Aug 22 2009
Back to School Shopping & a Lesson in Finances for Your Kids
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Back to School shopping is a great time to talk money with your kids. They have things they *need* and things they *want*, which presents you with an open door to talk about the differences and how to manage the family budget and why sometimes they $30 shoes get bought instead of the $130 shoes.
Personally, I like to talk to my kids about these things. They know the family budget as well as my husband and I do. It’s all about living within our means. I get odd looks from other parents when I say this is something we discuss with the kids, but I think it’s necessary.
They know how much money is coming in and how much money is going out. They’ve even seen the utility bills so they understand that everything comes at a price, including water and electricity. My kids even help with the grocery budget.
Back to School just naturally means shopping. In our house we keep it to a minimum. The kids all get new shoes, because by the end of summer they really do need them. That is a need and they know that. After we figure out their school supply lists they’re each given a dollar amount that they’re allowed to spend on things they *want* as opposed to things they need.
Wants include more stylish shoes, a fancier belt, a new hat, a pack of a Smencils. You get the idea. This shopping technique has worked out really well for us since we implemented it and we can actually get through the store without hearing the constant “I want this….” or “I don’t want that one, this one’s cooler…” The boundaries have been set and they know their spend limits.
Amazingly, since we started doing these things I’ve found that I don’t really have to talk about money things as much with the boys amymore, because they come to me and ask. They take an interest in what to do with their birthday money and allowance rewards. They look at the prices on things before they ask for something, and when they really want something extra they come to us with a plan to fit it into the budget! It’s amazing to see their little minds work this way.
Here are few extra back to school budget tips that might be of help……
Cutting Back to School Costs if Your Kids Attend Public School:
Parents always need suggestions for cutting away the fat from their budget. Start by listing what the typical cost of each school expense on a budget sheet. From there, find ways to lower those costs.
The school lunch solution is packing a lunch. Use reusable lunch bags with ice packs for food that might spoil. Lunch items purchased in bulk cost less than paying for lunch each day at school. In fact, kids get more food when their lunch is packed at home.
Buy sporting supplies at discount stores like Dick’s Sporting Goods or on eBay. If they attend the same school each year, the uniforms can be used again unless they have obvious tears. In with the sports is the cost of a physical. With most insurance plans, the cost of a yearly physical is included. You may pay a few bucks for the paperwork to be filled out by the doctor.
With a budget for public school, many items can be purchased for less than the suggested price. Once kids are old enough to get jobs, the cost of clothing can be transferred to them and that part of the budget greatly decreased. Backpacks from older kids that are in good condition can be given to younger kids instead of buying new ones each year.
The revenue for the budget is coming out-of-pocket so watch those costs. Stretch a dollar any way you can within reason to get the most out of every purchase.
Cutting Back to School Costs if Your Kids Home School:
Cutting costs is a concern for anyone coming up with a working budget. Finding the same quality of materials and services for less money is a key to lowering budget costs. For the homeschooling parent, that translates into cheaper priced materials.
Start locally. Buy school supplies at the dollar store. You can pick up paper, pencils, construction paper, and drawing supplies there. Visit Goodwill stores and yard sales to find writing desks and storage containers for school supplies.
Homeschool curriculum materials pose the greatest cost in the beginning. Search for materials that are complete packages which mean they include workbooks, sample tests, and answer keys. Buying piecemeal can actually add up to higher costs in the long run.
This post is part of a Parent Bloggers Blog Blast Weekend. We’re talking about back to school budgets and financial lessons for your kids. To enter this blog blast with your own post or to find more articles like this one please visit the Parent Blogger’s Blog.
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[...] family budget and why sometimes they $30 shoes get bought instead of the $130 shoes.terrapin719, Just Not Martha, Aug [...]