Teaching kids how to save up to buy a product they want, make good purchases, research the products they buy, look for sales, comparison shop and be patient and present through the buying process is an important part of teaching kids to manage their money.
Teachings your kids to save up for an item while they research the product and look for deals will help kids to learn delayed gratification, be more conscious of what they buy and why they are buying it, and get greater use and enjoyment out of the objects they buy.
A good purchase is one that is the best quality for the best price. Show your kids that the most expensive product isn't necessarily the best quality, help them to read and understand product descriptions as well as to scout deals (online, through group deals, through coupons, look for sales, or buy in off seasons). Encourage kids to look for the items they want in free online classifieds or in the newspaper as these items are sometimes barely used or new and half the price that they retail for.
Showing kids how to research the products they buy is also important because it helps them to get the best quality items, and it is much more likely that they will enjoy the product more and use it longer if it has the right features and is well built. Get kids to research three major brands that produce the products they are interested in and compare the products by features, price, customer satisfaction, and availability.
Help kids to be aware of what they are buying and why they are buying it and they will be less likely to overspend or rack up debt later in life.
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