DALLAS, July 29, 2021 /PRNewswire/ -- In celebration of back-to-school month this August, the National Financial Educators Council (NFEC) is sharing resources for parents to teach kids money matters tips this summer. A free downloadable back-to-school shopping list and hands-on activities to do at home are designed to help strengthen financial literacy skills in students of all ages.
"As families prepare to send students back to school, it's a good opportunity to teach kids important lessons about money management," said Vince Shorb, CEO, National Financial Educators Council. "We're sharing hands-on activities families can do together to show kids how to budget, prioritize purchases, and determine the value of the items they use in the classroom."
Back-to-school shopping provides an excellent opportunity each year to have important conversations with kids about money, including budgeting, how overspending can happen, and tips on bargain shopping. This teaching moment provides a yearly opportunity for kids to learn key financial literacy skills that often are not taught in school, including sticking to a budget, prioritizing spending decisions, identifying the value of important items, and price comparison shopping.
"Involving students in their own back-to-school purchase decisions can help take some of the stress out of shopping and strengthen key financial literacy skills for the future," said Shorb. "We should all take National Back-to-School Month as an annual reminder to teach our kids the value of money, how to spend it wisely, and the importance of saving for a rainy day."
Here are some tips for families to turn back-to-school shopping into life-long lessons:
- Create a list of back-to-school items needed and prioritize the "must have" versus the "want to have."
- Review store advertisements and list the estimated cost for each item, as well as the total back-to-school budget for each student.
- Assign students items on their own list to research, compare advertised prices, and find the best bargains.
- Identify ways to reduce spending, including coupons, sales, discount stores, and items that can be re-used, shared, or borrowed.
- Discuss ways you might overspend, such as impulse buying or choosing brand name products.
- After the back-to-school shopping trip, review the receipts. Did your family come in under budget, at budget, or over budget?
The family back-to-school shopping project aligns with the NFEC's Chores for Kids efforts to teach youth financial literacy lessons, help them develop positive money management skills and better understanding the value of money. This is provided complimentary to all parents that want an interactive way to teach kids about money – download Chores for Kids Lessons.
The National Financial Educators Council is a personal finance company whose mission focuses on providing top-quality financial education programming. As a social Benefit Corporation, the NFEC's social impact-focused enterprise has supported the development of thousands of programs over the last decade to reduce the cost and time needed to develop programming, while providing tools and training that increase program impact.
SOURCE National Financial Educators Council