How to teach kids smart money lessons when shopping for back-to-school

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Q: We thought we were finally getting to the end of the back-to-school shopping hype. Our oldest is four years out of high school and moved out for the first time this summer to complete her university degree in a neighbouring province. Our middle daughter graduated high school in June and plans to take a few months to travel before starting school again in January. Our youngest is in Grade 11 now, but the hype around what is needed for school and college only seems to grow each year. What can parents do to keep back-to-school shopping affordable? ~Elly 

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A: For parents and students alike, back-to-school shopping is a ritual that marks the end of summer and the beginning of a new chapter, filled with anticipation about new friends, teachers, classes, and adventures. It’s a time to pick out the perfect backpack, coolest lunch box, or dorm accessory. However, it’s worth ensuring that this annual tradition doesn’t come with financial stress. With all the hype, it’s important to remain financially conscious and use the experience to help children and teens learn money skills.

With that in mind, here are tips to help you and your kids shop and learn.

Set a budget together

It can be tempting to set the budget and simply inform your teens of what they can spend. However, involving them in setting a realistic budget for their school supplies can be a valuable learning experience. Consider the budget in light of what they need, but if there are pricier, one-time expenses on their list, such as a new laptop, specific sports equipment, or a musical instrument, it is often easier to set a separate budget for such items. Discuss the importance of sticking to the budget and reassure them that you’ll guide them through the process to ensure they have everything they need for the start of school. This approach not only teaches them money management skills but also helps them understand the value of planning and prioritizing.

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Create a shopping list

Kids and teens who aren’t used to shopping for many items all at once might not yet appreciate the magic of a shopping list. Lists help us buy what we need, price out what we want, and stay within the budget we set for ourselves. Work with your teens to create a detailed list of what they need. This helps them understand the difference between needs and wants and the importance of planning ahead. They will also quickly realize that to get everything they want, they will need to make choices based on what they can afford.

Get the Most Out of Your Back-to-School Budget

Teach them essential shopping strategies

Shopping strategically tends to save money and help us get more of what we want and need. Teach your kids and teens the best tips by walking them through the process. For instance, comparison shopping across several retailers can help find the best deals and discounts. If you receive flyers at home, use them to start looking for sales. For tweens and teens, comparing prices across different websites is a valuable money skill to learn.

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Often, generic or store brands are just as good as name brands but cost less. Kids might shy away from no-name brand items due to peer pressure, so help them find a balance between their wants and needs. They could use their own money to top up, buy fewer items, or choose specific name brand items like their backpack and running shoes, while opting for non-brand name pens, binders, and supplies. This way, they can still get what they want without overspending.

One of the best ways to save is to shop at home first. Suggest to your kids that they check what they have left from last year or what they may want to reuse. Remind them to refine their list and reallocate money in the budget towards other items. For their remaining items, if they discover that buying in larger packages is cheaper, encourage them to co-ordinate shopping with a sibling or friend. Online shopping can sometimes offer better deals than in-store, but it’s easy to get carried away. Creating a separate list for online items can help keep spending in check.

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How to Balance Your Budget with Needs vs. Wants with Back-to-School Shopping

Help them shop successfully

When it’s time to hit the stores, help your kids have a successful shopping trip by choosing a time when the stores are less busy. Encourage them to bring a calculator if they don’t have a smartphone, so they can track their spending as they shop. A printed list and clipboard can be very useful if they have many items to pick up. To help them stick to their budget, provide them with cash or a prepaid card. This concrete method ensures they can’t overspend and helps them manage their money effectively.

Money Saving Tips for Smart Back-to-School Shopping

Reflect on the experience

Involving younger children in back-to-school shopping provides an opportunity to discuss age-appropriate money concepts while they’re highly engaged. Regardless of their age, after the shopping is done, take some time to discuss with your kids about what they learned, what they found challenging, and which strategies they found helpful. Money management habits are shaped early on, and many financial decisions are driven more by emotions than logic. Even with a list, a budget, and comparison shopping strategies established, kids and teens can fall prey to impulse buys and slick marketing tactics, just like adults. Gaining insights into how they shop and save will be valuable lessons they can apply going forward.

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The bottom line on money lessons with back-to-school shopping

It’s essential to approach back-to-school shopping with a strategic mindset to maximize savings and efficiency. By planning ahead, creating a detailed list, and setting a budget, you and your kids can avoid unnecessary purchases and stay on plan. Taking advantage of sales, discounts, and promotions can significantly reduce costs, while using coupons and cashback offers can further stretch your dollars. Additionally, considering generic brands and reusing supplies from previous years can help you save even more. With these tips, you can ensure a smooth and cost-effective back-to-school shopping experience, while also imparting valuable financial literacy lessons to your kids and teens.

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Related reading: 

More Back-to-School Shopping Tips

End of Summer Planning Tips for Kids and Teens

11 Ways to Pay for Your Education When Going Back to School

Peta Wales is President and CEO of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Peta by email, check nomoredebts.org or call 1-888-527-8999.  

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