Teach Values While Shopping for Your Kid’s Clothes

January 12, 2009 By Tisha (Kulak) Tolar

Sometimes I find it hard to believe the amount of material goods my younger relatives have access to, especially the pricey new technologies and designer clothing. Obviously, I don’t inquire into the budgeting restrictions, if any, that are enforced in the household but for many parents, a child’s shopping habits can easily get out of hand.

As more families are creating and abiding by budgets, kids may feel a bit anxious or resentful about not being able to get the things they want - or at least feel they should have. One of the important ways to bridge this emotional gap with kids is to discuss it and work out a budgeting plan that allows kids to take part in the responsibilities of family finances. Clothing is just one example of things kids will ask for but since it is also a basic necessity, we will use clothing as our example.

Create a Kid Budget
Even though the family as a whole works on an established budget, there is no reason you can not establish a budget within a budget and teach your children the real value of money. Setting a budget limit for each month will help your child understand that they need to take time to think about what they need and control their impulse buys at a young age - or they will end up having to go without.

Decide on Money Earning Opportunities
By simply giving a child money to use with their budget, you will miss a key learning experience about the real value of money. Instead, use the experience to get your child used to earning their own money. Even 5 year olds can earn money by working around the house, doing simple chores such as folding washclothes or dusting the tables. The older the child, the more responsibilities, the more money you pay.

Teach Smart Shopping
Once your budget has been created and the income potential has been established, it is time to take it one step further and teach your child how to spend their hard-earned money wisely. Help them to identify what items they want and then work with them to find the best prices. Use store fliers or the internet price comparison sites. Let them know that just because one store has a certain price tag, doesn’t mean another store will have a better deal. Kids will likely enjoy learning about shopping and most importantly, they will enjoy the time they are spending with you.

Teach Money Management
just because you set your kids up with a budget, make sure you continue to work with them until they can understand how to manage their money. You want to make sure they understand thinking ahead about what they will need to make sure they can afford it all. You want them to understand that blowing all of their cash on that cool pair of sneakers will leave no money for their new jeans for the school dance.

Provide Incentives
Kids who pay attention to your money lessons and who learn to follow their budget can be rewarded with a little something extra from mom and dad. Maybe your child has been wanting that new jacket at the mall and have been working to save up. As a bonus, you can kick in what you can afford to help their savings progress. This teaches kids that with dedication and hard work, bonuses do come.

Relax on Your Opinions
Kids love to express themselves and generally fashion is their mode for self-expression. When you give your child responsibility for saving for and buying their own clothing, you, as a parent , need to relinquish some of your own control and allow your child to buy what they want to buy. Chose your battles wisely if you disapprove with some of the purchases. Children need to make some mistakes to keep learning lessons about money and life in general.

Posted in budgeting, children, family, financial planners

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