Back to $chool money basics - The CW San Diego - News 8

Back to $chool money basics

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SAN DIEGO - It’s an exciting time for students – back to school! There are plenty of lessons parents can help teach children about financial responsibility. 

Mom and financial advisor Stephanie Barnier has lots of tips related to school spending and money lessons that parents can start teaching their kids now. 

Some of her favorite tips include: 

  • Before you go to the store, try and set a maximum budget you will spend for back-to-school shopping overall, then work with your child to purchase all the items they want. Help your kids track your spending while you’re out shopping.
  • Teach your kids to comparison shop and shop around. When you are at the store, compare prices there to online retailers to get the best price.
  • Providing allowance can be a good opportunity to help your children learn about responsible money management. Highlight the importance of dividing their income into saving, spending, and giving buckets and then work with your child to decide how much should go into the respective buckets.
  • For college-bound kids, set up a checking account at a local bank if they're in another city. 
  • Consider helping to get your student set up with a credit card that has a low balance will help establish credit and teach them some good basics of credit. Teach them the difference between needs and wants – charge what you need, and only things they can pay off at the end of the month.

For more tips and financial advice from Stephanie, visit her website: clearskywealth.com.

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