Going Back to School May be More Expensive than You Think

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Going Back to School May be More Expensive than You Think

For Immediate Release
August 24, 1999

Media Contact: Will Casserly
wcasserly@ricedelman.com
(703) 251-0110

$470 for 1st Grade, $850 for 9th Grade, $5,000 for college (not including tuition, room & board)

Fairfax, VA ? Sending the kids back to school can be one of the happiest times for parents, but parents should be prepared for the costs involved says financial planner Ric Edelman. According to a study conducted by Edelman Financial Services Inc., the cost of sending a first grader to school is almost $470, a ninth grade soccer player costs almost $850 and a college freshman can cost more than $5,000 (excluding tuition, room & board).

The EFS study gathered information from teachers, parents and recent college graduates. Edelman?s goal was to establish the items needed to go back to school and the costs. Below is a list of what a parent can expect to spend on a child in first grade, ninth grade and freshman year of college.

First Grade High School Freshman

Box of crayons $.50 for box of 24 (and Soccer Player)

Pencils $.45 for box of 44 Pens $2

Eraser $.30 Pencils $.45 for box of 44

Tissues $.80 Eraser $.30

Markers $1 for box of 10 Loose Leaf Paper $.70

Scissors $2 Composition Notebook $.90

Pencil Case $.60 3 Ring Binder $3

Glue $.35 Pocket Folders $.10

2 pocket folder $.10 Lap Desk $5

Lap Desk $5 Calculator $11

Lunch Box $8 Insulated Lunch Bag $8

Clothes $350 Backpack $25

Shoes $100 Clothes $400

Total: $469.10 Shoes $200

Equipment for Soccer

Cleats $100

Practice ball $20

Shin Guards $20

Shorts $20

Socks $8

Sport Bag $15

Total $839.45

College Sophomore
	Books and Supplies $600	Outlet Strip $7
	Transportation $400	Laundry Basket $6
	Refrigerator $150 (2.5 cu ft.)	Broom $7
	Computer (monitor & processor) $1100	Mop $8
	Printer $150 (Hewlett Packard Deskjet)	Laundry $96 (rolls of quarters?year)
	Printer cartridges $20 (b/w) $35 (color)	Supply of Mac-N-Cheese $80(year)
	Phone/Answering Machine(digital) $80	Supply of Ramen Noodles $30 (year)
	TV/VCR combo $270 (19")	Clothes $400
	Calculator $11	Shoes $200
	Bed set (twin size) $70	Backpack $25
	Towels $22	Lap Desk $5
	Pillow $10	Pens $2
	Bathroom rug $10	Pencils $.45
	Shower curtain $15	Eraser $.30
	Fleece blanket $15	Loose Leaf Paper $.70
	Wastebasket $6	Composition Notebook $.90
	Ironing board (countertop) $10	3 Ring Binder $3
	Iron $15	Storage Locker $30
	Alarm clock $18	Storage Cubes $4
	Vinyl inflatable chair $20	Basket for toiletries $5
	Hot Pot $13	Late night snacks/munchies $600 (year)
	Desk Lamp $7	Groceries $450 (year)
	Oscillating Fan (16") $30	Total: $5,037.35

Ric Edelman's newest book, The Truth About Money, from HarperCollins, is a 650-page personal finance book, which uses a fun, practical approach to explaining the process of accumulating, protecting and managing wealth. His two previous books were both New York Times best sellers.

Media Contact

Will Casserly
wcasserly@ricedelman.com
703-227-0110 (office)
888-752-6742 (toll free)

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