It’s that time of year again.
With summer winding down and vacations coming to an end, many families are getting ready for the back-to-school season. For children, this means settling back into the school routine, and for many parents, it means back-to-school shopping.
These shopping excursions are a great opportunity to chat about money with your children. It’s important to teach financial concepts from a young age to help young people learn money management and good financial habits.
While you’re getting organized for the first day, consider involving your children in the process. If you have a budget for school supplies, share it with your child to explain that when you spend money on one item, that means there is less available for another.
Go through flyers together to look for back-to-school sales, and discuss the costs of similar products made by different brands.
There are many ways to teach financial basics to your children. Parents can find more tips and resources in the teaching children about money life event website.
Financial Consumer Agency of Canada