Saturday, August 14, 2010

Back to School

It's that time of year again....Back to School!  Why is it that we have brain washed our kids to believing that back to school means shopping and buying all new stuff?  I started thinking about this last year when my son said he needed a new backpack when the $50 back pack I bought him the year prior was still in good shape.  So, I decided it was time to start teaching some budgeting skills and the value of money.  Last year I gave him $200 cash with a list of must have (supplies and shoes) and told him any money leftover was his to keep.  After that he decided to re-use his backpack for another school year.  Mission accomplished!  This year we are doing the same thing....$200 with a list of must haves.  However, I noticed a change this year...he took the challenge very seriously!
Beginning Balance          $200
Messenger Bag        minus $10   LLY back pack would not survive another yr - great deal @ TJ Maxx
School Supplies       minus $17   shopped bargain deals at Staple, Target, Office Depot
New Jeans (2)          minus $22  MD Levis @ Macys w/ coupon & Abercrombie jeans from resale store
Basketball Shoes     minus $41   researched best price online w/ free shipping
Airwalk Shoes         minus $11  sale price + coupon
Black Shorts (2)      minus $10   MD to 4.99 - got 2 pair at that awesome price

Ending Balance  $89

All essentials, that means my son just earned $89 by paying attention to what he buys and researching the best deals!  Now, he might want to get a couple new shirts, but is waiting to find the best deal.  I am tickled pink, because I have broken my son from the must have now mentality.  He actually gets really excited when he finds an awesome deal!

Check out all his loot for the bargain price of $111!

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