By Sheryl Smolkin

Hockey. Swimming lessons. Dance classes. Piano lessons. Just when you finish paying for back-to-school clothes and school supplies, it’s time to register your child for sports and arts activities. And depending on which activity or sport your child selects, your budget can take quite a hit.

In a November 30, 2012 article in the Globe and Mail, Roy McGregor reported that that the average hockey family spends $1,500 a year to be in the game.  He said, “Given the choice between outfitting a kid for soccer rather than hockey can be equal roughly to the choice between walking to the corner store and chartering a helicopter to pick up the milk.”

Too many or the wrong extra-curricular activities can also stress out both kids and parents. For example, parents who have fought a losing battle to get a disinterested child to practice the piano regularly may wonder whether they are getting value for the money spent on lessons.

Here are some of the things you can do to both save money on extra-curricular activities and minimize the wear and tear on your family:

1. Activities selected:
   When you are selecting extra-curricular activities for your children, consider their interests and aptitudes. If your daughter has been kicking around a soccer ball from a young age or your son begs for dance classes, the choices are obvious. In other cases you may have to be more intuitive.
2. Public/private:
   Most community centres offer swimming classes and a full range of other activities that are less expensive than programs offered by private vendors. However, registration for publically-supported programs is typically limited or may be by lottery. Find out what is available in your area, when registration opens and what the deadlines are.
3. Number of activities:
   There is no magic number of extra-curricular activities for each child. This will depend on the amount of homework typically assigned, transportation issues and the energy levels of both children and parents. With our children, I decided that two per child was more than enough.
4. Family schedule:
   Before you commit time and money to activities for your children, think about how they will integrate into the overall family schedule. If you have one car and each child has an activity at the same time at opposite ends of town, it’s not going to work. If your two children have after school or evening activities four or five days a week, there will be little if any time for relaxation and unstructured play.
5. Location, location, location:
   The best of all possible worlds is when your child’s school offers activities like sports, the school play or band practices at the beginning or end of the school day. I also struck gold the year that my son had a piano teacher who made house calls! If the only gymnastics class that trains elite athletes is miles away, driving and car pools may be unavoidable. However, whenever possible, stick to activities that are close to home, particularly for young children.
6. Saving on equipment
   For sports that require expensive gear like hockey or skiing, many communities have equipment exchanges. There are also stores like the Saskatoon Skate Exchange where used equipment in good condition is discounted. Long & McQuade, also in Saskatoon offers rental and rent-to-own programs for musical instruments.
7.  Stick with it
   Make a deal with your children that if you sign them up for a program they have to stick with it for the semester or the year. Often classes that seem onerous or too difficult get easier in time and by the end of the series a child who was initially reluctant gets great satisfaction from mastering new skills. Also, they need to understand that your budget is finite and they can’t just drop an activity and expect to be registered in another one.
8. Cut your losses
   In spite of all of your planning, sometimes it doesn’t work. If an inept program leader, unexpected homework loads or frequent colds and flu mean that you and your children simply can’t face the grind of extra-curricular activities, bite the bullet, give something up and see if you can get a portion of the fee reimbursed. It is not worth punishing the individual child or the family for one bad decision.

Do you have tips for parents about kid’s extra-curricular activities? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

26-Sept	Employee benefits	Getting value for your employee benefits
06-Oct	Seniors	Colleges, universities offer free tuition for seniors
10-Oct	Thanksgiving	Paying it forward: Volunteer opportunities

By Sheryl Smolkin

This week we share links to blogs about RESPs, insurance and applying for a first job.

If you are still paying off student loans and you don’t want your kids to be burdened with debt, you may be thinking about starting Registered Educational Savings Plans for them. On Retire Happy, Jim Yih discusses the RESP contribution and withdrawal rules.

As a result of flooding over the past several years Robb Engen says his home insurance bill is up by 30%.  In the end he decided to renew the policy as is and start budgeting more for house insurance premiums (and the deductible for possible claims) now and in the future.

In an archived blog, Gail Vaz-Oxlade explains why you shouldn’t buy mortgage insurance, flight accident insurance or accidental death insurance. Don’t forget to read the comments which are almost as interesting as the content.

