Back to School: 4 Lessons to Learn before the Bell

4 Lessons to Learn Before the Bell

It’s that time again to send the kids back to school, which can be a strain on your wallet. Kids don’t usually understand the stress on a budget that comes with buying new school supplies and clothes.

It can be easy to believe that if you fudge on your budget now, that you can easily make it up in a month or two. You don’t have to give into that temptation. In a few months, you’ll have fall break activities to pay for or sports uniforms and practice gear to buy. So, it’s best to create a budget and stick to it.

This actually becomes a great teachable money moment for your child! Checkout more of those here.

As you prepare your shopping list and your bank account for the big trip, here are a few lessons you can teach your kids along the way.

1. Not everything has to be new.

Are they insistent on getting a new backpack when the one they have is perfectly fine? Or do they want an entire new wardrobe like their friends have? This is a great lesson to teach them early! Start your shopping trip at home. A few weeks before school begins, ask them to go through all their school supplies and see what can still be used. You may find that they still have unused pencils, crayons, or notebooks from the previous year, helping you mark off items from your list a little early.

Then, have them go through their closet, trying on things that may not fit well. As they do, take inventory of what they actually need. Then, shop consignment or the big back to school sales.

The important thing is they begin to understand that though it is great to buy new, it’s also fine to reuse what they already have or what someone else can’t use anymore.

2. Saving money is about making smart purchases.

One of the great things about this time of year is all the deals on generic school and office supplies. Talk to your children about price differences. Have them look at the newspaper or online ads to see which stores have the best deals on the items they need.

Also, point out why you are buying double or more. Traditionally speaking, back to school prices only come once a year, they generally don’t return in January when the second semester begins. So, take advantage of the deals now to save money in a few months.

Remind your child that you only want to buy in bulk when they know the products will be used. Buying in bulk for something they won’t use within a year probably isn’t a very good investment.

3. You can create your own definition of “cool” (and save money).

This lesson can be made into a great back to school activity to get the kids pumped for the new year. If they are unenthused with the generic folders, binders, or notebooks you bought, show them how to give their supplies a unique flair.

Let them use stickers to write their subjects or name on each folder. Or, give them an old magazine or catalog and tell them they can cut out letters and pictures to glue to their notebooks. Do they love to draw? Tell them to draw something on colored paper to use as a binder cover. It’s all about giving them some creative freedom to make their bland school supplies something they can be proud of on the first day.

4. Couponing helps you buy the things you really want, at a price you can afford.

Couponing can get old very fast, but it has definitely helped many families stay on budget monthly. But, if couponing isn’t normally your thing, using them during this season can be a great way to get your kids involved in making financial decisions.

Let them help you cut out coupons to the items on their list. Ask them to compare prices between using the coupon or a sale that’s going on at another store.

Also, if there is something on their list that they really want a certain brand of, then have them search for coupons. Then you can show them either how the coupon allows you to purchase nicer things at a lower cost, or how, even with the coupon, it is still out of your price range. These are the financial choices you have to make and it’s OK to let your children in on these smaller decisions.

5. Everyone needs a helping hand financially at some point.

As they are helping you find all of those good back to school deals, it’s a good idea to empower them to help someone else. Talk about how some kids may need help getting some of the supplies they need. Ask them to pick out something they would really like to give to help a classmate have a great first day of school.

Or, as you are going through their closet, talk to them about why you’re going to donate the clothes that don’t fit anymore.

Everyone has financial struggles, some larger than others, so it is important to teach them to help when they can.

Going back to school can be expensive, but in teaching your kids these lessons they may be on your team to save a little money.

Want more tips on preparing your children to make financial choices? Check these Prosper Kids articles out: