Already have a back-to-school shopping list? Next step is to make a budget.
鈥淚t can be stressful, but if parents can go into it with an attitude that says, 鈥楾hat is how much money we have, and this is what we are going to work with,鈥� and make it a positive experience, that鈥檚 beneficial for the kids as far as learning,鈥� Wollan says.
Parents can look at previous years鈥� spending for back-to-school shopping and check out sales flyers to help detail a budget. By knowing how much money is available to spend, kids can help make decisions such as whether to use a sister or brother鈥檚 backpack to save money 鈥� that can be spent on another item 鈥� or buy a brand-new backpack.
Making a budget should be a collaborative experience, Ms. Harman suggests. Parents can approach kids and say, 鈥溾�橪et鈥檚 figure this out together鈥� 鈥� now it鈥檚 not a power struggle. It鈥檚 so much more engaging.鈥�
Although kids might be disappointed that they can鈥檛 get everything they want, they will learn important budgeting skills that can always be used throughout life, Wollan says.
鈥淣o parent wants a child to feel deprived or that they can鈥檛 have as much, but parents need to recognize that they鈥檙e giving their child a gift by not letting them have everything they want, even if they have the money,鈥� she says. 鈥淲e need to teach to kids to live within limits.鈥�
