Teach Your Kids to Make Smart Purchases While Back-to-School Shopping
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- If your child is very young (K-3), bring him along to expose him to the types of money available (cash, coin) and to show him how money facilitates transactions.
4. Kids pay too!
- Of course you will purchase the majority of your child’s back-to-school items, but have her use some of her own savings to cover any “extras."
- This is a great time to have a conversation about the difference between needs and wants and why she’ll need to budget her money in order to afford them.
5. Take advantage of ways to make and save cash.
- Consider selling new or slightly used clothes that your child has never worn or has grown out of.
- Pack lunches from home instead of purchasing a school meal plan. Explain to your kids that this will save money that can be used towards other fun things like going to the movies, going out to dinner, etc.