Tips to Trim Back-to-School Costs

Back-to-school shopping is, in itself, a teachable moment.

"Ideally, parents might estimate annual school costs per student, divide by 12 and save that amount each month to cover costs without stressing the family's late summer budget," Young said. For example: Divide the estimated annual cost per child ($300) by 12 to determine a savings goal of $25 a month per child.

While that may be a good recommendation for next year, this year's school enrollment fees are coming due in the days and weeks ahead, and the pressures to spend are real. Children typically want what they think others will have, she said. Stepping back and asking the kids to help you make spending decisions can be a lesson in money management. Even three-year-olds can understand concepts, such as "We can't buy everything so we make choices" and "Once we spend the money, it?s gone."

Before shopping, talk with your children so that each one has a clear understanding of the items needed and the amount of money available to cover costs, Young said.

Learning to make choices - some good and maybe some that aren?t so good - and learning to live with the results are important life lessons, she said.

If, for example, if a child chooses to overspend for a trendy shirt or pair of shoes, he should understand that he will have less money to buy the other items on the list, she said. Counsel children, but allow them to make some of their own choices on items they feel strongly about. The results can often be good discussion for planning the next shopping trip.