Lessons In Back-to-School Spending

Published on August 20th, 2017

The National Retail Federation reported that back-to-school spending has increased by 55% since a decade ago. The average amount of money spent on a child going back to school is $917 per child. This is different from a college student, which can be upwards of $1,300 for a freshman. These expenses can be so large for some families that they need to take out personal loans in Schiller Park or Franklin Park banks. If you want to learn more about the value of money while cutting your back-to-school expenses, here are some unique strategies to help you and your family:

Teach Your Kids A Lesson In Finance

Use this time as a lesson in financial responsibility for your kid. One method of doing this is handing over some of the spending responsibilities to them. After creating a strict budget, be sure to hold them to it and monitor their spending closely. Essentially, this will allow them to learn how to appreciate the value of money while your family sticks to a modest shopping bill.

Have Your Child Hold You Accountable

If they are not old enough or prepared to handle some of the shopping expenses, then explain the value of a sticking to a budget and then bring them along to every back-to-school shopping trip. Your child can help hold you responsible for what you spend, and you can remain a good role model by following your own teachings.

Don’t Be Afraid To Say No

Although the above suggestion may help kids learn, this lesson is clearly for the parents. Every parent has difficulty telling their child no, but it is an important word for them to hear. Say no to the newest tech gadget or whatever new expensive thing they do not need. Stay on budget and teach your kids about the value of saving money by putting limits on spending and teaching them to really think through non-essential purchases.

Personal Loan For Back-To-School

If you find yourself in a pinch at the start of the school year, taking out personal loans from Schiller Park banks or a surrounding city is an option for you. Leyden Credit Union has a Personal Loan specifically for your school supply needs! For details, visit our page on Personal Loans. For personal loans in Schiller Park, Franklin Park, or surrounding cities—visit Leyden Credit Union.

 

 


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