Back to school
savings
Tips for saving money
while teaching your child
the value of a dollar
A quick Google search for “saving on school supplies” yields plenty of results. Some are basic, like couponing. But there are many ways to save money while also teaching your child the value of a dollar.
Don’t forget about what you have left over from last year!
Prior to shopping, take an inventory of what you already have. Determine what things your child actually uses and doesn’t need.
GreatSchools.org recommends setting aside space in your home for all the school supplies. It could be a special container or a dedicated shelf in a closet. If the supplies are kept in the same place year round, you have the benefit of knowing exactly what you have and teaching your child about organizing.
Get your child involved.
Carolyn Erickson at Living on the Cheap advises to tell your children they have a set amount of money they can spend on school supplies. Whatever is left over, they can keep. Talk about an incentive to save! This can even be a great way to introduce your child to the concept of budgeting.
Separate needs from wants.
Teaching your kids how to tell the difference between what they need and what they want is a valuable life lesson that will save everyone money. Have this important conversation EARLY because as your child ages, the power of peer pressure makes it increasingly difficult to say no to buying something because “everyone else has one!”