00:00Back to school season is in full swing and for many that used to mean new
00:05notebooks and maybe a trip to the mall if you were lucky but these days some
00:10kids are showing up dressed like it's New York Fashion Week but here's the
00:14thing a new study shows many parents are willing to go into debt to make it
00:18happen to not disappoint their kids.
00:23Okay guys welcome to my back to school. I remember the feeling making sure my
00:29outfits were on point for returning to school and with the power and pressure of
00:34social media kids everywhere are posting their back to school outfits with
00:38most being right out of designer stores. Time out. I do not mean to pocket watch
00:44but let me give you a quick breakdown of some of these prices. These Chanel
00:48sneakers $1,300. You can find this pink MCM tote bag for $730 at Neiman Marcus.
00:55Purple brand denim jeans. $400 at Nordstrom Rack but originally just under $1,000 and
01:03several of the sneakers in this video are Rick Owens which will cost you anywhere
01:07from $600 to $1,100. It has people everywhere wondering are we normalizing
01:13designer on a regular basis for our kids? I need to know now so I can make sure
01:18that your kids are going to go to school.
01:20And honestly that question is fair because a new study from badcredit.org found 66% of
01:27parents would go into debt to help their child feel like they fit in at school.
01:31Erica Sandberg with badcredit.org says name brands here and there are fine but not
01:36if it's something that will throw your finances out of whack.
01:39If you've got young kids, set them up for success straight from the get-go where they
01:45don't expect those name brands the same as your teenager would because the social pressures later
01:52do become super intense and they do cause parents to overspend to compensate.
01:58It goes deeper than just the price tag. 48% of parents said they even feel guilty
02:04for not being able to afford name brand or trendy items for their kids.
02:08On average, Sandberg tells me back to school shopping could be around $500 per kid.
02:13So setting a plan ahead of time is crucial for your pockets.
02:17Are you going to use savings? Are you going to use a credit card?
02:20Buy now, pay now, buy now, pay later programs and start to plan, right?
02:26How is it that you're going to make this work or are you going to reduce that spending?
02:32But if you're still hoping to hop on the designer trend for your kid and can't afford it...
02:37Hey, a $25 Chanel lipstick that your
02:40teenage daughter can whip out can have the same effect.
02:44The bottom line is back to school shopping is temporary but your finances are not.
02:49Sandberg stresses how important it is to be transparent with your kids about money
02:54and that conversation shouldn't just happen during back to school season.
02:58Badcredit.org also found that 59% of parents don't talk to their kids about financial limits.
03:05Just say, listen, we all have our limits. I have a limit. There's only so much that we can afford
03:12for your clothes to go back to school. We have some, but not as much as you may want. So just know going
03:20into this process that we're not going to get everything for you this year. You have Christmas
03:26coming up or other holidays coming up and we can supplement there. But right now, this is what we
03:32have and be okay with that. It sets them up for success. With Straight Arrow News, I'm Kennedy Felton.
03:40Download our app or visit san.com for more.
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