Sharing Daily Discoveries About Personal Finance And Business Topics

Empowering Kids To Make Purchases With A Budget

financial literacy

I was thinking the other day as there were some stories on how kids simply don’t have a sense of value when I comes to money. When they reach to a point where they have to manage finances themselves it’s a little too late and will most likely make all the financial blunders you can image until they essentially learn the hard way.

Trying to think back when I was a kid, I remember the little things that definitely added up to make me more financially literate. For example, virtually every kid has had an adult tell them at a supermarket to simply just pick out something that they like. This could be as common as some kind of candy or toy. So of course, in the instance you don’t really learn much in terms of money.

For myself, I was often told the amount I could spend and from there I had to try and make a good valued purchase. For example, I would be told I can buy something with a dollar and from there I would start comparing all the candy I would see on the racks to see which ones were the best deals that I would like. There would often be different sales every week such as buy two for one dollar as well. Not surprisingly, things like this made me more aware of spending money.

If you think about it, this is such a minor change to give someone a sense of responsibility with money. Afterwards, it just becomes a habit in being financially aware to the point where learning financial literacy is simply a part of life.

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