Because the best back-to-school gift you can give your kids is a calm, happy home.
Elul’s approaching, bringing with it the familiar excitement of the new school year. It’s the back-to-school sales, the fresh scent of new notebooks, and the crisp feel of uniform shirts that leave you remembering your school days.
As the cost of school supplies, backpacks, and uniforms rises each year, the nostalgia and excitement can easily turn to stress. How can you limit your spending and keep the kids happy?
Focus on what matters
Step number one is to differentiate between your children’s wants and needs. Maybe some kids need a new backpack, but can some use one from last year? What about those colored markers in the pen drawer? Can you convince one of your kids who’s sure he needs new ones to use them? You may be surprised by how much what you can find at home and how far that can stretch.
Consider what can hold out for a few more months or even until next school year. Small fixes like cleaning out old pencil cases, fixing the hems of older uniforms, and finding unused notebooks from previous years can save you a significant amount of money.
The Bodner family had a hard time as the new school year approached. The summer was full of expenses, camp, and fun, and when they finally thought they were ready to settle down, the back-to-school expenses began. This year, they tried a simple approach: splitting their school shopping list into needs and wants. Suddenly, the list shrank to half its size. The whole family learned how to focus on what matters, and saved both money and stress.
The real change happens when you realize that not everything on your shopping list is a necessity.
Spread out the spending
Buying shoes only for the kids who need them doesn’t mean that by the end of the year, half of the kids will be walking around barefoot. It just means you’re spending smart. Ask yourself which kids need shoes now and which can wait another month once you’re spending calms down?
You don’t need everything by the first day of school. Staggering your purchases throughout the winter and fall makes the season less stressful.
Involve the kids
How do you explain to your kids why they can’t buy a new backpack this year?
Instead of just telling them no, give your kids a voice in your financial decisions. That can help them learn how to make smarter choices and understand why they can’t have a certain item.
Depending on the age of the children, try a budgetary conversation. Explain to them what their budget is and involve them in the discussion. Ask your child, would you prefer a fancier backpack and simpler supplies or vice versa?
You can offer them to work towards certain things they want by doing chores or using their own money. Besides keeping the costs lower, you’re also teaching your kids the basics of financial responsibility.
Remember the bigger picture
At the end of the day, what matters to your children is the feeling in the home, not which pencil case they had in fourth grade. By having a clear and focused plan for managing your expenses and lowering the financial stress in your life, you’re giving yourself and your kids the biggest gift.
This school year can be different
Summer expenses are hard, and the school year isn’t any easier. Finances are complicated. Even for high-earners. This year, you can take control of your finances. Sign up for financial coaching today.
Finances are complicated, no matter what you earn. This school year, you can take control of your finances. Sign up for financial coaching today.
