From backpacks to budgets: Financial therapist turns school expenses into money lessons

Now that kids are returning to school, families are finding their new rhythm as the summer winds down. But just as the calendar fills with sports, clubs and new routines, so do the receipts.

From second rounds of school supplies to unexpected fees and lunch money top-offs, these not-so-little extras can catch families off guard.

Rather than letting that spending spiral and become a source for stress, now is the perfect time to help kids build better money habits that will last well beyond the school year.

“When it comes to things like unexpected expenses, like that soccer uniform that your kid grew out of much faster than expected, instead of throwing it on a credit card you can use a tool like after pay that takes that purchase and allows you to pay for it over time without those high interest rates,” said Lindsay Bryan-Podvin, financial therapist.

Small, consistent actions such as setting a weekly budget as a family or learning how to save for personal goals can teach kids how to think critically about money and help parents be in more control of day-to-day expenses.

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