How Parents Can Use School Shopping as a Financial Lesson for Their Teens

Posted by Nailah Herbert in SavingsJuly 23, 2019(Last Updated December 5, 2021)1 min read
Are you ready to make some real money moves?

School shopping presents the perfect opportunity for parents to teach their child(ren) about finances. Under the parent's guidance, they should allow the teen to take the lead during school shopping, as it will benefit both parties.

Before heading out to shop, parents should create a budget, followed by a list of needs versus wants with their child. Differentiating the two will save both parties a lot of time, money, and arguments.

The teen may want new shoes that cost $100.00; however, the budget for shoes is $80.00. Due to the desired shoes being over budget, parents can recommend, or the child will possibly ask for extra work around the house to earn the additional $20.00 needed to purchase the desired shoes. Even more so for teens older enough to work, the financial lesson of being short of the money required could inspire them to get a part-time job so that they can afford their wants now and in the future.

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