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Teaching Kids About Money

It’s August and that can only mean one thing – spending money! A recent survey indicated that moms spend more on their kids during back to school shopping time than they do the entire year. While the jury is still out about whether it is better to give your kids an allowance or make them earn their spending money, back to school shopping is a great time to teach your kids good spending habits, budgeting, and discount hunting.

Sit with your kids and explain that they will have a certain dollar amount that you will spend for school clothes. If they have their own money they can supplement this, but be clear that you will only buy them necessities (no crazy hats or studded belts). Have them put items on hold at the store for your inspection before you use your credit card or cash to purchase the items.

Another great approach to teaching kids about money is to have them go on a bargain hunt the week before the planned shopping outing. Most kids know about checking out the catalogues before the holidays, but explain to them that if they can find good bargains they may be able to get more stuff. Learning to budget is made easier when teens see how much more their money will buy by looking for deals. Teach them about early bird specials, two for ones, couponing, and even vintage clothing stores. For older teens this can be a great time to teach them about using credit cards responsibly for discounts.

You may find as you are teaching your kids about good money management you discover you have some bad money habits yourself. Don’t despair! Use this time to hone your own skills, take a course (we recommend Dave Ramsey’s Financial Peace University), and get your own budget in shape.

Dr. Kate Walker Ph.D. is owner and CEO of achievebalance.org found in The Woodlands TX.

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