Money Lessons

7. Buy the right backpack. If you know your child is likely to overstuff his or her backpack, opt for a smaller one. Kids shouldn't carry more than 20 percent of their own weight on their backs. Any pack you buy should have wide, padded shoulder straps. Rolling backpacks are available – if your child really will use the wheels and not just carry that extra weight around.

8. Don't overspend on technology. Homework can be almost impossible to do these days without a computer and access to the Internet. If you're thinking of investing in a personal computer exclusively for your child's use, look for deals. There's no need to pay top dollar for this purchase. Again, check out eBay and craigslist, and remember that refurbished computers are another option. As for other technology – such as a cell phone, an mp3 player, a handheld video-game player and the like – only you can be the judge of what your child should get to have. If you view a cell phone as a necessity for safety reasons, be careful to sign up for a calling plan that will actually work well for your family, and teach your child not to subscribe to joke-of-the-day services, special ring-tone services and other kinds of "premium text messaging." Otherwise it's all too easy to get clobbered with astronomical cell-phone bills.

9. Track down the right calculator. If your child needs a fancy calculator for trigonometry class, bite the bullet and invest in a good one. It will last for years – so many years, in fact, that one of your kids' grandparents might already have one that you could borrow free of charge.

10. Teach important money lessons. Back-to-school season lends itself to having frank discussions with your children about money, budgeting and needs vs. wants. Depending on their ages and maturity levels, you could negotiate back-to-school budgets with your kids and allow them to manage those budgets entirely. If they want anything above and beyond the dollar amount you've agreed to provide, let them use their allowance money or babysit, mow lawns or wash cars to pay for it themselves. For more information about allowances and money management for young people of various ages, check out this past "10 Tips" package on the subject ().

© 2008