Back to School on a Budget
Tawra Kellam
LivingOnADime.com
Back to school is a time when many moms witness their money sprout
wings and take flight, finding their homes at retail stores across
America. I know that consumer spending is good for the economy, but I
don’t take it upon myself to keep the entire US economy propped up, so
when my first-grade son announced that he wanted a backpack with
rollers, I saw this as a wonderful financial teaching moment. His
school is small, and he doesn't walk to or from school. He didn't need
rollers.
I told my son that I would give him $8 toward a
backpack. I told him that if he wanted a fancier one, he could put up
some of his allowance money for the difference. That's the rule at our
house. Mom and Dad buy the basics the kids buy the extras. It was
amazing how my son’s perception of the need for rollers changed when
his allowance was on the line. Yes, he has concluded, a regular
backpack will do the trick this year.
Thousands of parents are
buying back-to-school supplies. From crayons and notebooks to
calculators and lunch boxes, the list of what to buy can be as long as
the list of your kids’ excuses.
I know that you are anxious to
get your kids back into school, but there is no need to take out a
second mortgage just to get rid of them. Instead, use some of these
money-saving tips from www.LivingOnADime.com and you can happily send
your kids to school and keep some of the cash for mom’s back-to school
celebration!
Wait for the list to come out and stick to it, otherwise you might buy things you don't need.
Remember, the Bank of Mom doesn’t pay for frills. Any extras the kids
want will have to be funded from their own cash reserves. I do
understand that it is nice for kids to have “hip” back-to-school
supplies. I look at yard sales and thrift stores for brand-name finds.
For instance, I recently found a gently used Barbie backpack and a
Barbie lunch box and no one would know that I paid $1.00 each instead
of the $32 that Becky Johnson’s mom paid. Who says stay at home mom’s
don’t make any money?
Don’t buy back to school clothes.
Children don't need an entirely new wardrobe every fall. Some mom’s act
as if aliens clothes-napped their kids’ clothes the night before school
and the fashion police will come arrest them if they don’t buy the
latest designer clothes right away. The kids wore clothes all year
long, didn't they? If they need something like a new pair of shoes or
new jeans then buy what they need, but don’t just buy a new wardrobe
because it’s the thing to do.
Use back to school sales to your advantage.
If you know your kids go through a package of socks, underwear or jeans
every six months then stock up while they are on sale. The same is true
of crayons, paper, notebooks, backpacks and lunch boxes. My son went
through two backpacks and two lunch boxes last year, so this year we
will buy two while they are on sale instead of waiting until the middle
of the year when they are full price. We will also be checking garage
sales between now and then to find any good deals on those items. Don’t
be tempted to buy things that you wouldn’t normally use, though, just
because they’re on sale.
Go through last year's school supplies to see which things are still usable. If my student has a working calculator, the Bank of Mom will not extend credit for a new one.
Limit activities to one at a time.
Activity fees can add up fast. One at a time is the rule at our house.
If you can’t afford the activity, it doesn’t hurt for the kids to use
their own money to pay for it. The best way to teach them money
management is to let them manage their own money when they have nothing
to lose, instead of after they have maxed out the credit cards someone
persuaded then to sign up for in college.
reprinted from crosswalk.com