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Father talking to son

How to talk to kids about money.

When we think of back to school, we think of what our kids will learn to set themselves up for success as adults. Kids can learn a lot from watching their parents, especially watching preparations for the beginning of a new school year. What they learn can set a pattern for life. Everyone looks forward to new beginnings, and now is a great time for the whole family to establish new habits.

Start Early

Experts say children as young as five or six can understand the basics of money. Gather the whole family together when you talk about available funds for back to-school supplies, clothes, and any needed technology purchases. The conversations may vary depending on your child’s age, but the general idea is the same. This will help them become comfortable talking about money, and understand how budgeting a big role in shopping plays.

Plan Ahead

Before heading out to the stores or to your favorite site online, work with the family to take inventory of what your child has and what can be reused for the new school year. Check your child’s school website for a school supply shopping list. That way you can begin making your own list and be prepared when it’s time to shop. Whether you shop online or in the stores, a little planning can help you save a lot of money.

Be a Smart Shopper

Once you’ve worked with the kids to build the shopping list, have a family meeting to pick the best stores or websites to shop. Plan your shopping trip around the best deals for your budget. For those in-person purchases, don’t buy all your supplies from one store. Shop around! Usually, themed back-to-school supplies can cost 20-30% more than their generic counterparts.  Having this conversation ahead of time, reduces the chance for “impulse” buying.

Wrapping Up

It’s important to remember money plays an essential role in our lives – and NextMark’s goal is to help you achieve financial freedom. It’s never too early to begin teaching your kids about money. As role models, it is our job to teach them about saving, budgeting, and smart spending. We invite you to contact us for additional information about how we can help you manage your finances with confidence. You can also come in to the nearest branch and see how we can help you accelerate your financial goals.

 

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