Should kids spend their allowances or any money they earn (or are given) for back to school costs? These tips for kids, their allowance, and going back to school are from Karyn Hodgens, creator of KidsSave.
Before her tips, a quip:
“By giving kids an allowance, you teach that child to work for money rather than learn to create money.” ~ Robert Kiyosaki.
And, working for money is something your kids will have to do for the rest of their lives – so the sooner they learn it, the better! For more info about allowance for kids, read The Kids’ Allowance Book by Amy Nathan and Debbie Palen. And, read on for Hodgens’ tips for kids, their allowance, and going back to school…
Tips for Kids, Their Allowance, and Going Back to School
Should your child pay for back to school expenses? If you’ve established an allowance program for your child that includes having him or her pay for their “essentials”, usually because you’re teaching budgeting skills, then your child would buy back to school items. The allowance was most likely established with this in mind, so there should be no worries about whether the allowance will cover back to school expenses. Your child may need to shop around to get the best deals – and that’s part of learning how to budget!
You and your child could meet halfway for back to school expenses. If you don’t have that kind of an allowance system set up, and for younger kids this is most often the case, then all “above-and-beyond” expenses get covered by your child. Say, for example, that your child needs a new binder and you’ve found one that meets all her needs. She wants the binder with all the whiz-bang nifty stuff. The solution: she gets to pay the difference between the “boring” binder and the nifty one. This is when you learn how badly she really wants the binder – now that some of her money is on the line!
If your children are older, you might find 7 Money Management Tips for Teens helpful.
2 Money Saving Tips for Kids Going Back to School
Include your kids in open discussions about the family budget. Have them help you come up with ways to reduce spending for the back-to-school season. Ask them what items (wants) they can live without this year. You may find that your kids will decide that, beyond the basics, they don’t really need anything. In fact, you may actually have to “force” them to buy a new binder.
Give your kids a back-to-school budget and a list, then let them go shopping. Tell them that when the money runs out, it runs out. But if they have any money left over, it’s theirs to keep. The key is, they have to buy the items on the list. You just may be pleasantly surprised at what savvy shoppers they are, especially when there’s something in it for them. But just think of all the real-life lessons they’ll be learning!
What did we miss? If you have any questions or tips for kids, their allowance, and going back to school — please comment below…
Karyn Hodgens has a degree in child development and a multiple subjects teaching credential. Her passion is educating parents on the importance of financial literacy for kids.