Ah, back-to-school time: the smell of newly sharpened pencils, fresh crayons and flowing cash. If that third one's got you down, take a look at these tips for creating - and sticking to - a back-to-school budget. While families spend on what they need, parents must also work with their children to determine what they really don't need.

Start early, and take time to get ready. It doesn't take much to turn the school's supply list into a full-on shopping list. But you can do better than that.

Before you buy even one notebook, estimate how much you can afford to spend overall and what the costs are likely to be. Don't leave anything out! It's better to know ahead of time if things will be tight. (Keep reading for a bunch of creative ways to handle a shortage.)

Give some thought to what you'll do with any extra money in the budget. Will the kids get something special from their mile-long wishlists? Or will the surplus be added back into the household budget?

Think ahead to find the best deals. Be on the lookout for the big back-to-school sales and go early. Even the big stores can sell out at the last minute.

How realistic is your budget? Try our back-to-school calculator to find out!

Get the kids involved. And not just with the shopping. Have them join in as you prepare; they'll learn great lessons about budgeting, finding a good deal, and the difference between wants and needs.

Younger children can help cut coupons (with safety scissors, of course). And older kids can compare costs and tally them up. You might even put them in charge of looking for deals to stay under budget. Use back-to-school shopping as an opportunity to lay the foundation for helping your children develop sound money management habits early. Before you shop, review these tips:

• Set a realistic back-to-school budget before you go shopping.
• Have your kids prepare a budget with you.
• Take a printout of your estimated budget with you when shopping and have your child enter in all of the actual expenses.
• Encourage children to follow the budget. Stress that getting a more expensive item might mean sacrificing something else.
• Encourage kids to consider ways to cut costs and manage cash flow, like clipping coupons, looking for sales or buying supplies each semester.
• Teach your kids to comparison shop to avoid impulse buying or paying for overpriced items.
• Differentiate between "needs" and "wants." Encourage children to contribute their own money to fill the gap between what they "need" and what they "want."
• Tell kids that if they come in under budget, you will split the savings with them.
• Continue the budgeting lesson by starting kids with an ongoing monthly budget.

Be willing to compromise on a few things. Sure, kids will want to have the same cool stuff their friends do. If your budget has the room, you can help them learn to prioritize.

Talk to them about how choosing a more expensive item means they'll have to go cheap on another item, and give them a chance to think their choices through. If they have money of their own, you might ask them to help fund that special lunchbox or name-brand backpack.

Get creative to slash the shopping bill. There's a good chance school clothes will take up the biggest chunk of your back-to-school budget. But who says they have to be brand new? Trade clothes and books with other families, or hit the thrift stores and garage sales. If school uniforms are required, check whether the school has a trading or discount program.

Buying online? Play it smart! Order together with enough friends to get free shipping. Or buy bulk packs of supplies to share. You might also find a steal on eBay or Craigslist.

Shop the sales. It seems that sales for back-to-school gets earlier and  earlier. Before you recycle those weekly newspaper ads, scan them for retailer's sales on clothing and school supplies. Watch for coupons online, postcards and in the mail, and in-store promotions to look for deals. Some items are worth scooping up on the spot, while you might wait for end-of-season sales to replenish your kids' closet and bookshelves. For big ticket items like electronics for your older kids, do your homework on price comparisons before giving in and buying the coolest new laptop for your teen.

Learn from the experience. Make your savvy back-to-school approach an annual tradition. Keep track of this year's expenses to help figure out the budget next year. Keep notes about what you discover, like where the best thrift stores are and when the store shelves start to empty. They'll come in handy a year from now. And if your kids' cost-savings decisions help you come out ahead, use it as a teachable moment to talk to them about what to do with the money that was saved.

Practice these smart shopping habits each year, and by the time the kids graduate, you'll have saved a bundle. And they'll be much more prepared for the real world.

Article from www.practicalmoneyskills.com

New & Updated Curriculum for 2012!

http://cfco.psu.edu/programs.html

The Center for Financial and Consumer Outreach is pleased to announce the release of several new and updated financial literacy programs for the coming academic year. This year, look for updates in some of our most popular curriculums including, Driver's Training for the Credit Card Highway and Getting a Smart Start with Money (now Financial 411). Each program will have an extended version by the end of fall. These extended versions can be implemented over time rather than in one classroom session, with the use of our Train-the-Trainer feature.

