The shopping spree may start months, weeks or maybe the day before the school year begins.
Buying a dozen pencils and a few Trapper Keepers won't cut it for today's students. The back-to-school buying binge may include trendy new clothes, shoes, sneakers, in addition to hefty expenses for extracurricular activities.
For older kids, a new laptop, tablet or mobile phone may now be essential. It all adds up fast! According to a recent survey by RetailMeNot and The Omnibus Company, parents spend nearly $660 a year on school-related costs for their family.
But spending on your kids can offer some practical lessons that you can use to teach about money.
Only 17 states require students to take a personal finance course before they graduate from high school, according to the Council for Economic Education. The responsibility of teaching kids how to manage, grow and protect their money often falls on parents.
No matter how old your child is, here are three key lessons that you should teach them as they head back to school.
Wait before you buy
Stress to your kids the value of delayed gratification. My daughter was six when she first started saving regularly in her piggy bank, but even a preschooler can learn to wait until they've saved enough money—in a special "savings" jar or piggy bank—to buy a toy or treat they want.
Also show them how much they could save if they wait until an item goes on sale. You might explain to your child that you only have money to buy essential classroom supplies right now, but by December you'll have enough money to buy him a new laptop after the holidays when they are on sale.