Back to school shopping is the perfect time to show your kids how-to make great money decisions and model good financial behavior. Some parents dread taking their kids shopping. It seems like kids always find numerous items that they absolutely, positively cannot live without and can be rather vocal about their intense desire for that must-have item. I found by creating a plan with my daughters that back-to-school shopping can be as easy as 2+3.
I’ve put together five simple tips to help make your back-to-school shopping fun while staying within your budget. I’ll be sharing these tips over the next few days.
Step 1: Take Inventory
Go through your school supplies and take inventory of what is truly needed. There is nothing wrong with buying a year’s worth of school supplies when the sales are at their best, but many of us overestimate our children’s needs. You may be surprised to find almost a full year’s worth of school supplies stashed in your closet from the previous year. Also be sure to donate any school supplies that your kids have outgrown such as crayons, glue sticks or Hannah Montana folders.
Next clean out your children’s closets. Your kids may grumble, but this is a great opportunity to remind them the value of sharing and for them to see first-hand the high cost of waste. Donate clothes that no longer fit and identify (and donate) items that were purchased and never worn.
Now you can accurately assess what your children need for the upcoming year.
In my next post, I’ll share with you how to make a plan and get your children’s buy-in. If you have any questions about back-to-school shopping, please email me at shannon@theheavypurse.com or post your question on The Heavy Purse facebook page.
SHANNON RYAN, CFP®