5 Tips For Teaching Kids How To Shop Smart

Most of the lessons that kids learn much later in their lives should actually be taught in primary school. And parents, up there with the “don’t take candy with from strangers” and the “birds and the bees” talk, there should be a lesson about how to shop smart.

Researchers say that each new generation knows less and less about the basics of making rational consumer choices. Mainly due to the proliferation of online shopping, many young people, when looking for a specific product or service, won't even compare prices or search for the best deal.

Teaching your kids how to shop smart is a vital way to help them save money in the future, so that they can allocate the money to other, more beneficial parts of their lives, like a savings account or a retirement plan. Here are 5 tips for teaching kids how to shop smart.

Educate kids about the dangers of compulsive shopping. Teach them to purchase products and services only when they actually need them. You can start this early by making regular trips to the supermarket or supply store with them by your side. Have them take inventory of all the food and supplies in the house and then make a list of everything you need. Teaching kids about not making superfluous purchases will save them a lot of money and time in the future.

Another hugely beneficial lesson for kids, which they won't teach in school, is the basics of making a budget. No matter what age your child is, it is never too late or early to teach them how create and balance a certain budget. This is a critical life lesson that if taught sooner than later, can be immensely helpful for your kids in their adult life.

You can also teach your kids how to be smart bargain hunters. This can be done in a real brick-and-mortar store or an e-shop. Teach them how to find discounts and bargains. Show them where the sale section is and explain to them the savings from purchasing items that have been marked down. You can even teach them how by to shop in bulk, which can save them money in the long run.

Comparison-shopping is another great lesson to teach your kids. All too often an online shop will tell a customer to view this site or that site to find the lowest prices or show you a two-for-one option. However, by showing them how to look around for better prices they can usually find a better deal and save themselves money.

Lastly, it is important to teach them that name brands aren't usually the best brands. Some brands that aren't name brands can be just the same or better, and even healthier too, but most of all they are cheaper. Individuals can save a fortune by switching to non-name brand products. Teaching your kids the basic values and the reason why name brands are more expensive will make them understand the basics supply and demand; it will also save them a lot of money in their lifetime.