Back to School-Another Teaching Opportunity

We all know about the current problems with the economy. Most of us try to save money by buying less and using coupons. But have you thought about using your back to school shopping as a time to teach your children about saving money? It is a great time to teach them that "Money doesn't grow on trees."


5 Tips for Teaching While Saving on Back to School Shopping:

1. Have a back to school budget
A budget is a must. Set a reasonable amount to spend and stick to it. This teaches the kids about the importance of having a budget and planning ahead.

2. Create a back to school shopping list
Get a supply list for what your child needs for school supplies. Before you shop, check to see what you still have available at home. Many times you still have paper or notebooks or other things that can be used. Do the same thing for your child's school clothes. Of course they want some new clothes, but take inventory of what they currently have. For example if your child has plenty of jeans, focus on other clothing items to purchase. You child can be actively involved in this step.

3. Shop the back to school sales
You can shop the sales before leaving home by reviewing the sale ads. You can make it kind of like a scavenger hunt to find a certain item at the best price. For example have your child look at the various sale ads to see where crayons are on sale and what is the best price.

4. Compare prices
This goes together with the tip above. When you shop, purchase only the items that are on sale at that store, then go to the next store on your list. Show your child what the regular price of an item is, so he will see how much you saved. It would be fun to write the regular price along with the sale price on your shopping list. When you are done shopping you and your child will be amazed when you add up the savings.

5. Use coupons
Around back to school time you can find coupons for school supplies. Also don't forget about shopping online especially for school clothes. Frequently you can save alot of money by shopping online when you combine sales with online coupons and cash back offers.

Capital One and national consumer advocacy group Consumer Action sponsor the Moneywi$e eLearning tool, which includes a section all about talking to kids about money. Plus, check out @TeachingMoney on Twitter to get bite-sized family-focused financial tips.

We can make the most of these challenging financial times by using this as an opportunity to teach our children about saving money.

This article was written as part of a Parent Bloggers Network Blog Blast.



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