Recruitment season can be very stressful for students in their final year. On BrighterLife.ca Christine Kang says applying for a first job is like going on a first date and give hints on how you can make a good first impression.

And when that long-awaited job offer comes, Andrew on $he Thinks I’m Cheap says it’s time to negotiate the best possible salary. That’s because a small increase can mean big money when you consider the benefits of compounding, pension contributions, bonuses and other benefits.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

As a card-carrying member of the sandwich generation, I can attest to the fact that financially literate children are one of the best investments you can make in a comfortable retirement.

If you are lucky, your kids will help to take care of you and your money when age or infirmity makes it difficult for you to manage on your own.

Yet an August 2013 ING survey revealed that although kids 11 to 14 generally rate Mom and Dad as good financial role models, many want their parents to better educate them about the following financial issues:

• 38%: How bank and credit cards work
• 36%: What things cost and why
• 27%: How to save their money
• 26%: How to manage their money.

Exactly what you need to teach kids about money depends on the ages of the children. The Financial Consumer Agency of Canada offers the following suggestions on what financial lessons are appropriate for different age groups:

Ages 4 to 8:

• Understand that people have a limited amount of money to spend.
• Use money to buy basic goods and services for simple transactions.
• Divide allowances or other money received among the financial goals of saving, spending and sharing.
• Understand that there are choices when it comes to money, and that money spent on one thing means that there is less money available for something else.

Ages 9 to 14:

• Recognize the difference between needs and wants.
• Understand the importance of saving a portion (for example, 10%) of all money received and the value of an emergency fund.
• Create a savings plan for short-term and long-term financial goals.
• Identify regular family financial commitments and know that families use household income to meet those commitments.
• Create a simple budget for an activity or event.

Ages 15 to 18:

• Understand the pros and cons of different payment options such as cash, debit cards and credit cards.
• Understand different kinds of investments (GICs, stocks, bonds and mutual funds).
• Understand the time-value of money (for example, past, present and future worth of money) and opportunity costs.
• Understand the concept of “living within your means” and why it is important.

I think much of what my offspring learned about budgeting and saving came through osmosis and the school of hard knocks. But my husband and I did one thing that helped our children understand the value of a dollar at a young age.

Paying them weekly allowances was a real nuisance because I never had the right change. It was also very tempting to withhold the money for minor misdemeanours which did little to promote family harmony.

So we started giving them monthly cheques instead. We opened accounts for them at the Royal Bank because they had a low-fee ATM in the convenience store at the end of our street. The kids also got their own bank cards so they could easily make deposits and withdrawals.

The deal was that they had to pay with their own money for specific things like movies, school lunches and bus fare (in the case of my daughter who was older).

I knew it was working the day my son – who was 10 or 11 at the time – missed the school bus for the second or third time. Instead of expecting me or his Dad to bail him out, he called a taxi and had the driver stop by the ATM on the way so he could take out enough money to pay the fare.

I can’t remember if he gave the driver a tip, I guess that was a story for another day.

Do you have tips for parents about kids’ allowances?  Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

19-Sept	Extracurricular activities	How many and how much?
26-Sept	Employee benefits	Getting value for your employee benefits
06-Oct	Seniors	Colleges, universities offer free tuition for seniors

By Sheryl Smolkin

Most of us are aware that saving for retirement is a must even if our savings currently fall short of what we will need. But many people have not thought much about estate planning and don’t even have a will. So this week we focus on blogs and websites that will help you and your family with end-of-life planning.

Secrets to writing a will is an article in Canadian Living that draws on the expertise of Janet Sim, past chair of the Canadian Bar Association’s National Wills, Estates and Trusts Section.

The Investor Education Fund’s blog GetSmarterAboutMoney.ca has a section on death and dying with links to blogs about a variety of related topics such as wills, reducing your estate costs and what happens to your life insurance when you die.

Acting as an executor can be very challenging. On retirehappy.ca Jim Yih provides a helpful checklist for executors.

Estate Law Canada is a valuable collection of blogs by Newfoundland lawyer and author Lynne Butler. Her most recent blog discusses what happens to the share of someone who dies before receiving her inheritance.

