The excitement of a new school year also brings financial stress for parents as they work through the budget to pay for enrollment fees, school supplies, lunches and in some cases new clothes.
The earlier you can start looking at the prices of school supplies, the faster you will recognize a good price and be able to get that item at a good value. Comparison shopping will allow families to price name brands versus generics and shop around for sales.
Back to school is a good time to talk about the cost of things with your children as well as how you make decisions about spending money. This will help them learn and give them an understanding about finances that they can carry forward in their lives.
Spread out your purchases. Buy what you need now, and postpone some for later. When kids return to school at the end of summer, they could probably keep wearing their appropriate summer clothes and get the new clothes, shoes and coat when the weather turns cooler.
Keep saving in mind to start budgeting for extracurricular activities. Have a conversation with your children about how many extracurricular activities they will participate in and what is most appropriate for their age. Include those costs in the family budget.
By: Brenda Langdon
