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Huntington Introduces Backpack Index, Easy Guide for Parents To Plan Families with two children can expect to pay between $600 and almost $1,000 just for supplies
COLUMBUS, Ohio -- July 5, 2006 -- From crayons to calculators, parents are spending more each year for needed supplies for their elementary, middle and high school children. And that's before college. To help parents plan and save for these education expenses, Huntington Bank is introducing the Backpack Index. To fill the backpacks of their children this year, Huntington projects that parents should have $307 available in late summer for elementary pupils, $438 for middle school children and $669 for high school students. These expenses are for supplies and do not include the money parents can expect to pay for back-to-school clothing. In the next five years with an estimated inflation rate of approximately 3%, the costs will increase to $353 for elementary students, $503 for middle school students and $769 for high school students. "Huntington has designed the Backpack Index to give parents the ability to forecast their budgetary needs," said Mary Navarro, senior executive vice president of retail and commercial banking at Huntington Bank. "Families are under tremendous pressure between the cost of gasoline and the rising cost of higher education to spend wisely and save more. Just as they plan for holiday shopping, they should plan for back-to-school by saving a few dollars each week after the holidays to be ready for the beginning of the school year." Supplies for students have not changed significantly over the years with many schools still requiring index cards, flash cards, three-ring binders, rulers, notebooks and highlighters. The lists do reflect the availability of new products with some schools asking for hand sanitizers and tissues to be included in the backpack. In developing the list, Huntington added a $228 instrument rental fee to represent fees for outside activities, in which so many children are encouraged to participate. In addition, as part of the Backpack Index, Huntington's list of supplies includes a $39.99 cell phone for middle school children because so many parents depend on the cell phone to help their children notify them when after-school activities and sports practices are completed. Huntington also added the SAT preparatory book and SAT fee for high school students with the assumption that the index reflects costs for junior year. The complete Backpack index is attached. "According to the Department of Commerce, the savings rate among Americans is the lowest it has been since 1933," said Navarro. "At Huntington, we know that the best way to save is to budget wisely. We are committed to helping parents to plan their budgets and save for their futures. Parents can also visit any Huntington office and ask about savings accounts and accounts such as 529 Plans to help save for higher education." About Huntington Huntington Bancshares, Incorporated is a $36 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 140 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 380 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at www.huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of almost 1,000 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, North Carolina, Pennsylvania, South Carolina, and Tennessee; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and an office located in the Cayman Islands and an office located in Hong Kong. Five Savings Tips for Parents
1. Make a budget for back-to-school expenses.
2. Beginning in January, save money each week for back-to-school
expenses.
3. Know what to expect. In many school districts, parents can go online
and find the supply lists for the next school year.
4. Begin saving for post-secondary education as soon as you have a child.
5. Ask your bank about college savings plans.
Huntington Back Pack Index
Elementary School Middle School High School
Item Cost Item Cost Item Cost
Backpack - L.L. Backpack - Backpack -
Bean 19.00 L.L. Bean 24.00 L.L. Bean 39.00
1 pkg. loose-
3 dozen #2 pencils 2.98 leaf paper 2.88 Calculator 95.99
1 4-function 3 3-ring
Red ballpoint pens 5.99 calculator 17.99 binders 8.07
1 zippered 1 pkg. loose-
Pointed scissors 4.15 pencil pouch 3.61 leaf paper 2.88
1 pkg. pens
4 pkgs. 3x5 (red, blue and
Glue or glue sticks 1.99 index cards 4.58 black) 5.75
1 pkg.
1 pkg. colored mechanical
12" Ruler 1.19 pencils 3.99 pencils 4.99
1 pkg. 1/4" 1 pkg. lead
24 Crayons 3.99 graph paper 1.75 refills 1.88
Colored markers or 1 pkg. #2
pencils 3.99 pencils 1.99 1 compass 4.19
Pink Pearl Erasers 1.18 1 pkg. erasers 1.18 1 notebook 0.99
2 Wide-ruled spiral 1 3-subject 1 pkg. 1/4"
notebooks 2.98 notebook 6.09 graph paper 1.75
1 pkg. 1 pkg.
1 2" 3-ring binder 2.69 Highliters 6.49 Highliters 6.49
1 pkg. pens 1 foreign
5-tab index dividers (red, blue and language
for binder 0.99 black) 5.75 dictionary 2.99
3 Composition 3 pkgs. 3x5
notebooks 5.63 Trapper Keeper 10.47 index cards 4.58
1 bottle
Lunchbox 8.50 Cell phone 39.99 white-out 3.49
Instrument
rental for one 1 student
1 box tissues 1.20 year 228.00 planner 5.38
ACT preparatory
3 folders 4.44 Lunchbox 13.50 book 11.04
SAT preparatory
1 school box 1.67 Hand sanitizer 5.25 book 11.97
1 bottle white-
2 pkgs. flash cards 6.99 out 3.49 Fee for SAT 41.50
Instrument rental
for one year 228.00 1 box tissues 1.20 Fee for ACT 29.00
1 dictionary and
TOTAL 307.55 thesaurus 7.49 Yearbook 50.00
Summer reading
books 27.00 Varsity Coat 75.00
Instrument
rental for one
Workbook Fees 22.00 year 228.00
Summer reading
TOTAL 438.69 books 35.00
TOTAL 669.93
NOTE TO EDITORS: Photos of backpacks with supplies are available. |
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