Widowed.ca is a free online resource for widows, widowers and their families, providing an easy way to locate a wide variety of information and services needed after the loss of a loved one. Check out the Q and As and Janet Baccarani and Jennifer Black’s book Managing Alone.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

When you are budgeting for your child’s college or university education, tuition, books, accommodation and food are at the top of the list. But don’t forget to consider whether or not your child will require individual health, home or automobile insurance once he/she comes from or is moving to a different city, province or country.

Health Insurance:

The Government of Saskatchewan’s Health Plan provides basic hospital and medical health coverage to residents of Saskatchewan at no charge. If an international student arrives directly from his/her home country, coverage starts on the day of arrival.

The student must have a valid study permit, proof of registered, full time status and a Saskatchewan resident address. A spouse or dependant living with the student at a Saskatchewan residence with immigration documents allowing a stay longer than six months is also eligible for coverage.

Generally students who go to school in another province but intend to return to their home province to live after graduation continue to be covered by the provincial medicare plan of their home province.

However, a student from another Canadian province who becomes a resident in Saskatchewan will be eligible for Saskatchewan Health coverage three months after setting up a residence in the province. Similar eligibility requirements apply for students moving from Saskatchewan to other Canadian provinces.

If the health plan of the province a student is leaving does not cover health cost during this three month period, he/she should have private health insurance.

Students will also require supplemental health care insurance that covers medical, dental and drug expenses not covered under the provincial medical plan. Children under 21 can be claimed as dependants under a parent’s employer-sponsored group benefits plan.

A full-time student attending an educational institution recognized under the Income Tax Act (Canada) is also considered an eligible dependent under an employer-sponsored group benefits plan until the age of 25, as long as he/she is entirely dependent on the parent for financial support.

Colleges and universities typically have group health insurance for students with the premium included in the tuition fee. It may be possible to opt-out with proof of other coverage. In cases where your child is covered under both your employer’s plan and the university’s student health and dental plan, the university plan is the first payer.

Auto insurance:

If a student with a car moves from Saskatchewan to another province or vice versa, it is important to follow the proper guidelines to fulfill the licensing and vehicle requirements of the province and ensure insurance coverage continues without interruption.

The Kanetix website has a handy cheat sheet which includes the government ministries, agencies or departments you should contact to ensure you know the applcable licensing and vehicle registration rules.

First of all, students should notify their current insurance supplier that they intend to take a car to another province to attend school. Policies and rules vary by company so they should speak with their licensed representative before leaving to avoid any lapses in coverage.

Students can learn more about the requirements of the province where they will be attending school at the links below.
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec,  Newfoundland & Labrador, New Brunswick, Nova Scotia, Prince Edward Island 

Home insurance:

An August 2012 TD Insurance poll found half of Canadian renters under 35 do not have tenants’ insurance. In a press release announcing the results of the poll, Dave Minor, Vice President, TD Insurance sets the record straight for renters by debunking the five most common renter’s insurance myths:

Myth #1: If something happens, it will be covered by the landlord’s policy

Nearly one-third of Canadian renters under 35 (32%) incorrectly believe they are covered under their landlord’s insurance policy. But Minor says your landlord’s insurance likely only covers the building you live in and not your personal possessions or your liability for accidents.

Myth #2: My roommate has insurance, so I should be covered too since we live together

“Generally, renter’s insurance does not cover your roommate and instead only covers your own personal belongings,” says Minor. But if roommates are considering purchasing joint insurance, they should discuss how they will pay for the policy and have a clear understanding of what each roommate’s valuables are worth.

Myth #3: The chances of something actually happening are so small it’s not worth the cost

Accidents can happen to anyone, anytime, anywhere, and the financial impact can be significant. A number of common incidents and simple mistakes that are generally covered under renter’s insurance, including:

• A break-in.
• A party where there is accidental damage to a neighbour’s property or a neighbour’s property.
• A pipe freezes and breaks.

Myth #4: Renter’s insurance isn’t affordable

Renter’s insurance can be very affordable, and there are several ways to save. Purchasing auto and renter’s insurance with the same insurance provider, or through a student association can often yield discounts.

