Fostering Financial Teamwork: Discussing Back-to-School Budgeting with Your Co-Parent

Fostering Financial Teamwork: Discussing Back-to-School Budgeting with Your Co-Parent

As a parent gearing up for the back-to-school season, I know firsthand that there’s a lot on our plates. Amidst the hustle and bustle, one crucial aspect often gets overlooked is having money conversations with my co-parent as life is happening so fast with back to school tasks. So in this blog post, I want to share with you the importance of these discussions and how they can contribute to smooth back-to-school preparations.

Together, we’ll explore topics like planning ahead for shopping, involving your co-parent in financial decisions, and even seeking professional guidance to ensure a secure financial future for both ourselves and our kids. I’ll provide practical insights and tips that have helped me navigate this journey with confidence.

So, join me, Erika Wasserman, Your Financial Therapist, as we explore the significance of these money conversations and discover how they can foster financial cooperation and harmony during the back-to-school season. Together, we’ll equip ourselves with the knowledge and insights needed to make informed decisions and create a solid foundation for our children’s academic success. 


The Importance of Money Conversations for Back-to-School Preparations

As the new school year approaches, parents and co-parents everywhere are faced with the daunting task of preparing their children for a successful academic journey. From buying school supplies and new clothes to ensuring the kids have everything they need, back-to-school preparations can quickly become overwhelming, especially when navigating these expenses with a co-parent.

However, rather than letting the stress of financial responsibilities dampen the excitement of the upcoming school year, now is a great time to engage in open and honest money conversations with your co-parent that can prove to be a game-changer. Here’s why these discussions are so crucial:


1. Financial Transparency Builds Trust

Money topics are often a difficult conversation, and they can sometimes be a source of tension between co-parents. However, engaging in money talks allows for greater transparency and builds trust between both parties. By openly discussing budgets, expenses, and financial goals, you create a foundation of trust and collaboration, ensuring that both parents are on the same page when it comes to back-to-school preparations before resentment and frustration builds.


2. Effective Planning and Budgeting

When it comes to back-to-school expenses, planning and budgeting are essential. As a mom to 3 teenage girls in 2 different schools, planning and budgeting is a must as there are so many things happening this month: doctor appointments, paperwork to be completed, hair cuts, back to school schedule pick ups, all of which tend to happen during working hours. 

So, how is a working parent supposed to do this alone? 

By discussing your goals, expectations, and wishes with your co-parent, you can create a well-thought-out budget and schedule or divide tasks that accommodates all necessary expenses, from school supplies and clothing to extracurricular activities, in a collaborative approach versus both of you arguing, doing double the work, or even increasing overall expenses. 

This collaborative approach allows you to allocate funds wisely, eliminating any last-minute financial surprises, helping you take off less time from work, and ensuring a smoother back-to-school experience for both parents and children.


3. Teaching Financial Responsibility

While this can be a challenging time of year, the good news is that back-to-school conversations are a great time to teach your children about good money habits. By involving them in your money discussions with your co-parent, you introduce them to real-life financial decisions and responsibilities, even at a young age. In our household, each child gets a budget for back to school clothing, that way they can prioritize what they want to spend and not have to think about what clothes are at Mom’s house or Dad’s. It’s their clothing and we pool our financial resources. 

Discussing the importance of money skills like budgeting, saving, and making informed spending choices not only equips them with valuable everyday life lessons, but also fosters their financial success with independence and confidence. This is not only from seeing two adults talk about finances in a healthy way, but also from allowing them to start learning (and make a few mistakes) along the way.


4. Minimizing Conflict and Co-Parenting Challenges

Not surprisingly, money-related discussions can often lead to conflict between co-parents, potentially affecting the overall co-parenting relationship. By proactively addressing financial matters through open conversations, you can minimize the chances of disagreements and misunderstandings arising. Clear communication and a shared understanding of good financial habits help create a harmonious environment for both parents as they navigate the back-to-school season.

What worked well for you last year? What didn’t work so well? Highlight what worked and ask if you can continue with it. Note what didn’t work and ask or provide options for a solution to do it differently, such as alternating years for who pays for the hair cuts or who takes off a day of work for back to school meetings. 

“It is difficult to even have these conversations post divorce, more so if the post divorce relationship with your co-parent is not an easy one. So, this is a perfect time to go back through your Parenting Plan and identify what exactly you agreed to share or individually pay for as it relates to school and activities. Understanding the language of your Parenting Plan is a priority for co parents and is the foundational rule book for them to follow. So preparing an outline of the expected and even unexpected expenses can potentially avoid confusion later on,” says Jenny Shane, CEO of Divorce in Peace Mediation and Divorce Coach. 

Related: Our Mother’s Impact on Our Financial Mindset, Habits, and Growth


Back-to-School Money Conversations with Your Co-Parent as Kids Head Back to Class from Your Financial Therapist at


Planning Ahead for Back-to-School Shopping

As the back-to-school season approaches, it’s essential to start planning ahead for the inevitable shopping trips that lie ahead. By proactively discussing and strategizing your approach to back-to-school shopping with your co-parent, you can ensure a smoother and more financially responsible experience. Here are some key steps to consider:


1. Take Stock of Existing Supplies

Before embarking on any back-to-school shopping, now’s a good time to assess what items your child already has from the previous school year. Take inventory of school supplies, backpacks, lunchboxes, and clothing to determine what can be reused or repurposed. This step will help you avoid spending too much money and ensure that you’re only purchasing what is truly needed.

