financial literacy

Back-to-School, Back-to-Saving!

Summer break is coming to an end, and parents, grandparents, guardians and children are all preparing for the kiddos’ return to school. Although a new school year stirs excitement, back-to-school spending can really add up, causing stressful financial situations. Is there a way to purchase all of your back-to-school items without breaking the bank? Stress less for school success by considering the following tips and tricks for your next school shopping trip.

A hand putting a coin into a piggy bank in front of a chalkboard and school supplies.

  1. Establish your monthly budget.

Consider your monthly income, as well as all of your monthly expenses, including housing, transportation, food, healthcare, and “other” items, such as clothing, personal care, recreation, life insurance, retirement savings, education, etc. Determine how much money you are willing to spend on school supplies for each child.

What items are needed? Consider clothes, shoes, school supplies, backpacks, lunch boxes, school meals, technology, and extracurricular activities.

  1. Take advantage of coupons, deals, and Back-to-School sales.

Ohio Sale’s Tax Holiday is currently running from August 1st through August 14th, 2025. Goods of any kind priced at $500 or less are exempt from tax during the holiday period.

  1. Check out stores carrying gently used items and thrifting for supplies such as:
  • Textbooks
  • Uniforms
  • Sports equipment
  • Technology
  1. Create a back-to-school nest egg that you can contribute funds to each month to sustain your back-to-school trips annually.

Even contributing $50.00/month will accumulate to $600.00 of back-to-school funds in one year!

  1. Practice financial literacy with your children heading back to school.

Create their back-to-school list as a team, involving your child in the conversation and decision-making process about needs versus wants, allowing them to write the list, reviewing the list together, etc. Have a conversation with your children about money as you shop, highlighting topics such as over-spending, bargain-hunting, price comparison, prioritizing spending, etc. Recap the shopping experience with your child at the end of the trip.

Equip both you and your child for success this school year by practicing financial literacy strategies during your back-to-school shopping adventure. Super savings, super smiles!

Written by: Caitlin Smith, Family and Consumer Sciences Educator, Ohio State University Extension, Guernsey County

Reviewed by: Kate Shumaker, Family and Consumer Sciences Educator, Ohio State University Extension, Holmes County

Helping Kids Count Their Pennies

Kids are never too young to learn about money and finances. While preschool age kids (3–5-year-olds) are too young to understand concrete financial concepts, you can still set the foundation for financial literacy at this young age. One concept that young children can start to understand is that you need money to buy things and that you can earn money by working. Another concept is that sometimes we want things that cost more money than we have, so we need to save up to buy them. Around the theme of planning is that sometimes we need to plan ahead to have what we need. And a great one for around the holidays is that we have things that we want and that we need, and sometimes we must make choices about what we want and what we need.

Child with piggy bank

When it comes to talking about money, keep it simple. Short simple explanations or examples will help children start to grasp these concepts. Having conversations around these financial literacy themes as they come up in daily life will help young children start to understand these concepts. For example, when grocery shopping or buying something at the store, have a conversation about something you are buying that your family needs and something that your family might want. When my husband and I leave our house in the morning, we explain to our young children that we are going to work to earn money, a concept that they are beginning to understand. Having these ongoing real-world discussions and sharing examples in daily life can help bring these concepts to life.

Books with themes around money can also make an impact. The Consumer Finance Protection Bureau (CFPB) has a list of books that share themes around money like making decisions, spending, earning, sharing, borrowing, prioritizing, and setting goals. Many of these books also have guides that parents, grandparents, teachers or caregivers can use while reading the book to help encourage children to think about these money themes and spark discussion. Books like “A Bargain for Frances,” “Just Shopping with Mom,” and “How Much is That Doggie in the Window?” all have guides available for free to help in discussion. The CFPB also has other resources to facilitate talking about financial concepts to children of many ages.

Other activities can also help in understanding financial concepts. Activities like adding money to a piggy bank can help in conversation about earning and saving money. Role playing games like playing restaurant or ice cream shop can spark different roles and give life to concepts on buying and paying for food and services. There are also online games and apps around financial literacy for young children as well. One of my favorites for young children is Peter Pig’s Money Counter and many from U.S. Mint.

Talking about money and financial literacy topics at a young age can help children in the future with their decision making and critical thinking skills and can set them on a strong financial literacy foundation.

Written by: Katie Schlagheck, Family and Consumer Sciences Educator, OSU Extension, Ottawa & Sandusky Counties

Reviewed by: Jenny Lobb, Family and Consumer Sciences Educator, OSU Extension, Franklin County