When it comes to smart shopping, many kids are still making rookie mistakes. But like adults, making a list, watching the sales and clipping coupons are shortcuts kids can master to become shopping pros! Here are two more ways to encourage smart spending for kids.
How to shop smart for groceries
Out of all the non-fixed expenses a household can have, food costs take the biggest bite out of the average monthly budget. There are likely many tricks you use to trim your family’s grocery bill. Starting at an early age, your children can practice the same strategies. Challenge them with the grocery game.
Give your children a reasonable budget, such as money they save from the 30-Day Kids’ Savings Challenge, to “buy” a week’s worth of groceries for your family. Next, work with your children to create a family grocery list and take them to the store. Have them select and “purchase” all the week’s groceries, trying to spend as little as possible. Emphasize that the challenge is to see how far the grocery budget can go.
Try the activity a second time. Add coupons and take advantage of any store specials on certain items. Help your children use their budgeting skills and money smarts to “shop” for the family and try to save as much as possible.
When the shopping is complete, compare the results. What did they learn from this activity?
For more kid-friendly tips on how to shop smart, we’ve got a great youth activity to help them master this life skill!
Help your children learn to comparison shop
If your teens have been savvy savers and are ready to make a purchase for themselves, the next step is for them to become smart shoppers! When they’re ready to spend their hard-earned savings, it’s best to practice good shopping skills.
It’s important for teens to know they can buy the same item from multiple stores and often at different prices. It’s always a good idea to check the prices at several places before buying. Don’t forget to have teens check user reviews to see if the item is worth the price or if it’s worth spending the money at all. This may help them get the best deal.
For example, your teen wants to buy a new video game. The first store he checks has the title he wants at a cost of $50. The second store has the same game on sale for $40. If he chooses the second store, he’ll get to keep $10 in his savings instead.
Use this helpful activity to talk to your teens about other ways they can shop smart and save money.
The advice provided is for informational purposes only.