How To Teach Your Kid Money Management
Let The Kid Plan A Family Meal Or A Grocery List
One weekend, let him prepare the grocery list. Let him check in the kitchen and store house to find what needs to be bought. Remind him if he’s missing something essential. Allot him a budget. If the list is exceeding the budget, ask him to shorten the list by striking out less essential items. This way he’ll learn the difference between essential purchases and luxurious purchases. You can ask him to plan a family meal to demonstrate the same point.
The Big Purchases
When making big purchases for home, such as home appliances, electronics items; let him sit with you throughout the process. Teach him how to research before deciding on the brand, model etc; how to collect price information and comparing price information. Take him to the store with you so that he can watch you negotiate with store manager.
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