Guest post from Trisha of Finances With Funk:
I know! I know! The last thing you want to think about right now is back to school.
But if you don’t, you could be left scrambling for the extra expenditures and missing a great opportunity to teach your kids or grandkids about budgeting.
Here’s how we do it at our house:
Take a look at your own budget and set a dollar amount that you can afford to spend on each child for all back to school necessities.
Yes, if you have teenagers and 2nd graders there may be a difference between the amount each needs, and that’s OK. You know what’s appropriate for your family.
Start putting away a little bit every week or pay period for the next few months to fund those expenses come August.
Just take your total budgeted amount and divide that by the number of pay periods you have between now and then.
Plan a back-to-school shopping trip with your kids.
Discuss, with your kids specifically, what they are going to need, and then make a list to bring along on your trip.
Example: 2 pairs of shoes, 2 new pants, 2 new shorts, 2 nice shirts, 3 new t-shirts, new Backpack and lunch box.
Decide where you are going to shop and help them prioritize.
Are there some things you can look at higher end second hand shops for because they are set on a very specific more expensive shoe? Allow them to help with the decisions in that process.
With teens you can put their money into their own account (Like a MONEY account from ING) or on a Prepaid Visa Card that they will need to keep a record of in a checkbook register. If they choose to spend over and above what you have told them is their budget then they can use their own money to do so.
Go shopping and have fun.
Make a day out of it! Plan a fun breakfast out if you can or take a lunch for a picnic in the park to break up your trip. Or if you can afford to, make it a little weekend trip.
Immediately after your trip start, planning for next year.
It is much easier to find an extra $30 a month than to wait until June and need to come up with a $100 or more.
Trisha Funk is a momma to 4, wife to 1, small business owner x2, financial coach, and author at Finances With Funk. She is passionate about helping others gain control of their finances and living a life free to be obedient to their purpose God created them for.