Myth #5: I’m covered under my parents’ insurance policy

Students may be covered by their parents’ policy if they live away from home while at school, but this coverage can be limited. Speak with your insurance provider to find out what coverage your child will need. Renter’s insurance is inexpensive and you may decide that it is best if your kids have their own policy.

Do you have tips for college or university students about insurance they may need once they move out?  Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

12-Sept	Kid’s allowance	How much and what your children have to do to get an allowance?
19-Sept	Extracurricular activities	How many and how much?
26-Sept	Employee benefits	Getting value for your employee benefits

By Sheryl Smolkin

Kids going away to college or university for the first time are typically bombarded by credit card offers from the big banks at frosh week events. If the bills are paid every month a personal credit card can be the first step to a positive credit rating.

To compare available terms on student credit cards take a look at this quick comparison table. However, there are other options that will allow you to more easily monitor your child’s credit card use and step in quickly if there is a problem.

Because my husband and I each have a personal credit card in addition to the card we use jointly for most family purchases, we decided that the best solution was to get my daughter another card on my account and one for my son on my husband’s account.

We never worried that they would abuse our trust because we check our accounts very frequently online, and if a problem did arise, we knew we could nip it in the bud pretty quickly.

But if you are not comfortable with giving your college-age children their own card or a card on your existing account, another option is a reloadable prepaid card.

If you are considering a prepaid card, carefully check out the sign up and monthly maintenance fees for this type of account. And keep in mind that these cards typically do not involve any credit reporting, so they will not help your offspring build a credit history.

Secured credit cards are also available. They allow you to put down a deposit at the bank that secures the balance. Your child can’t exceed a preset limit and he will begin to build a credit history. But you will have to co-sign, so closely monitor the card.

Whatever type of card you select, here are some ways you can educate your kids so they will use their new privileges wisely:

Interest mounts up: Do the math together. For example, my CIBC Infinite VISA card charges interest at 19.99 per cent a year or .05476 a day. Compare that to the .5 per cent annual Advantage for Youth Interest Rate CIBC is currently paying on its Premium Growth Accounts!

Pay bills in full: Be a good example. Avoid paying interest by paying your bills in full. Make it clear that anyone who can’t afford to pay off credit card bills each month can’t afford the items charged to the card.

The credit limit is irrelevant: Set personal spending limits. Just because a card has a credit limit of $1,000 or $20,000 doesn’t mean a cardholder should charge to the max. Unless your child is spending for budgeted items and will have cash on the due date, tell him to forget it until he has saved up the money.

Break the rules, forfeit the card: Be clear about the rules of engagement. Make sure your teenager knows if he overspends, or uses the card for unauthorized purposes, it will be cancelled. No ifs, ands or buts.

Understanding how credit cards work and learning to use them properly is an important part of your children’s financial education. By helping them to understand the potential pitfalls of buying on credit when they go away to school, you may save them a great deal of grief later.

Do you have tips for college or university students researching credit card options? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

05-Sept	College/University	What kinds of insurance does your child need?
12-Sept	Kid’s allowance	How much and what your children have to do to get an allowance?
19-Sept	Extracurricular activities	How many and how much?

By Sheryl Smolkin

In this week’s roundup we feature series of blogs about the pros and cons of home ownership plus blogs from some of our other favourites that are great reads. 

In How To Figure Out If A Home Is A Good Investment, She Thinks I’m Cheap teaches you how to do the math to find out whether you can afford a home. He also explores whether or not it makes sense to buy the largest home your bank or mortgage broker says you can afford.

Since the end of July, Gail Vaz-Oxlade has published excerpts from Chapter 4 of her book Money Rules. This very readable five part narrative tell the story of Jason (divorced with two children) and the issues he encounters when purchasing a home.

Chapter 4: A Home of My Own (Part 1)

Chapter 4: A Home of My Own (Part 2)

Chapter 4: A Home of My Own (Part 3)

Chapter 4: A Home of My Own (Part 4)

Chapter 4: A Home of My Own (Part 5)

Whether you are saving for a new home or saving for retirement, you may think you have cut out all of the fat and you can’t allocate another dollar a month from your budget to savings. That’s when Canadian Dream: Free at 45 blogger Tim Stobbs  Avoids Saving Boredom by taking risks and trying out new money-saving ideas even if many don’t work.

