Week 33, Aug 22
How are you and the kids doing? One more week on the road to self-reliance.
When your child is ready to spend their money, go to the store with them and help them evaluate their purchases. Point out the sale racks. Introduce them to the concept of store coupons. Compare designer looks with less expensive clothing and teach them about bait and switch. Bait and switch is the practice of not having an item that is advertised. The store will tell you they will substitute another similar item but for a slightly higher cost, or they will offer you an inferior quality item.
When our daughters were in high school, we loved going to the consignment shops. It was a challenge to see who could find the cutest outfit at the best price. Help your children understand two very important things, first, there are always other stores to check out for better prices, and second, everything goes on sale, just be a little patient.
Take your child grocery shopping, especially the teens. They will be on their own soon and need to know how to spot the bargains in a grocery store. The jumbo size is not always the cheapest per serving and store brands are canned by the same canneries as name brand items, cheaper and just as good. Teach them to look at the top and bottom shelves, less expensive items are often located there.
Don’t forget to teach them the importance of food storage to a budget. When you have food storage you are always eating at last year’s prices, and you never need to purchase anything that is not on sale.
Teach them to shop with a list and to stick to it. Encourage them to shop with cash, when it’s gone it’s gone. As they dole out cash for an item, they will have to face the fact that resources are becoming scarce. Do Not bail them out unless it’s a loan with interest.
Save receipts. Teach children to save receipts. Explain that receipts will help them to know exactly how much they are spending and where. They are also important in case the item is defective and needs to be returned.
Be sure you are following all the rules we have discussed. An example is always the best teacher.