Already have a back-to-school shopping list? Next step is to make a budget.
“It can be stressful, but if parents can go into it with an attitude that says, ‘That is how much money we have, and this is what we are going to work with,’ and make it a positive experience, that’s beneficial for the kids as far as learning,” Wollan says.
Parents can look at previous years’ spending for back-to-school shopping and check out sales flyers to help detail a budget. By knowing how much money is available to spend, kids can help make decisions such as whether to use a sister or brother’s backpack to save money – that can be spent on another item – or buy a brand-new backpack.
Making a budget should be a collaborative experience, Ms. Harman suggests. Parents can approach kids and say, “’Let’s figure this out together’ … now it’s not a power struggle. It’s so much more engaging.”
Although kids might be disappointed that they can’t get everything they want, they will learn important budgeting skills that can always be used throughout life, Wollan says.
“No parent wants a child to feel deprived or that they can’t have as much, but parents need to recognize that they’re giving their child a gift by not letting them have everything they want, even if they have the money,” she says. “We need to teach to kids to live within limits.”
