Confirm what is really needed on day one. It may prove helpful to stagger your spending as your children return to the classroom, say experts.
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Ask a child’s teacher what each student really needs on day one versus what can wait.
“Holding off lets you spread out your cash flow and take advantage of lower and non-peak prices,” said Rossman.
When a parent finds solutions other than incurring debt, children will learn a critical lesson that will help them lead financially stable lives. (iStock / iStock)
Make more practical buying decisions. Parents who think their kids must have all the bells and whistles, a designer backpack or other cool items they can’t easily afford may go further into debt trying to be trendy.
“The pressure for parents and children to have the latest, most fashionable school gear is brutal, and nothing is wrong with wanting to make children happy, but not at any cost,” said Mariana Martinez, a senior family dynamics consultant with Wells Fargo’s wealth and investment management group based in Bethesda, Maryland.
“Nothing is wrong with wanting to make children happy, but not at any cost.”