A continuing theme in all of the blogs we write or refer you to is that saving money is not rocket science. You just have to spend less than you make. On Retire Happy blogger Jim Yih reiterates the basic principles of saving while readily acknowledging that Building Wealth is Simple, Not Easy

And finally, Kerry K. Taylor aka Squawkfox learns that The crazy cost of daycare in Toronto is about 1/3 more than she paid in B.C. and calculates how much she has to earn in order to afford it.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

There are many pros and cons to weigh if you are still debating whether to attend college or university in your home town or go away to school. A crowded, messy dorm room and doing your own laundry for the first time may seem like a small price to pay for your independence.

However, the real cost of leaving home prematurely could be a huge debt that takes years to pay off. A March 2013 report from BMO’s Wealth Institute says that tuition and other costs for a four-year university degree now can cost more than $60,000. Due to tuition inflation, this amount could rise to more than $140,000 for a child born in 2013.

Of course, if there is no college or university in your hometown or you are interested in a program that is not offered locally, staying at home may not be an option. Regardless of what your decision is, here are some ideas for students who want to trim their expenses to avoid leaving school with a huge debt.

1. Scholarships: Apply for scholarships or bursaries. The selection criteria are not always based solely on high grades. You can find out what scholarships are available from the school you plan to attend and websites like scholarshipscanada.com and studentawards.com.
2. Accommodations: To get the true “college” experience you may want to live in residence on campus for at least the first year. However, it may be less expensive to share an apartment with one or more roommates and prepare your own food. If grandma or another close relative lives in the town where you plan to study, consider asking if you can board for a nominal amount.
3. Trade services for a room: One single Mom I know is training to be a midwife, so she is frequently on call at night and on weekends. Her tenant gets free rent for helping her with child care outside of normal daycare hours. Similarly, an elderly homeowner may be willing to offer free or cheap accommodation if you agree to help out with yard work, shovelling snow and buying groceries.
4. Get a job: Get a part-time job and a summer job to defray current expenses and save money for the next semester’s tuition. Some schools have work/study programs and offer students on-campus work. While it would be nice to get work in the field you are training for, take what you can get and don’t be afraid to get your hands dirty.
5. Take a reduced course load: If you take fewer courses over a longer period, it may be easier to balance school and a part-time job. Also, your annual tuition expenses will be lower.
6. Choose a co-op program: Co-op programs typically require that students work in a relevant business or industry for several semesters a year. Co-op terms are generally unpaid, but employers participating in these programs frequently hire successful students for paid summer work and jobs after graduation.
7. Enroll in online courses: The Centre for Distance Education offers distance education for Saskatchewan residents. You can get distance degrees including undergraduate programs and a highly rated Executive MBA from Alberta’s Athabasca University. Many of these courses can be applied towards your degree or a diploma at another institution, reducing the time it takes to complete your program.
8. Check your employee benefits: If you are planning to go back to school part-time, check your employee benefits. Many enlightened employers will pay all or part of tuition once you satisfactorily complete the program. Generally, but not always, the course must relate to skills needed to do your job.
9. Join the military: Enroll in the Canadian Armed Forces through the Regular Force Officer Training Plan (ROTP) and you will receive free university tuition, books and academic equipment in addition to a salary with benefits. You can attend the Royal Military College or an approved Canadian university. Finally, you will have a guaranteed job upon graduation.

   In return for having your university education paid for, you will have to serve between 36 and 48 months, calculated on the basis of two months’ service for each month of subsidized education.

10. Live frugally: A student loan, the proceeds of your summer earnings and an allowance from your parents (if you are lucky) will have to last for the whole term. Figure out what you can afford to spend and stick to your budget. If you have a credit card, don’t use it unless you can afford to pay it off every month. Remember that the credit rating you generate now will follow you into the workforce and can affect your ability to buy a home or a car in future.

