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Teaching Your Kids About Money
It's not just a nice idea to teach kids how to handle money and credit — it's essential! Our nation's teens spend roughly $170 billion a year. Children under 12 alone are expected to spend some $52 billion in 2006. Clearly, kids know how to spend. What we need to teach them is how to save, invest and live on a budget.
You’re enjoying your summer and POOF! It is suddenly time to head back to school. Just like Christmas, back to school shopping -clothes, shoes, books, supplies – can rack up a hefty bill if you are not careful. Here are some top tips to go back to school on a budget.
Plan ahead. What supplies do you need to provide versus the supplies the school will provide? Inventory things you already have at home to avoid re-buying essential supplies.
Clean out and sell your unwanted “stuff.” As you inventory your items, evaluate if there are items you can sell online or to friends/neighbors. Gently used clothing that no longer fits and toys that are in good shape are good items to sell before school starts. Plus, cleaning out makes room for the new things you need to buy!
Create a back-to-school budget. Look at the items that are a must-have, and which ones are optional. This will help you stay within your spending limit.
Be a smart shopper. Buy off-brand items, use coupons and with cash-back apps and compare prices. Talk to your child about what their splurge items should be, and what they are okay with buying at discount.
Spread out the expense. Remember, you don’t always have to have all the clothes and supplies for the first day. You may find discounts and deals after the initial back to school rush is over. By delaying some items, you can also spread the expense over time.
These tips can help you stay on track for a successful school and budgeting year. Remember to make notes on what works for you and what did not, so that you can implement more tips next school year.
Here are some more resources for teaching kids about Money.