Lesson: How to spend money wisely
It is important to teach children at any age that money has limits and it is important to use it wisely. Some money should be put aside for future goals but some money is used to live everyday life. Teach your children how to determine what is a want and what is a need.
Activity: Grocery shopping
Take your child(ren) into the grocery store with you when you have some extra time. Give them a few dollars and explain the difference between brand names and generic names or shopping with coupons. Show them the difference in price between two like products. Compare your savings between the money spent on the brand name product and the generic product. Include your child in financial questions such as “How much are we going to save by purchasing the cheaper product?”