Savvy Spenders: Teaching Kids About Consumerism

Coupons Or Commercials. Teaching your child about smart spending.

What You Need To Know

Your child might look like a third grader to you, but to a marketer, they are a consumer. Here are a few ways to discuss purchasing, read advertising, and teach a smart, positive attitude towards money.

How You Can Help

1. Prioritize. Make a list before you go shopping. Then write a ‘1’ next to the most important item. Are you out of toothpaste? Shampoo? Do you need milk? Which item is graded ‘2’? By weighing up the family requirements, your third grader will start to learn the difference between Want and Need.
2. Live a frugal life. Children who see their parents saving money will grow up to do the same. Cutting out coupons, signing up for store membership cards, and buying groceries in season are all good ways to economize.
3. It’s a math, math world. Keep a running total of how much you’ve spent as you go round the supermarket. Then compare your estimate to the real cost. Not only is this a useful way to learn how much products cost, but your third grader will also be developing their math skills.
4. Compare online. For bigger purchases, the internet’s a great way to compare prices. Don’t forget to tell your third grader to add on tax and other hidden costs (such as shipping and handling), which can inflate prices.
5. Discuss marketing. Children can be vulnerable to advertisers. Talk about how marketers target consumers, and flip through magazines and TV commercials to highlight the different techniques.

For more information on teaching kids about consumerism, please see the full article:

http://www.education.com/reference/article/kids-and-consumerism/