The CFCO is also pleased to announce a new partnership with the Federal Reserve. Through this strategic partnership, we are now able to provide field trip opportunities to the Federal Reserve Bank of Cleveland Learning Center and Money Museum, as well as free monthly videoconference programs for your classroom or organization. 

If you are interested in learning more about the CFCO's financial literacy programs and initiatives, or to get samples of the programs, please visit our website.

Program request forms are also available on our site at all times.

Lights, Camera, Save!

http:/lightscamerasave.com

 This fall, the CFCO, in partnership with Marquette Savings Bank, will be sponsoring a financial literacy contest called "Lights, Camera, Save!" It will run from November 1 - November 30 and is open to all students ages 13 - 18. This contest is designed to engage teens in educating themselves and their peers about saving and using money wisely. Through their participation, teens will inspire themselves and others to become good financial managers.

To enter, students must create an original, short video (no longer than 90 seconds) discussing either ways to save money or how to use it responsibly. All videos can be submitted on either a CD or DVD to Marquette Savings Bank.

At the end of the contest, each entry will be evaluated by a local panel of judges. The top three local videos will win a prize for their creator. The top video chosen will be entered to compete nationally for a chance to win $3,000 for themselves and $1,500 for their school.

This is a great activity for classes and clubs related to personal finance, economics, drama, and technology.

Visit the CFCO's website to get more information about this contest and view the winning videos from last year.

FREE Financial Webninar Available

Raising Money Smart Kids

Like many other subjects, children need instruction on basic financial skills - the building blocks that will help them make smart money choices in the future. Parents have the power to teach their kids sound, proven financial techniques that will help them grow into worry-free, successful adults. The CFCO's director, Erica Jackson, presented a financial webinar in partnership with the Pennsylvania Treasury Department to help parents tackle these issues. "Raising Money-Smart Kids" is now available on the Pennsylvania Treasury Department's website.

Get Smart about Credit (October 18, 2012)

Lights, Camera, Save! (November 1 - 30, 2012)

National Financial Literacy Month (April 2013)

Teach Kids to Save (April 2013)

3rd Annual High School Symposium (May 15 - 16, 2013)

Money Matters Conference (May 2013)

Financial EduNation is an online resource center offered by the CFCO in partnership with the National Financial Educators Council. This online tool is full of resources for students, parents, educators, and community leaders. Students can test their knowledge of financial literacy topics, while parents and educators can learn how to communicate more effectively with youth about financial literacy topics.

Qualified organizations receive complementary access to the comprehensive Financial EduNation resource center. This is provided on a first-come, first-serve basis. For more information about the Financial EduNation resource center, simply contact at our office at cfco@psu.edu. To visit Financial EduNation, click here.

Mindful Money

The CFCO's monthly Mindful Money e-feature will resume next month and will discuss the topic of credit scores and how to raise them in honor of Get Smart about Credit Day, Thursday, October 18th.

To register for the monthly Mindful Money column, click here.

"Like" Us on Facebook 

If you have not already "liked" the Center for Financial and Consumer Outreach, you may want to in order to stay up to date on what the CFCO is doing.  New outreach initiatives, CFCO events, and the latest in financial news are all posted regularly on our Facebook page in an effort to keep consumers informed. 

To "like," search "The Center for Financial and Consumer Outreach," or click here. 

Contact Us

Erica Jackson, Director

ekj2@psu.edu

(814)-898-6784

Chris Holmes, Graduate Assistant

cmh5282@psu.edu

(814)-898-6553

Amanda Shields, Intern

ars5458@psu.edu

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Our new website is equipped with everything that you need to set out on the road to becoming financially savvy!

On our new site, you will find links to current financial news, a background on our center, a list of our current programs complete with a program request form, and our contact information.

Join the Conversation!

It's back-to-school time once again, and many families are in the process of, or have completed their back-to-school shopping. So, we want to know:

How much did you budget for your back-to-school expenses this year?

Vote Here

Additional Resources

CFCO's Financial Calculators:

Saving for a Goal

Back to School Budget

My Bonus After Taxes

Save A Million Dollars

Mortgage Payment

For more information and more financial calculators, visit the CFCO's website here.