It’s that time again. While most parents are secretly (or not so secretly) cheering the end of summer and return of the school season, they also hate it.
According to a survey from eBates, 75% of U.S. parents hate back-to-school shopping season, and just as many teens believe the same. It’s not just the end of summer, though, that causes frustration. It’s the tension between parents and teens that make shopping unbearable.
Teens say their parents tend to wait until the very last minute to get any school shopping done and wish they’d start taking it more seriously. But parents, on the other hand, don’t like that their kids only want name brand clothes and items, which is stuff they usually can’t afford. This is especially true for families with multiple kids going back at the same time.
There’s a lot of peer pressure on teens to only get the latest, greatest fashions, leaving parents to figure out how to appease them while not destroying their budget. It’s not as if parents don’t want to buy their kids the best stuff…they just can’t afford it.
It’s quite easy for parents to give in, as emotions are often put before practical uses of money. Every holiday season, millions of people go into debt to appease family and friends. And more often than not, parents give in and buy their teens the greatest, most expensive clothes and supplies to the detriment of their budget.
Some of what they buy isn’t even practical, but because their kids demanded it, it found its way into the cart. In fact, parents spent over $70 billion last year for back-to-school.
Since it’s mostly teenagers who demand the more expensive items on their list, it leaves us wondering if parents are missing out on a grand opportunity to teach kids about budgeting and the value of money.
In short: if they want the latest and great stuff, why not have them buy it themselves? If you give your children an allowance, tell them you’re only going to spend “X” amount of money for clothes and supplies, so if they want more than that, they need to save and chip in.
Or, if they’re older, a few summer jobs can be used for more than just extra spending money. You can teach your kids how to save some of what they earn to take care of their own needs. Once they realize how expensive their choice of style is, it might bring down some of the tension this time of year.
Of course, it might not, but at least they’ll learn about money, and that’s more important. They’re soon realize that if they want the best of the best, they’ll have to pay for it and it will motivate them to do so.
Another idea is to itemize each ‘category’ and shop online beforehand. They’ll need new clothes, gadgets, school supplies, shoes, and other stuff, so write it all down. Maybe sit down with your teen and plan out everything you want to buy, with the cost, within the budget you set.
And whatever happens, don’t give in. Keeping your budget intact is more important than adding to your debt just to ensure your kid is fashionable going into the new school year.
