Parenting

3 Ways To Control Back To School Spending

Every August I used to get a little sick to my stomach every time I had to swipe that credit card.  It literally felt hot sometimes.  My credit card was on fire and it wasn’t even Christmas, it was back to school spending.  And it seemed to grow in dollars congruent to the inches my children grew every year.  A couple of factors came in to play – the number of children I had in school and my girls growing desire for more cute school supplies and fashionable attire.  A plan was called for and so here are 3 ways I learned to control back to school spending:

  1. Needs Assessment – Child by child I go through their closets and figure out what is worn out, what is outgrown and can be handed down, and what is missing.  Then we make a working list for each child based on what they need.
  2. Item Limits – I itemize what I will buy.  For example I will buy everyone 1 pair of new tennis shoes, 3 school outfits, etc.  Sometimes different children need more or less.  Anything else they want is outside my spending boundary and must be purchased with their money.
  3. Dollar Limits – I set dollar limits for each approved item before we shop.  For example I let the kids know that I will spend $50 on a pair of tennis shoes.  If they want a pair for more than $50 they will have to pay for the difference.  For my girls, in particular, I let them know that I will give them $300 for 3 complete outfits (jeans, shirt, sweater, belt, accessories, whatever).  If they can get 4 outfits out of $300 good for them.  If they only get 2 outfits with that money they will need to buy anything else they need.  This allows them to learn the pros and cons of managing their money.

Back to school spending is a little less agitating for me now.  My card still gets a little hot but I don’t.

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