The Money Confidante shows how you can teach your kids valuable money lessons and save money on your next shopping trip.
‘Not a grocery store trip goes by that I don’t hear: “mom can I have, mom can I have?”’ shares Dilek, mother of two from Philadelphia.
This is the chorus many parents hear on a routine trip to the store. So how do you decrease the pleas for more stuff in the cart and keep more money in your wallet?
Money Confidante Tips:
At the start of each week talk to your kids about the spending money they will have for the week. You set the amount. You can either hold the money for them in an envelope or let them take control. Make the decision based on their age and their own money management skills.
When you are at the store and you hear the familiar request for something that is not on your list, let them know whether or not they have enough money to buy it for themselves. Or if they are old enough, ask them to check if they have enough.
Here is where the real valuable lesson comes into play: If they have the money let them make the decision as to whether they will spend it or not.
You can help with the pros and cons of the purchase- but ultimately let them decide.
Even if the experience leads to buyer’s remorse, your child will be developing the skills needed to make money decisions that will last a lifetime.
Be consistent and you will be amazed at the results! You may even be surprised, as your spender becomes a saver when it is their money on the line.
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