Commentary

Parents to Cut Back On Restaurants To Cover Back-to-School Costs

A new study from American Express reports that while parents say they won't scrimp on what kids need to start the school year, it won't be painless: They'll cut back on restaurant spending, entertaining, and their own clothing.

The average family of four expects to spend $800 on back-to-school shopping. But 67% say they will make financial trade-offs to cover it, including dining out less (53%), spending less on entertainment (39%), and buying fewer clothes for themselves (37%).

Clothing is expected to be the largest expense, at $290, with another $110 for shoes and $100 for school supplies. (Many parents say they are forking over more for these, as schools cut back on what they provide to kid.) But braces (at about $2,000) and new computers and laptops ($830) are also on many parents' minds.

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