Coaching Kids To Stretch A Buck Makes A Memorable Back To School Lesson!

Back to school shopping is more than a fun way to beat the end of summer blues, it is also an opportunity for parents to share lessons on fiscal responsibility. A leader in financial education, Maine’s credit unions are encouraging parents to have their children participate in the shopping experience, from making a list to explaining about sales and coupons. Studies indicate that parents who encourage their children to participate in the shopping process provide their children with an opportunity to gain valuable experience in how money works and are more likely to develop strong money management skills.

With back to school sales already underway, it's time to make a plan and start shopping!

Here are some ideas to make the most of your back to school shopping experience:

1. Coach your kids on the concept of budgeting. Explain that spending too much now means there may not be enough later for something else they want.

2. Set a budget that encourages them to plan. Provide each child a set amount for their back to school needs and help them stick to that budget.

3. Help them inventory school supplies left over from last year. Can they reuse backpacks, notebooks, sports equipment or any other necessary items?

4. Ask them to make a list of what they really need. Have their needs really changed since the last school year? If a new outfit is essential for the first day of school, can they mix in clothes from their closet later on?

5. Hold a yard sale of outgrown or unneeded items to raise money. While you’ll probably want to oversee the sale, encourage your kids to get involved in the pricing, set-up, and selling. They’ll value the profits more, having worked for them.

6. Avoid paying full retail price. Start with charity and consignment shops. If you do need to buy new, peruse sale flyers and search for online coupons first. Above all, stick to your shopping list.

7. Consider sharing with the less fortunate. Many communities have an organization that provides back-to-school items to truly needy kids.