The month of August is generally the time when most parents start the cumbersome task of back to school shopping. I think it is the perfect opportunity to teach kids about money and specifically budgeting money.

by Monkey Business Images

For an example when I was in middle school my Mother gave me a certain dollar amount and dropped me off at our local mall and I was allowed to choose my own back to school wardrobe. I remember looking for the items on sale/clearance so I could  get more clothes. To this day that is the way I shop I really don't care about name brands I'm more concerned with value.

On the other hand I tried the same tactic with my Daughter when she was in middle school she ended up spending 75% of her budget on a name brand pair of shoes and had very little left over for actual school clothes. She had to live with her decision to purchase the coveted Doc Martins sacrificing what she had to wear with those spendy shoes.

I really thought my experiment with my Daughter failed, but as it turns out she as an adult now is very good with money...ahhh parenting

I highly encourage parents to give your children the freedom to make choices and learn a lesson about money!