Life lessons about money while back to school shopping
Saturday, August 22nd, 2009
Lessons about money are more often lessons about life, and back-to-school shopping is one of life’s many opportunities for parents to teach their children. Thinking about shopping and spending, and really wanting to send a genuine and purposeful message about shopping for back-to-school items is what motivated me to participate in a blog blast by The Parent Bloggers Network. I think as parents, we sometimes feel pressured to go with the flow and do what we think good parents should do, but is that really setting a good example and teaching our kids about financial responsibilty?
Being responsible with money involves choices, and teaching kids how to make choices about money, life, or even school supplies is important. Financial literacy is something that kids will learn as part of a bigger picture. People who are good with money are independent thinkers and make conscious decisions. Be willing to teach your kids these concepts by teaching them about:
- Timing. Just because now is traditionally “Back-to-School” time, who says back-to-school shopping must be done now? Is it necessary to make shopping decisions based on what advertisers tell us? Teach kids to plan ahead and buy on sale, or in bulk, or off-season. It’s usually much cheaper and less stressful to do so.
- Education. Nothing can ever replace getting educated about money. Reading books and taking classes are great ways to learn about financial responsibility. Online learning is another great resource and companies like Capital One make it easier for parents to teach their children what’s important.
- Experience. What worked and didn’t work in previous years of back to school shopping? Did the kids buy something they never used, or did they not buy something they really needed? What about finding something that worked better or had multiple uses? Learning from past mistakes and past victories is another important concept in learning about money.
- Recycling and reusing. Is new really always better? Many times, there are leftover pens, pencils, and other supplies that are still in great condition and can be used another year. Be discerning when deciding what exactly to buy. Teach kids that shopping at thrift stores and garage sales are great ways to find unique, yet cheap, one of a kind items that may exceed their expectations.
- Playing games. Sometimes saving money is a game. Parents can be really creative when teaching their kids to save. For example, how about the game “spend before you buy?” This works by making a list of all the items needed for school and estimating what each will cost. If the kids can find the items for less than they estimated, they get to “keep” the difference. You don’t have to actually give them any money, but it’s fun to see how much they “saved” while shopping.
- Staying focused. Remind kids that back to school shopping is not really a necessity. The focus should be on getting an education. Having a new backpack or wearing the most expensive athletic shoes will not directly affect their grades or make it easier for them to receive a quality education.
- Giving. Children need to learn how wonderful it feels to give and to share. Once they get all the items they need for school, is there some way they can give to others in need? Donating items to charity or getting involved in programs that provide school supplies to needy children will teach kids that it’s not about getting, how much they get, or what they get. It’s about making the effort to help others.
Back-to-school shopping need not be expensive or stressful. If parents can teach their children how to have the right perspective, while having the right perspective themselves, back-to-school shopping can be a priceless and teachable moment that can impact children, and shape their views about money and spending for the rest of their lives.
