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Back to School

Posted on August 1, 2016

It’s that time of year again for students and parents to plan back-to-college shopping. This is a joyous process, where both parties begin by agreeing on a budget. The problem is, students and parents have different ideas about what the ideal budget should be. How different?

When professional services firm Deloitte conducted a survey, it found that parents expect to spend on average $1,345 for school necessities, while college students only plan to spend an average of $1,082. Surprise, surprise – the students plan on being more frugal than the parents.

Perhaps the parents are being more realistic? Deloitte said that a majority (57%) of students expect to contribute over half of the back-to-school funds. This is nice, but their parents don’t seem to believe them: only 16 percent of parents expect their students to contribute more than half of the funds.

Parents sound downright pessimistic on the subject, don’t they?

As we end our Stuff the Bus event, we understand the expenses and need for school supplies. Budgeting for college students can be a very difficult task. If you have questions on how to start preparing for these upcoming costs, ask a WVCCU staff member to help you create a financial plan.