• 4 Pocket Allowance

Back to School Shopping

Updated: Aug 4, 2019

The summer is nearly ending and it’s about that time to get back to school. Back to school shopping can be quite stressful and if your household is like ours, arguments can most likely occur. They always want the most expensive gym shoes and backpack but never realizing the money tradeoff. We find it best to give the power in their hands to make choices. Give them a set budget of what they can spend. You can even make it fun by saying that if whatever they earn with extra chores around the house you will match it by 50%.

Then it is up to them to figure out how to spend their money. This is a great way for them to start to learn how to comparison shop. Let them do the research to see what items they can get for a cheaper price. By giving them control on how to spend their back to school money, you are empowering them to learn about how to spend their money wisely.

Present to them the many options on how they can use their back to school money. Make them list out all the things that they will need to spend their money on such as new notebooks or folders for the new year. Make sure you state to them the non-negotiables items that they must get because we all know that they probably wouldn’t spend the money on supplies and would just go without if they had the ultimate choice. What are the things that they don’t have to spend money on because they already have it? This can be last years backpack or use their older shoes that still fit.

Maybe they would like to save as much money as they can from their back to school budget to save it towards something else. They may be content purchasing a second-hand backpack and putting the money that they saved from that purchase to the side. Allowing them to make these decisions on their own is teaching them how to be fiscally smart and really map out what is important to them. You may find it a relief putting the responsibility on their plate.

Back to School Shopping, Ideas for parents about allowances and teaching kids about money and financial literacy, #4PocketAllowance

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