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Back to School or Back to the
Poor House?
by Tawra Kellam
Back to school is a time when many moms witness their money sprout wings
and take flight, finding their homes at retail stores across America. I
know that consumer spending is good for the economy, but I don’t take it
upon myself to keep the entire US economy propped up, so when my
first-grade son announced that he wanted a backpack with rollers, I saw
this as a wonderful financial teaching moment. His school is small, and
he doesn't walk to or from school. He didn't need rollers.
I told my son that I would give him $8 toward a backpack. I told him
that if he wanted a fancier one, he could put up some of his allowance
money for the difference. That's the rule at our house. Mom and Dad buy
the basics the kids buy the extras. It was amazing how my son’s
perception of the need for rollers changed when his allowance was on the
line. Yes, he has concluded, a regular backpack will do the trick this
year.
Thousands of parents are buying back-to-school supplies. From crayons
and notebooks to calculators and lunch boxes, the list of what to buy
can be as long as the list of your kids’ excuses.
I know that you are anxious to get your kids back into school, but there
is no need to take out a second mortgage just to get rid of them.
Instead, use some of these money-saving tips from
www.LivingOnADime.com and you
can happily send your kids to school and keep some of the cash for mom’s
back-to school celebration!
1. Wait for the list to come out and stick to it, otherwise you
might buy things you don't need. Remember, the Bank of Mom doesn’t pay
for frills. Any extras the kids want will have to be funded from their
own cash reserves. I do understand that it is nice for kids to have
“hip” back-to-school supplies. I look at yard sales and thrift stores
for brand-name finds. For instance, I recently found a gently used
Barbie backpack and a Barbie lunch box and no one would know that I paid
$1.00 each instead of the $32 that Becky Johnson’s mom paid. Who says
stay at home mom’s don’t make any money?
2. Don’t buy back to school clothes. Children don't need an
entirely new wardrobe every fall. Some mom’s act as if aliens
clothes-napped their kids’ clothes the night before school and the
fashion police will come arrest them if they don’t buy the latest
designer clothes right away. The kids wore clothes all year long, didn't
they? If they need something like a new pair of shoes or new jeans then
buy what they need, but don’t just buy a new wardrobe because it’s the
thing to do.
3. Use back to school sales to your advantage. If you know your
kids go through a package of socks, underwear or jeans every six months
then stock up while they are on sale. The same is true of crayons,
paper, notebooks, backpacks and lunch boxes. My son went through two
backpacks and two lunch boxes last year, so this year we will buy two
while they are on sale instead of waiting until the middle of the year
when they are full price. We will also be checking garage sales between
now and then to find any good deals on those items. Don’t be tempted to
buy things that you wouldn’t normally use, though, just because they’re
on sale.
4. Go through last year's school supplies to see which things are
still usable. If my student has a working calculator, the Bank of Mom
will not extend credit for a new one.
5. Limit activities to one at a time. Activity fees can add up
fast. One at a time is the rule at our house. If you can’t afford the
activity, it doesn’t hurt for the kids to use their own money to pay for
it. The best way to teach them money management is to let them manage
their own money when they have nothing to lose, instead of after they
have maxed out the credit cards someone persuaded then to sign up for in
college.
About the author
Tawra Kellam is the author of Dining On A Dime Cookbook. For more free
tips and recipes visit her web site at
www.LivingOnADime.com.
In 5 years, Tawra and her husband paid off $20,000 personal debt on an
average income of $22,000 per year.
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