How to teach your kids about budgeting basics with school supply shopping
By Melissa Jackson
Students going back to school means back-to-school spending and expenses, but it also means getting back into learning. Shopping for back-to-school supplies is a great time to start the school year off with a lesson in financial literacy. Apply these budgeting tips and shopping tricks to your back-to-school shopping and help teach the young student in your life about budgeting, spending, and saving. Here are some tips to get your started.
Tips to Teach Your Kids About Smart Money Management
Always Start With a List – No Matter What You’re Shopping For
Whether it’s school supplies, groceries, or clothes for the new season, no matter what you’re shopping for, always start with a list. If you have an older child or teen, encourage them to make a list of the school supplies they think they’ll need. If your kids are not able to do that on their own yet, sit with them and make a list of supplies together. Doing this ahead of time is a great way to help avoid stress and unnecessary spending. It also encourages a healthy financial habit – for you and your kids.
Take Away Lesson: No matter what you’re shopping for, a list is crucial. It helps you plan ahead for what you can afford, stay on track with your budget while shopping, and can help you avoid impulsive or spur of the moment purchases. When shopping with your kids in tow, a list can help avoid arguments; if it’s not on the list, it doesn’t go into the cart.
Tips to Avoid Impulse Spending During Back-to-School Shopping
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