Back-to-School shopping can be a great opportunity to teach your kids about money, while having some fun! Include your kids in the process to teach them about budgeting, planning, and understanding the difference between wants vs. needs. Keep it fun by allowing them to pick one must have item, and get creative by re-purposing supplies on hand.
- Inventory and budget – Take a look at supplies you already have on hand from last year’s haul, or from your older kids, that are still in good shape. Common items include, pencils, pens, crayons, notepads, and binders. Make a list of other items needed and set a firm budget based on what you can afford.
- Look out for deals – The first couple of weeks in August are a great time to stock up on essentials like paper, pens and notepads, but remember to only buy what you need. Take advantage of deals but no need to go overboard. If you miss a deal, you can try buying in bulk or shopping at the dollar store for two different strategies on saving money. Clothing can be a challenge, with kids wanting to stay on trend with their peers, but don’t shy away from a good thrift store find or even a clothing exchange in your neighborhood.
- Re-decorate items – Release your crafty side, and help your kids re-decorate items they already have, like pencil boxes, notebooks, and folders. It’s a fun way to let their personality shine!
- Let them use their allowance – Whether they’re receiving an allowance, selling lemonade in the summer or saving up the cash gifts they receive throughout the year, allowing your kids to splurge or help pay for one must-have item teaches them the value of their dollar.
- The Center for Financial Empowerment can help you reach your financial goals. Follow @LACountyCFE for more tips and resources on budgeting, saving, paying off debt and much more!