That’s why it’s important to begin teaching kids at a young age the value of money and self-restraint, says Tracy Underwood, a clinical psychologist at Children’s Medical Center of Dallas.

“It’s good to teach kids the value of the dollar, but at the same time, parents need to be careful not to burden kids with too many grown-up matters,” she says. “Parents need a balance between helping their kids feel confident and giving them the internal things, such as self-esteem and self-worth, that they need.”

Before school begins, parents, together with their children, should devise a plan of how much they can spend on school items as well as develop a list of the need vs. want items for their children.

For younger kids, Underwood advises, parents should explain to their children before a shopping trip exactly what will happen. For example, tell your child he or she may get two pairs of pants, four shirts and one pair of shoes and that the items must cost less than a certain amount of money. Once at the shopping center, she says parents should gently remind kids about their agreement.

Also, she warns, tell your kids there will be no impulse buying along the way – and stick to that. Older kids should be advised that they need to save their allowance and other money for the “extra” items not included in the family’s budget. It’s also easy for parents to feel guilty when their children ask for items that “everyone at school has,” but that the family cannot afford.

Underwood suggests that parents point out that not everyone in school is wearing that certain shoe or carrying that one expensive purse.

“Parents truly do feel pressure and feel guilty, but they need to remind themselves that they provide well for their children,” she says.