Creating a budget can ease back-to-school shopping tensions
It’s that time of year again…back-to-school! The air is just a bit more crisp, kids are brewing with excitement to see old friends again, and parents are anxious to have their young ones back on a schedule. Along with this time of year, comes the great feat of back-to-school shopping. We’ve all seen it…parents arguing with their kids in the middle of the mall that they are absolutely NOT spending $150 on a new pair of sneakers…and kids pleading with their parents because they won’t be popular without the latest fashions.
So how do you deal with your child’s demands of back-to-school must-haves and work through the long list of required supplies from your child’s school? Here are some tips to make this a great learning experience for your kids.
- Decide how much you are willing to spend before the shopping begins…and more importantly, stick to it.
- Get your child involved with creating the budget and have your child differentiate between needs and wants. Here is an easy to use online calculator which can help you and your child build a budget.
- If your child insists on one large ticket item, let them know how much you are willing to contribute to that item and have them subsidize the rest with their own money or by doing extra chores.
- Ask your child to look for deals online and coupons
By getting your child involved in this process, not only do they realize how much of your resources you are spending on them but they also build budgeting skills that will help them for the rest of their life.