Do you have tips for students deciding whether to go away to school or study at a local college? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

29-Aug	College/University	Credit card options for your college kid
05-Sept	College/University	What kinds of insurance does your child need?
12-Sept	Kid’s allowance	How much and what your children have to do to get an allowance?

By Sheryl Smolkin

Whether you are going back to work or back to school this fall, this week we highlight blogs that will help you pay down current debt and avoid going into debt in future.

10 Steps to a Debt Free Life starts with the cardinal rule: Spend less money than you earn. And Big Cajun Man says once you no longer have any debt, save the money instead of going on a spending binge.

While living frugally may seem to be an impossible challenge, Gail Vaz-Oxlade once again reminds us that Frugality = Deprivation. Not!

One way many youg people are keeping expenses down these days is by cutting the cord to either cable or satellite television services. On howtosavemoney.ca SavingMentor explains why regardless of what you may have read to the contrary, Netflix Canada can be a pretty good deal.

If you are a college or university student, taking out student loans may seem like an inevitable necessity. But before you do, read about What to consider when taking student loans on myuniversitymoney.com.

And finally, if you are not sure what career options to pursue, don’t forget to consider a lucrative trade. On milliondollarjourney.com you can find out about how apprenticeships work and and how you can earn while you learn.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

One end-of-summer ritual for families with school age children is the annual pilgrimage to buy school supplies and fall clothes. But the cost of back-to-school shopping seems to escalate more every year, particularly if name brand clothing, tablet computers and smartphones are on the list.

However, getting ready for the new school term is an ideal time for you to help your child learn the difference between “needs” and “wants.” It is also an opportunity to teach them basic financial literacy skills like budgeting and managing their money.

Start by making a list of what each child requires including school uniforms (if applicable) and school supplies. Then go through closets to see what still fits and what you can salvage from last year. You will likely find clothing items in good condition that are too small for one child but can be used by another. Backpacks and desks may yield a supply of paper, pens and calculators left over from last year.

Then go online with your children to find out the price you can expect to pay for the key items on your list. Check out several different stores to find the best deals. Once you have a price list, create a budget with each child. If you can afford it, you may wish to add some “wiggle room” for unexpected purchases.

Depending on the age of your children, they can shop alone or with you. But regardless of the new gadgets or trendy items they are attracted to, remind them they have to stay on budget. Encourage them to comparison shop and wait for sales if possible to make their money go further.

Try not to shop when you or your children are tired, hungry or pressed for time. In these circumstances, you may end up taking the path of least resistance and overspend just to get it over with.

Here are some other hints for keeping your costs down and making back to school shopping a teachable moment:

1. Get receipts: You may think you know what school supplies your child needs, but more often than not, this year’s teacher will want something different than the teacher asked for last year (i.e. individual binders for each subject instead of one large binder with dividers). Receipts mean you can easily return anything you don’t need.
2. Don’t buy everything at once: There are always sales. Children don’t need winter clothing in September, so wait until a better selection at lower prices is available later in the fall. Also, hand-me-downs in good condition will likely surface once other families realize their children can no longer wear last year’s snowsuit.
3. Name brands: Generally name brands and goods that have logos are more expensive than generic products. However, don’t fully discount your child’s need to conform in order to be accepted. You may be able to meet your child part-way and purchase some of these items at discount malls or end of season sales.
4. Coupons: Look in the local paper and online for discount coupons. If you or your child have a smart phone, mobile coupons may also be an option.
5. Lost, damaged items: How many times have you had to purchase a math set because pieces were lost or replace lunch boxes that disappeared on the school bus? Lost cell phones or computers can be particularly expensive to replace.

Some loss or breakage is inevitable. However, you can help your kids to become more responsible if you make it clear that if they are careless they will have to contribute to the cost of replacement items out of their allowance or earnings from a part-time job. Also, make sure that they know that where big ticket items go missing, you may not be able to afford to replace them at all.

Do you have tips for back to school shopping? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

22-Aug	College/University	Stay at home or go away to school?
29-Aug	College/University	Credit card options for your college kid
04-Sept	College/University	What kinds of insurance does your child need?