Back to School Shopping

A Valuable Opportunity to Teach Your Children Smart Spending Habits

It may seem too soon to broach the topic of back-to-school shopping, but believe it or not, it is right around the corner. Just as families are getting settled into their summer schedules and are enjoying the relaxed pace of flexible schedules, retailers are gearing up their advertising campaigns and bombarding us with TV commercials, valuable coupons in our inboxes, pop-ups on our social media feeds, and print ads in our mail boxes. Offers range from the latest back-to-school fashions to stocking up on school supplies and from decorating lockers to dorms. You name it, retailers have you covered.

And although you may want to avoid it like the plague, taking the time to plan in advance can not only save you time and money, it can also provide a financial learning platform for your children. Whether your children are heading to grade, middle, high school or college, the below steps can be worked through together:

Step One – Take Inventory

Schedule a day for you and your child/children to go through their closet(s) and take inventory of what they really need (versus want) for back-to-school. Clothes that still fit stay, clothes that are too small, donate or sell. If your child rolls their eyes at the thought of having to try on their clothes and purge, make it a money-making game. As they sort through, they can create a pile to consign their gently used clothing and the income generated from the sale of the clothes can be their money to spend. Or, pay your child an allowance to go through their closets and drawers and purge. There are many great consignment stores and websites. For example, Snickerdoodles in Danville or online websites such as ThredUP, eBay, or Next Door. The sites are endless.

Step Two – Set a Budget

Once the inventory is complete, have your child make a list of their wants and needs for back-to-school and set a budget. Wants and needs should include clothing items, shoes, backpack, supplies, locker décor, or dorm necessities. Review the list with your child and separate the absolute needs from the wants. From there, set a budget with your child and divide the budget into categories. For example, category one: backpack and school supplies; category two: clothing; category three: shoes; and category four: locker décor or dorm décor. Assign amounts to each category and make it a challenge to have your child stay within the budget. If your child stays within the budget, offer a reward—maybe an item from their want list, lunch, or a fun gift card. It is amazing how creative kids can get!

Step 3 – Calendar Shopping Days

Schedule a couple of shopping days to avoid trying to cram it all into one day. One day shop for a backpack and school supplies, another day shop for shoes and clothing, and another day shop for locker or dorm décor. Breaking the shopping into smaller, manageable trips will avoid burnout and impulse shopping, and will keep your child focused on which items need to be purchased each day. It can be overwhelming when trying to shop for multiple categories in one day which can lead to deviating from the plan and overspending.

Step 4 – Coupons and Sale Days

Be sure to take the time to print the offers and discounts that arrive in your inbox or mailbox and calendar the shopping days when stores are promoting deep discounts and sales. Retailers are continuously sending discounts and promoting sales, so teach your children to use these to their advantage as discounts lead to savings which can equate to another item on their list or savings for you!

A little advance planning will help your family stick with the plan, avoid impulse shopping, save you money by syncing shopping days with sale days, and most of all, provide the opportunity to teach your child smart money management and budgeting skills.

There is plenty of time left to shop. Plan well and you will save well.