Parenting Ages 0 through 24

1. Create a budget.
   When preparing a back-to-school budget, start by taking a thorough inventory of what you already have, develop a budget for your needs, and list each item in priority. Don't forget about overlooked expenses such as yearbooks, extra-curricular uniforms, field trips, and immunizations. Also, be sure to check in with your child's school on dress code policies before purchasing any clothing.
    

2. Prioritize your shopping list.
   By prioritizing your shopping list, you can easily trim unnecessary items by cutting from the bottom. Also, consider the fact that your child may not need map pencils, a protractor and a compass within the first month of school. Purchase only the necessities at first, giving yourself time to save for later expenses.
    

3. Save on school supplies.
   Shopping the "back-to-school" section at an expensive retailer may be convenient, however comparing prices with lower priced outlets and office supply stores could save you money. Keep in mind that each teacher will have their own requirements, so have your supply list in hand prior to making any purchases, in order to eliminate non-essential expenses.
    

4. Involve your children.
   A 2001 National Retail Federation poll revealed that a majority of parents say their children have a large influence over decisions to buy clothing and accessories, as well as basic school supplies. Before shopping, sit down with your children and decide on a budget. Teach them how to comparison shop at the same time you introduce the idea of budgeting. Not only will they learn about smart shopping, they will value what you buy for them much more.

Most importantly, avoid purchasing back-to-school expenses with a credit card -- the price is just too high, said Kelly Rote, communications manager for MMI. "For example, if you spend $500 on an 18 percent interest credit card during your child's first year of high school and make only the minimum monthly payments -- 2.5 percent of the balance -- your kid will finish high school and be well on his way through college before you finally pay off the balance."