How to Teach Your Kids About Money When Shopping

Is it true that kids have no value for money? In many homes, this is the case. Kids are often given what they want when they want it and parents do not think twice about it. While some parents prefer to pamper their kids with toys, others see it as a way to shut fussy kids and keep them engaged. Some parents even provide more than what is essential just because they have never had the access to so many toys and material things in their childhood and want their kids to enjoy what they as parents missed out on.

However, an important thing that parents fail to understand is that kids never get a chance to learn the value of money. They feel that they can get whatever they want and in the long run, these kids choose the easy way out to earn money and get what they want. Hence, it is very important to teach kids the value of money while they are still young. Here are some tips to do that.

  1. Learn to say No – We often say no to our bosses, peers, and family when we do not like something or find it discriminating. Similarly, we need to learn to say no to our kids when you find their demands overboard and not essential.
  2. Do not let kids decide – As parents, you know where to shop, where to send to school, who they should go out with, and so on. Similarly, you should be the judge of what to buy for kids and when and not let your kids decide. You should have a better understanding of what your kids at that particular age needs and provide only what is really important rather than agreeing to the whims of your kids and allowing them to stock up on all baseless things.
  3. Shop effectively – Thanks to online stores, shopping has been simplified in terms of both finding what we need and the cost. There are several stores including Amazon where you can find a range of things that your child needs at the most attractive prices. Make use of these rather than taking your child to every shop in the town and pulling one non-essential item from each store until you get hold of the “one thing” that your child actually wants.