If you’re co-parenting, it’s essential to communicate and coordinate with your child’s other parent during this process. Sharing the list of existing supplies you each have can help both of you avoid duplicate purchases and ensure a consistent approach to teaching your child about money management.


2. Set a Realistic Budget

Establishing a budget is a good idea to prevent overspending during back-to-school shopping. Sit down with your co-parent to discuss financial questions as well as the realistic budget that considers all necessary expenses, such as school supplies, uniforms, shoes, hair cuts, doctor appointments, after care, and extracurricular fees. Through goal setting, you can avoid financial issues and ensure that both parents are on the same page when it comes to spending limits.


3. Research Deals and Discounts

To make the most out of your back-to-school budget, it’s wise to research deals and discounts offered by various retailers. Look for special promotions, sales, and coupons that can help you save a lot of money on essential items. Online shopping platforms often provide convenience, quality items, and a competitive price range, so consider exploring those options as well. Remember that a good deal can maximize your purchasing power and stretch your budget further.


4. Involve Your Children in Decision-Making

Including your children in the back-to-school shopping process not only empowers them, but is also a teachable moment which can provide valuable lessons about financial decision-making and responsibility that they can also use in their adult life. Consider involving your children in creating the shopping list, comparing prices, and making informed choices. This exercise not only helps them understand the value of money, but also promotes their involvement in family finances. You can also add in an incentive that whatever you don’t spend can be put into a savings account for later expenses. From my experience, once the kids go back to school and find their group of friends, often times new fashion requests pop up a few weeks into the year. 


5. Plan for the Future

Back-to-school shopping is just one aspect of your overall financial responsibilities as a co-parent. Use this opportunity to discuss and plan for future expenses as well, such as school fees, extracurricular activities, and upcoming holidays. By looking ahead and considering these expenses together, you can ensure better financial preparedness throughout the year and avoid any unexpected financial strains while creating good habits for the whole family that can last a lifetime.

Related: 9 Ways to Save the Earth and Your Wallet


Back-to-School Money Conversations with Your Co-Parent as Kids Head Back to Class from Your Financial Therapist at


Engaging Your Co-parent in Money Conversations

Tackling the financial puzzle of back-to-school buying can be intimidating. But when you involve your co-parent in these money conversations, it has the potential to become more manageable and less stressful when you set yourself up for success early on.

The important thing is understanding each other’s perspective on managing back-to-school purchases and setting money goals and limitations together. This approach promotes mutual respect, reduces conflict around finances, and ensures that everyone’s voice is heard. 

It’s important to stick to the conversation of back-to-school and to keep your child’s best interests in mind. Now is not the time to add in other topics. Write down the agenda of the meeting and what answers you need from your co-parent before the school year starts. 


Scheduling Regular Family Meetings

In order to maintain open communication about finances during this period, scheduling regular meetings with family members could be beneficial. These gatherings are the perfect time for discussions and learning.

You get to talk about essential topics like promotional pricing or identifying needed technology purchases for the school year ahead – all while teaching kids and young adults valuable lessons about responsible spending habits in the real world. It’s never too early to start teaching kids how important understanding finances really is.

Remember: The goal isn’t merely surviving another round of back-to-school supplies shopping—it’s also laying down solid foundations now so that handling similar money questions and hurdles will become second nature over time.

Related: How to Give Yourself a Mid-Year Financial Review



Seeking Professional Guidance to Ensure a Secure Financial Future

As a Certified Financial Therapist CFT-I™, I understand that navigating co-parenting finances can be overwhelming. That’s why I’m here to offer my expertise and support as you prepare for the back-to-school season. Together, we can take the first step towards better finances and secure a stable future for you and your children.

When you seek professional guidance from me, Erika Wasserman, Your Financial Therapist, I’ll provide personalized advice tailored to your unique situation. Evaluating factors such as income, expenses, child support, and long-term financial goals, I’ll help you create a solid financial plan that works for every party involved. 

With years of experience as a Certified Financial Therapist CFT-I™ and as a co-parent myself, I have a deep understanding of the legal obligations and considerations involved so you can navigate the complexities of co-parenting finances with confidence.

Plus, while back-to-school preparations may be at the forefront of your mind, it’s crucial to also consider the bigger picture and plan for long-term financial stability. As Your Financial Therapist, I’ll help you assess your financial goals and develop a comprehensive strategy. From creating a savings plan to preparing for major milestones like college expenses, I’ll guide you towards building a secure financial future for you and your family. 

Don’t let financial stress overshadow the excitement of the back-to-school season. Take the first step towards better finances today by scheduling a free consultation with me, Erika Wasserman, Your Financial Therapist. Together, we will navigate the challenges, find financial harmony, and set the stage for a successful academic year ahead.



Navigating back-to-school expenses as a co-parent can be a challenging task, but it also presents an opportunity to foster financial understanding and responsibility within your family. 

By engaging in open and respectful money conversations, setting a realistic budget, and planning for the future, you can ensure that this annual event becomes a stepping stone towards financial stability. 

And remember, you’re not alone on this journey. As Your Financial Therapist, I’m here to guide and support you every step of the way. Let’s embrace the back-to-school season with financial confidence and look forward to a successful and prosperous academic year ahead. 

If you’re ready to take the first step towards financial confidence, don’t hesitate to schedule a free consultation with me, Erika Wasserman, today. 

Together, we’ll tackle your financial concerns, plan effectively for the back-to-school season, and set up a financially stable future for you and your family. 

Let’s embark on this journey towards financial wellness together. 

Click here to book your free call with me now!