Back-to-school shopping: a teachable moment
Back-to-school shopping is an annual event perfect for talking to your kids about budgeting and saving money, and the difference between needs and wants. Kids need to be taught about why budgets matter or why spending more than they have budgeted should be avoided.
Make back-to-school shopping a fun and educational experience. Involve the kids from the very beginning. This will help lay the foundation for sound money management habits. Some of the ways you can make this experience a teachable moment are:
- Set a realistic back-to-school budget (including clothes, shoes, supplies, etc.).
- Give each child their school list and have them look at the store ads and price compare.
- Take a copy of your budget when shopping and let your child enter in all the actual expenses–paper works fine for young ones; teens might prefer to enter expenses in a cell phone.
- Encourage kids to consider ways to cut costs through sales and coupons and reward them for coming in under budget. Consider splitting the difference with them.
- Teach your children to comparison shop and to avoid impulse buying. If it’s not on the list, don’t get it.
The first year is the toughest, so don’t give up if it doesn’t go smoothly. Consider any “discussions” as a success that you’ve struck a nerve. You can build on this experience to begin turning over more purchasing decisions to your student as he or she matures, using entertainment and clothing budgets as an example. Just because school isn’t in session right now doesn’t mean your children couldn’t do some real school learning right now.
A clothing compromise teens and parents can love
Parents, are you fed up with your teenagers nickel-and-diming you for the latest clothing that they just must have? Teenagers, are you sick and tired of your parents not understanding why you need those new jeans? Compromise by following the process listed below. It may make both sides happy and teach teens some money skills.
Here’s how it works:
- The teen and parents negotiate a set amount of money for clothing on a quarterly basis. For example, clothing money will be given for January, February, and March, and it must last the entire three months.
- The teen organizes the items by category (for example, jeans, shoes, etc.) and tracks expenses. This allows both parents and the teen to see where the bulk of the money is going.
- At the end of each quarter, the parents and teen review the purchases and see if spending needs to be adjusted.
- After a year, the teen can negotiate for more money; the teen must state a case and back it up with data gathered throughout the year. Note: This is where tracking expenses using an app comes in handy.
- The teen can negotiate to get extra money for special occasions, such as prom or homecoming.
- Parents must stick to the agreed-upon budget and not dole out more money if the teen runs out. The point is to learn how to budget money. Teens who spend all the money in the first month and have nothing for the rest of the quarter will quickly learn to control their spending.
- Define what does and doesn’t constitute clothing. Do purses, belts, and jewelry fall into that category? The more details you spell out up front, the fewer arguments you’ll have.
Back-to-school shopping tips
Get ready for the new school year with our essential Back-to-School Shopping Tips Guide! This guide is packed with strategies to help you save money and make smart choices during the second most expensive retail season of the year. From planning your shopping list to finding the best deals both online and in-store, we’ve got you covered. Dive into our tips for using helpful apps, taking advantage of tax-free weekends, and more, ensuring your back-to-school shopping is efficient, affordable, and stress-free.
