NEW YORK -- Shopping for back-to-school items for your children, but afraid of a fight in the jeans aisle?
Parents who hope to keep a lid on spending can soften the edge by planning the back-to-school budget with children, shopping together and teaching them how to separate needs from wants - and how to tell what's a good deal.
"You need to involve them in the process so they understand the value of money," says Lori Mackey, president of Prosperity4Kids in Agoura Hills, Calif., which offers material to teach children about finance. "These are life lessons that children will need."
Here are five personal finance lessons that back-to-school shopping can teach:
1. Spend within your budget: Parents should start by working with children to set a limit on how much to spend on clothing and supplies. Jacob Gold, a certified financial planner in Scottsdale, Ariz., recommends using a debit card or cash so children see how quickly the money disappears.
"They have to learn to live within the certain threshold," Gold said.
2. Know what you have: Go through your child's closet to find out what fits and what doesn't - and what needs to be repaired or handed down. Maybe that jacket just needs to be patched or the shoes just need resoling. Consider recycling last year's backpack if it's still in good shape.
3. Separate wants from needs: Children may want five pairs of super-skinny jeans in different colors, but parents should get children to ask themselves each time they want to buy something: Do I really need that? Start by coming up with a list - before heading to the mall - of what's necessary in the way of school supplies, shoes and clothes.
4. Get the most bang for each buck: Talk about seeking discounts and using coupons, and show teens and preteens how to compare prices online at sites like pricegrabber.com and dealtime.com .
But also remember that a 20-cent notebook may seem like a great deal - but won't be if it falls apart in a day or it's not the size your child's teacher requires. Examine products carefully with your children to determine the quality and consider spending more on a pair of jeans that won't fade after washing a couple of times or a binder with strong enough rings to withstand nine months of jostling in a backpack all day, for example.
Children often want instant gratification, but parents can teach the importance of buying a little at a time.
5. Be charitable. If you're getting rid of clothes your children grew out of, donate them to a local nonprofit so your children learn about being charitable - and how to get tax deductions. Take your child along to drop off the clothes and talk about the people who will receive what you give. With older children, explain how to determine the fair market value for their items by checking websites like Salvationarmy.com.
"Children are naturally born givers," said Mackey. "So if you can incorporate that into back-to-school, it will encourage that in later in life."
