A parent went to the supermarket with his daughter. She realized the dad was buying generic instead of branded items and asked why. The dad explained that he only had enough money to get all he needed if he bought the generic items, because the branded ones were more expensive and wouldn’t fit his budget. The girl was not happy or satisfied with her father’s answer.
Kids need to understand the importance of money management from an early age. In search of advice, the dad turned to an online forum to ask how he could make his child understand how to budget for food shopping. Here are 10 of the top replies given by other online users.
Use Visual Aids
One user suggests the child bring a calculator to the shop and add up the prices of the branded items. Once they get to $100, explain that this is all that $100 can buy, which means they won’t be able to buy everything needed. The calculator is a visual aid for them to see the price difference increase as more items are added.
Have Them Create Their Menu For A Week
“My parents had each of us kids create our menus for a week, gave us a set amount of money, and took us shopping,” shares one user. They explain, “We had to budget the money appropriately to buy the food we needed for the week and then cook our meals. I just remember it being fun, but I’m sure I learned some things about the cost of food, too!”. Turn responsibilities into fun activities!
Do A Blind Taste Test
Take the generic and branded items and give the kids a blind taste test. Ask them if there’s a difference in taste and why they would pay more for a very similar item (if not precisely the same!).
Give Them Freedom To Buy Their Favorite Food…
… and see how long it lasts. One online user shares an experience they had with their kids, “I once gave my kids $5 each to buy their favorite cereal (this, of course, was when name-brand cereal was about $3 a box). They were happy to have their favorite name brand but quickly realized it didn’t last as long as the bag cereal mom buys. They were disappointed and never asked for their name brand cereal again.”
Scanning For Prices
Nowadays, most supermarkets have scanners and mobile apps, making it easier to track your budget. This will help the kids to be mindful of the prices in a fun and interactive way. Let them scan and tell you when you have maxed your budget.
Introduce Grocery Shopping From A Young Age
One online user credits learning to budget with grocery shopping from an early age. She explains, “I always went shopping with my mom and eventually did it for the family. That’s how I learned to budget.” She further shares, “My sister and I started doing all our family grocery shopping. We would go through flyers and find sale items, then go out and buy them.” She ends by saying how this helped her a lot when she lived alone as a university student.
Have Them Buy Treats From Their Allowance
Kids don’t know the value of money unless taught. Have them buy their favorite snack from their allowance, and they will soon realize the difference between $2 and $4 adds up quickly. As a result, they will always compare prices at the store and discover how much more they can get by doing this.
Buy Financial Books For Kids
Begin to educate your kids on money management early by introducing them to financial books, such as Finance 101 for Kids, Money Lessons Children Cannot Afford to Miss, Little Kids Big Money, and Tools for Teaching Kids Friendly Finance. Teach your kids the right way to go, and they will not deviate from it when they grow up.
Pay For Chores
“Do you pay for chores?” asked one online user. “I would suggest she spend her own money next time,” they said. “This will introduce a sense of responsibility and consciousness of how to spend their hard-earned money.”
Explain The Concept Of Branding
Explain to them that branded and generic items are practically the same; the difference is in the packaging. One costs more than the other simply because of the brand name!
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Susan is the founder of Susan's Socials, a social media agency focused on Flipboard. She is also a content curator, encouraging a healthy lifestyle through topics such as pets, food, travel, home decor, gardening, and fashion.
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