Back to School Shopping Facts & Tax Breaks
/Did You Know...
According to the National Retail Federation's 2013 Back-to-School Survey (conducted by Prosper Insights & Analytics) “families will shell out less than they did in 2012 for school gear, but still an average of $634.78 for clothing and shoes, electronics, and other school supplies.” According to the survey, “last year's big spend was $688.62 per family. This year's total back-to-school spending is projected to hit $26.7 billion.”
The survey also found that the average person with children in grades K-12 will spend $246.10 on clothes, $217.88 on electronics, $129.20 on shoes, and $95.44 on school supplies — such as notebooks, pencils and backpacks.
In addition, about six in 10 people said they would invest in some sort of electronic device, according to the survey. This is up from 51.9 percent who planned to buy an electronic device last year.
One-way parents can save money is by taking advantage of temporary tax breaks offered on back-to-school items. During tax-free holidays, states eliminate sales tax on certain items like clothing, school supplies, and even electronics. Seventeen states participate in tax holidays with some
lasting only a couple of days and others lasting a full week. The tax savings for parents could amount to anywhere from 4% to 7%. Some online businesses also offer tax-free shopping holidays such as Amazon.com.
Check here to see which states offers tax-free shopping, the dates the tax holiday will take place, and any limitations on your purchases.
Let FamilyMint.com help you teach your kids about managing their money and making wise purchasing decisions. FamilyMint.com provides a fun and educational way for children, with the help of their parents, to manage money and build financial literacy.
Sources:
http://money.cnn.com/2013/07/31/pf/taxes/tax-free-shopping/index.html
Photo Source:
Sources:
http://holidaygiftnation.com/2013/08/01/tax-free-weekend-2013-for-back-to-school-shopping-deals/
