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Save on Back to School Shopping and Teach Kids How to Save Money

Submitted by on August 14, 2012 – 4:17 pmNo Comment

Teaching kids how to save money

5 tips to Save Big on Back to School Shopping…While Teaching your Kids How to Save Money!

1.  Go shopping in your own closets and drawers!

Have your child collect their left over schools supplies from the previous year, and together, decide what can be reused (items like pens, erasers, and highlighters are usually most recyclable). Use this example to teach your children about the importance of recycling and how it helps to save money!

2.  Compare Prices
Make a list of only the supplies you need and research different stores to see where you can find each product the cheapest. Depending on the age of your child, have them help you with this and let them know the budget you have set aside for the item. Turn it up a notch, if they help you save a nice chunk of change, offer an incentive that you will give them a portion of the money they save you!

3.  Use sales to get a head start for next year!

A few weeks before school starts or once the current school year begins, there are sure to be many clearance sales. This is a perfect time to stock up on notebooks and binders, etc. for the upcoming year at great prices! Bring your child with you and compare price differences to show them how much they can save if they shop smart.  If your child is very young (K-3), bring them along to expose them to the types of money available (cash, coin) and to show them how money facilitates transactions.

4.  Children pay too!

Of course you will purchase majority of your child’s back-to-school items but have them use some of their own savings to cover any “extras” like that fancy zippered pencil holder. This is a great time to have a conversation about the difference between needs and wants and why they’ll need to budget their money in order to afford them.

5.  Take advantage of ways to make and save cash

Consider selling new or slightly used clothes that your child has never worn or grown out of. Pack lunches from home instead of purchasing a school meal plan. Explain to your kids that this will save money that can be used towards other fun things like going to the movies, going out to dinner, etc.

These great money-saving tips for back-to-school are courtesy of TD Bank.

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