Summer has finally heated up and so have the bills. Back-to-school shopping is taking its toll on parents across the United States, as well as their kids. According to a recent MSN/Real Simple survey, 56 percent of parents said they are likely to ask their kids to take an allowance cut until the economy gets back on its feet.
Although allowances are likely to be cut, kids are going the extra mile this year to help. Surprisingly, looking "cool" isn't a priority when the chips are down, with 31 percent of parents saying that their kids are willing to give up "cool" clothes to help simplify during difficult economic times. Parents are using the troubled economy as an opportunity to educate their kids on the value of saving versus spending. In fact, 54 percent of parents said they are unlikely to shelter their kids from the economic realities of the downturn.
Surprisingly, an overwhelming majority of respondents, 73 percent, indicated that the troubled economy has positively affected their family by enabling them to simplify their lives and eat more meals together at home. Eating more meals at home was the No. 1 solution for families looking to save in order to put more money toward back-to-school purchases this year. Fifty-five percent of respondents plan to cut back on eating out, while 53 percent of mothers surveyed said they intend to cut back on groceries as well. Consumers can get the latest scoop on back-to-school savings, inexpensive family entertainment and more back-to-school fun at lifestyle.msn.com and RealSimple.com.
