and accessories, with another $114 spent on new shoes.

College Students

  • Technology:   College students cost significantly more than younger students. In total, parents will spend an impressive $45.8 billion to send their college students back to school. For the typical student, parents can expect to spend an average of $230 each year in technology alone.
  • Dorm room essentials: In addition to new laptops or tablets, parents can also expect to spend an additional $633 on dorm furniture, apparel, bedding, personal care essentials and school supplies. Parents of college-age students who live off campus will also want to consider the cost of food and furniture when planning their budget.

With back-to-school expenses so high, many parents are left wondering how to get cash for school. Commonly, parents scour the stores looking for the best back-to-school sales and deals. Others offset the expense by including it in their annual budget. However, some parents get more creative and decide to take advantage of their structured settlement. To cover the cost of supplies, apparel and even tuition, parents can fund their children’s education by selling their structured settlement for a lump-sum payment.

With job competition at an all-time high, it is more important than ever to invest in the best education possible for our children. The gift of education is one that will last a lifetime and will give our children a solid foundation on which to build a long and successful career. Selling a structured settlement to fund a child’s education is an effective way to get cash for school without straining your finances or going into debt to shoulder this expense. Let 123LumpSum help.