10 Best Financial Tips for Your School-Age Kids

Proper financial planning and a solid savings plan will give our parents peace of mind. Perhaps, preparing ahead is key to managing student needs, and there are a lot of unknown costs that need to anticipate as parents. Consider these financial tips for school-age to help you become financially well rounded and fiscally responsible.  

1. Create a budget together.

Sit down with your kids, create a budget on paper. Always estimate potential expenses. Make sure to create one as concrete as possible to eliminate those that are less important. Always remember to prioritize things that your kid would need. Create them a couple of categories for expenses. Break it down by month to track all expenses. Compare and contrast the expenses as the school year goes forward.

2. Discuss money boundaries.

Make sure to always write down what you'll pay for and what your child pays when they are at school. Remember that each expense should be on track to keep you away from overspending. Creating a budget is very different from sticking to one. Kids do not realize how much a little purchase may affect and add up. Have them track to a piece of paper or an app every single purchase so they get to feel the outflow of money?

3. Avoid impulse buying.

We understand you want the best of everything for your kids, but keep in mind that we have to avoid overspending. Avoid too much on clothes and toys. Instead, consider shopping second-hand or checking with loved ones for hand-me-downs that will be available. Your kids aren't going to complain about the brand of the item, they just care about how comfortable they are.

4. Reuse preloved items.

Avoid buying overly expensive new items. This can save you some significant money. But what about the things you already own? Do not throw items that your kid used from the previous school year. Always remember that it can actually save you from buying new ones.

They can still use those bags, notebooks, pens if they are still in good condition. Your kid would not mind if it was quite old as long as it is clean and would look new they will still love it. Clean and reuse it.

5. Ask yourself, "Do they really need it?"

According to the parents surveyed by the United States Department of Agriculture, some kids’ expenses are totally worth the cost. Others not so much. The average of American family pays over $11,000 just in the first year of a child's life and nearly $250,000 by the time they are 18. While the most incurred expenses prove worthwhile, not every toy, class or experience warrants its price tag. Not every parent discussed the reasons for their choices, but every family is different, and it makes sense that every expense would be valued differently.

On the other hand, try to avoid first having big vacations when they are younger. They would really not appreciate it yet; they will just forget. Your children will reflect the way you spend your money. It is best to be a good role model for them.

When it comes to borrowing cash, teach your children that getting a loan is a serious responsibility. Borrow only from licensed moneylender cash mart. Make sure that the lender is included in the list of licensed moneylenders.

6. Avoid taking Loyalty Cards and coupons in Superstores.

Yes, they are meant to save you money, but at the same time, they force you to spend more as well. Going to groceries might be our habit every time we get our paycheck. For some parents, it is their stress reliever and for some, they do need it for a daily basis. But, keep in mind, only buy those things that you need and do not think of the points you will get in your cards. It would cost you more money.

7. Look for student discounts.

Parents paid for everything. We might want to take advantage of these discounts everywhere. Yes, we do give allowance to our kids for spending to school. And of course, as a child, they will just keep buying and forgetting their money loads. It is recommended to give our kids at least some financial training. Discuss them a little about how to save expenses and budgeting their allowances. Avail of the discounts that are being offered in the school and even outside. It could be a little help for you as a parent.

8. Review your insurances.  

Always ensure that your family is protected, contact your insurance provider and check if your family is protected. Make sure that your kids are included in your health insurance. We do not know when they would get sick. It would be a lot of cost if you do not prepare enough in the future.

9. Save for a rainy day.

Look at your spending habits. It is recommended to keep the list of your expenses so you would know where your money goes. It is important to save money not only for emergencies but also for your kids’ education. We have to always be prepared. We do not want our children to have an unsecured future. Have enough savings to cover your child’s expenses. Although, it is not always possible to meet your goal for your savings it’s the best way to always prepare. Once you create a budget and emergency funds at least you can live comfortably and would not worry about your kids’ future.

10. Communicate with your child.

Children do not know the concept of money. Give them values concerning money. If they have some money, they should be encouraged to save part of it. A history of successful savings will lead to a good credit rating. It is vital to understand credit ratings. Always tell them the pros and cons of spending decisions with them. Always talk to them regularly and openly about money in the family. Discuss to them how the economy is doing locally and globally so in an early age they would realize the value of money.

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