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If you have older kids, they usually start the school year later than younger kids. Also, older children have a better understanding of money so it is a good idea to teach them at an early age about budgeting principles with "back-to-school" shopping, in a way they can actively participate. Below are some tips how you can achieve that with your older children:
1. Set a realistic back to school budget before you go shopping.
2. Use back to school shopping as a budgeting lesson and have your kids prepare a budget with you.
3. Take a print out of your estimated budget with you when shopping and have your child enter in all of the actual expenses.
4. Encourage children to follow the budget. Stress that getting a more expensive item might mean sacrificing something else.
5. Encourage kids to consider ways to cut costs and manage cash flow, like clipping coupons, looking for sales, or buying supplies each semester.
6. Teach your kids to comparison shop to avoid impulse buying or paying for overpriced items.
7. Differentiate between "needs" and "wants." Encourage children to contribute their own money to fill the gap between what they "need" and what they "want."
8. Tell kids that if they come in under budget, you will split the savings with them.
9. Continue the budgeting lesson by starting kids with an ongoing monthly budget.
10 . If your kids have a checking account, encourage them to keep up all cash, card, or check deductions in their checkbook register.
These helpful tips are also available for Download backtoschool_budgeting_tips.pdf in our left side panel under Useful Documents for future easy access and reference.
Besides these helpful tips on budgeting for back to school, you can also give your children hands-on experience with a quick and easy Back-to-School Budget Calculator. The calculator will help you and your student consider all of your expenses, make necessary adjustments, and hit the stores armed with your pre-determined budget!
A good money management habit is smart!
- The Moms' Buzz
source: www.practicalmoneyskills.com
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