In today’s digital age, it’s more important than ever to teach kids to be savvy consumers. With so many products and services available online, it can be challenging for kids to differentiate between what they need and what they want.
Here are some tricks to help you start right!
–Start from the start: Explain the difference between needs and wants, and help them set financial goals for themselves. This will help them perceive personal finance to an extent.
–Teach them how to do their research: Teach your kids to do their research before making a purchase. Help them read product reviews, compare prices, and look for deals and discounts.
–Teach them how to read labels: Teach your kids to read product labels and understand what they mean. This will help them make informed decisions about the products they purchase. Encourage them to focus on details like MRP, or even expiry date.
–Show them how to avoid marketing traps: Teach your kids to recognize marketing traps like ‘limited time offers’ and ‘buy one get one free’ deals. These marketing tactics can be tempting, but they can also lead to unnecessary purchases.
–Set clear rules: Before you start giving your kids an pocket money, it’s important to establish clear guidelines and expectations. Decide on the amount of money they will receive, how often they will receive it, and what they will be responsible for buying with it.