Without budgeting skills and prioritization of spending, money can be quickly and often foolishly spent. We want our children to make the most of their money by spending it wisely.

Activity

Have your child write down all the ways he or she obtains money. Then:

  • Discuss how important the item really is to your child.
  • Discuss the cost of the item in a way your child understands, such as saying that an item will cost two weeks of allowance or one week of extra chores.
  • Help your child understand that once they spend money on this item, that money is no longer available to be spent on another item.
  • Help your child comparison-shop at a few stores or online to find a better bargain.
  • Finally, allow your child to make the ultimate decision of whether or not to buy the item.