Hey there! It's Talk About Money Tuesday, my favorite day of the week!🤑

For some families the first day of school is right around the corner. Others still have a few more weeks to enjoy the slower pace of summer. Once that first day arrives, many of you think the hard part is over.

Then the emails start stacking up in your inbox.

There's a field trip next month. Picture day is coming up. The PTA is raising money to buy new computers. After-school club dues have increased. Prom tickets are for sale. Sponsorship opportunities for the overnight grad party are available now.

All of these expenses can quietly stretch your budget over the course of the school year. But they also offer an opportunity for parents to explain why it's important to think ahead and set priorities in preparation for expenses that don't happen all at once.

Here's to a fantastic school year and the everyday money conversations that teach young people about hidden costs and how to manage them.

Money Stat

62%

Back-to-school shopping is no longer an August tradition. Families are in stores (and online) earlier to find deals and manage costs. According to a survey by the National Retail Federation, 62% of shoppers had already started buying school items by early July.

Families with K-12 students reported they planned to spend an average of $864. Shoppers with college students are expected to spend an average of roughly $1,438. Just like last year, electronics are the top spending category for both groups.

Get in the Zone

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Money skill: Build a school-year spending plan

Why it matters: One of the best money habits families can develop is planning for expenses before they happen. A simple school-year spending plan helps children understand that successful budgeting includes both expected and unexpected costs.

Try this: These simple activities can help your child understand that smart money habits include noticing expenses and planning ahead:

➡️ Create a school expense calendar. Write down costs such as sports registration, field trips, school pictures dances, and yearbooks as they're announced. Seeing expenses spread across the school year makes them easier to plan for.

➡️ Set aside a little each month. Create a school expense fund and let your child help track the savings goal. Then show how small amounts set aside over time can help your family cover future costs.

➡️ Review every month together. Ask your child "Did our plan match what actually happened?" Talk about which school expenses were expected, which ones changed, and how your family can use what you learned to prepare for the future.

Smart Money Quiz

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A family creates a back-to-school budget and sets aside money for clothes and supplies. Which step would best help them avoid financial surprises later in the school year?

A. Buying all school supplies as soon as possible

B. Adding a buffer for costs that may appear later

C. Waiting until expenses come up so they only pay for what they need

D. Focusing only on the largest school expenses and ignoring smaller purchases

(The answer is at the end of this newsletter.)

Money Talks

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Start a money conversation with your child by asking, "If our family had to choose between two school expenses, how would you decide what matters most?"

Try giving them a few examples, such as choosing between attending a school activity or buying a yearbook. Or deciding whether to buy something new for school or using what they already have.

Listen to what factors they say they would consider to arrive at their choice. You might be surprised by what you hear!

Loose Change

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✏️ School supply prices are on the rise. A new analysis reveals by how much.

🛍️ A Vermont teenager set out to buy her back-to-school clothes on a $100 budget. Check out what she was able to score from local thrift stores.

💰 Teachers are buying school supplies, too, and the amount they spend out of their own pockets may surprise you.

Schools and organizations: Want to bring financial literacy skills that build money confidence to your students and employees in a fun and practical way?

​Book a free 30-minute discovery call with me to talk about my customized programs.

Thanks for reading! If you want to read some of my past newsletters, click here. And if this newsletter was forwarded to you, please subscribe ​here​.

'Til next time,

Audrey
​Founder &
Certified Financial Education Instructor​
The FinLit Zone

ANSWER​
​B. Adding a buffer for costs that may appear later. A strong budget includes room for expenses that don't have a set date yet. Planning for costs like field trips and sports fees helps families teach children that good money management involves planning and adapting when circumstances change.

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