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The Evanston, Ill., mom hosted a yard sale last month at which her kids peddled the jeans they outgrew, the books they already read or the dress they’d long since forgotten. Brandon, 17, Ashley, 16, and Rae, 11, pocketed their share of the profits — the sale fetched $600 — toward their back-to-school budgets. The tradition reinforces two principles Killebrew works hard to instill: recycle what you no longer need, and money is best saved, not squandered.
“You’ve got to raise kids to stretch a dollar,” Killebrew said.
Many parents are capitalizing on this back-to-school season to give their children a crash course in financial literacy.
“Young people need to realize things can get tight in an instant and they may have to change how they think of things,” said Susan Taylor, who teaches family money management through the University of Illinois extension office. “As a family, they’ll be stronger for it.”
The reckoning comes as food and fuel costs cut deeper into household budgets, leaving less to invest in the annual round of doctor visits, registration fees, school supplies and clothes.
Melissa Tosetti, editor of Budget Savvy magazine, said the key to keeping to a budget is focusing on things that really matter to you. And for many kids, clothes matter.
“If clothes are important to a teenager, which they tend to be, work with them to figure out how to make the money stretch a little further,” Tosetti said.
The first question to ponder is: How much do they really need? Experts say there’s no simple measure of need. Factors to take into consideration include a child’s age, rate of growth, hobbies or even how often the family does laundry.
Next, before stepping foot in a store, families should take stock of what they have at home, Tosetti said. Then, it’s time to comparison shop.
Some parents say they encourage their children to stretch the budget and help the environment by mixing used pieces with new items.
Mara Lazar of Skokie, Ill., suggested her 12-year-old daughter host a summer clothes swap with her friends. Emma nixed the idea. But the pair searched through resale shops and vintage markets to find distinct, reasonably priced clothes for school. The practice comes down to priorities, Lazar said.
Killebrew plans to involve her kids in the budgeting process. She’ll cover classroom supplies and school registration fees, as she has done before. Brandon, Ashley and Rae each will get $100 for clothes and other back-to-school items. Anything more, and they must foot the bill.
“When it’s your mother’s money, it’s too easy to spend,” Killebrew said.
It may be even easier when the money is grandma’s.
Rosemarie McGowean of Schaumburg, Ill., circled through retail chains and shops across the northwest suburbs last week in her quest to equip her granddaughter’s first locker in middle school. She settled on a small dry erase board, colorful pens, pads of paper and magnets imprinted with the days of the week.
“With my kids, I was on a budget. But I just blow it with my grandchildren. If they need it, they need it,” McGowean said.
