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This article brought to you courtesy of Matt Stutes of Cornerston Wealth Management, Canby Herald Financial Planning Expert.

Matt Stutes, CFP

With summer drawing to a close it's time to start planning for another school year. In most cases that means a hefty shopping list for parents that only seems to grow larger every year. The average family in the United States spends $700 on back to school shopping. Average that across all the households in America who will be sending a child to school this year and you get an average annual spending of $78 Billion on back to school shopping alone. With this amount of money being spent each year, now would be a great time to educate your children on savings techniques and benefits.

To maximize the learning experience, involve your kids in the back to school shopping process. Before you set out on this day of shopping, identify the spending goals and where you will do your shopping. Discuss a strategy for spending on the extra items that are not on your shopping list. For example, the newest tablet your child sees while walking through the store or the designer backpack that your child must have. Setting a budget will force your child to make hard decisions on which items are the most appropriate and sensible for them.

The earlier in life that young people learn a savings strategy and are forced to make a decision regarding one item or another, the more they will benefit from their savings due to compounding growth potential of the money they save. These lessons learned during the back to school shopping process can positively influence your children's financial education and their future net worth. Let the savings begin and good luck to all the children heading back to school across the community.

Cornerstone Wealth Management

486 N.W. 2nd Avenue

Cnby, OR 97103

503-266-7431

www.thecwmgroup.com

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