The National Retail Federation predicts combined spending for back to school and college is expected to reach $74.9 billion, or $669.28 per family on apparel, shoes, supplies and electronics, up 5 percent from last year. That’s quite a bit of money for many Oklahoma families, so it’s best to try and make that dollar amount stretch as much as possible.
Here’s a tip from Oklahoma CPA’s on a way to ace the budget:
Involve your children in the process.
This is excellent opportunity to teach your children money management skills. Concepts like comparison shopping, distinguishing needs from wants and sticking to a budget may all be taught during back-to-school shopping. By including your children in the decision-making process, you can help them learn life-long financial lessons early. Further, by forcing them to stick to a budget, you avoid overspending while still allowing them to decide if they’re willing to spend their allowance on something that may not be necessary.