Create a back-to-school budget
Financial awareness starts with planning. Involve your child by reviewing the school supply list and setting a clear budget before heading to the store. For example, a $150 budget might allocate $80 for required items, leaving $70 for extras. Help your child sort items into “must-haves” (like teacher-assigned supplies) and “nice-to-haves” (such as character folders or scented markers). Designating $25–$50 for your child to manage independently reinforces intentional spending and sets realistic expectations.
Research advertised deals
Turn shopping into a value-hunting mission by having your child help compare store flyers. For example, if Store A sells notebooks for $0.50 and Store B offers them for $0.25, point out that buying five saves $1.25. Use store apps to find exclusive discounts and explain how timing purchases with promotions can stretch a budget. This research builds critical thinking skills and prepares them to make informed decisions in-store.
Practice comparison shopping
Apply those research skills in real-life shopping situations by helping your child focus on overall value, not just price tags. For example, show them how to compare unit prices, such as a 24-pack of crayons costing $6 (or $0.25 per crayon) versus an 8-pack for $3 (or $0.375 per crayon). Discuss brand-name versus generic options by weighing price differences against functionality, like paying $5 for character-themed pencils when plain ones cost only $1. Encourage your child to consider whether the added cost is truly worth it.
Give them a calculator to track the running total as items are added to the cart. As the budget threshold approaches, praise them if they appear more thoughtful and selective about purchasing the remaining items.
Encourage independent spending decisions
Let your child take charge of their portion of the budget. When it’s time to choose discretionary items, step back and allow them to weigh their options independently. For example, if they have $30 to spend, they might consider whether to purchase a character-themed backpack for $25 which would leave them with only $5 for additional supplies or opt for a plain one at $15, which would give them more flexibility. Making these trade-offs helps build confidence, autonomy, and real-world decision-making skills.
Explain the real cost of purchases
Teach your child that sticker prices don’t reflect the full cost. At checkout, point out how the total increases due to sales tax since what may have added up to $145 on paper could become $151.83 at the register. Use simple math examples to reinforce the concept, such as explaining that an item priced at $100 will actually cost $104.71 with a 4.712% tax. Understanding how taxes affect final prices helps children plan more accurately and realistically when managing a budget.
Review your spending
Wrap up the experience with reflection. Review the shopping trip together by examining how closely the spending matched the original budget. For example, if the plan was to spend $150 but the total before taxes was $156.60, talk about what led to the overage. Discuss which purchases felt most worthwhile and why. Encourage your child to compare their planned spending to what they actually spent and share how that felt. These conversations help reinforce self-awareness and build lifelong habits of thoughtful financial decision-making.
Back-to-school shopping offers a chance to teach money lessons that can last a lifetime. Check out youth savings accounts and interactive activities and tools you can use to help build your child’s financial literacy skills.
