Teaching children about money, shopping
- Laurie Sidle, OSU Extension Wayne Co.
- January 22, 2024
- 490
If you’ve ever shopped with a child who is clamoring for a toy, you’ll appreciate a video I saw online. A preschool-age boy is choosing a toy from a store shelf. His dad has told him he can get a toy he can hold in one hand.
The little guy chooses one in a box that is nearly as big as he is. He struggles to lift it up to show his dad.
“No, (a toy) that you can carry with one hand,” the dad reminds him.
At this point the boy carefully places the box back on the shelf, and you can almost see his little mind working as he slides one hand in a small opening of the box and pulls the box back off the shelf. He stands there, holding the box at his side, looking up at his dad with a priceless expression.
The video ends here, so it’s unclear what happened next, but people commenting under the post were cheering for the boy to get the toy. They appreciated his problem-solving skills to find a loophole in the instructions.
Lessons were learned here, probably by both sides. Dad may have realized next time he needs to set an amount the boy can spend and show him what that amount looks like. The boy may have learned about what toys cost and if this was a necessary purchase.
Starting at a young age, children can learn to stop and think so they can choose what’s best for them before they spend money. Financial experts say the sooner parents start discussing the value of money and saving and spending wisely, the earlier children will develop critical skills for them to build financial literacy. Helping them to decide what they are going to spend, save and share sets a foundation for life skills as they grow and begin to earn money of their own.
A good place to start is to be a good role model and lead by example so the financial advice comes naturally. It’s also important to keep conversations with children age-appropriate. The Consumer Financial Protection Bureau provides some conversation starters and activities to help with finding the right words.
A shopping trip conversation may start with: “There are a lot of things that are valuable, and some of them cost money.”
—Ask your child to identify different coins and their value.
—Discuss things your child enjoys that are free such as playing with a friend or going to the library.
—Point out to your child items that cost money such as ice cream, gas for the car or clothes.
Another conversation starter may be: “You need to make choices about how to spend your money.”
—When you are out shopping, point out essentials such as food and clothing and ask your child to describe what items he or she may want but are optional or not necessary.
—Talk about how your family decides what to buy and what to pass up. Which is more important, buying cookies or fresh fruit? Soda or milk?
—Think out loud about your budget and how you mentally divide up a finite amount of money into sections for food, rent or house payments, clothes, or optional items.
—Include your child in some of your small decisions. For example, at the grocery store, think out loud about why you pick one item over another.
—Give your child $2 and let him choose which fruit to buy.
—When shopping with your child, ask yourself aloud: Do I need this item? Can I borrow it? Would it cost less somewhere else.
—Discuss choices children have when they don’t have enough money to purchase something they wanted to buy.
At home a fun learning activity might include setting up a pretend grocery store where children can shop. Stock it with play food, empty food containers with prices, play money and a toy cash register.
Reading also is a fun way to talk to children about money. Here are suggested books for young children:
—“Pigs Will Be Pigs” by Amy Axelrod.
—“The Berenstain Bears’ Trouble With Money” by Stan and Jan Berenstain.
—“Money Hungry Monkey” by Paul Peters.
—“One Cent, Two Cent, Old Cent, New Cent: All About Money” by Bonnie Worth.
—“If You Made a Million” by David M. Schwar.
For additional resources, activities and book suggestions, check out the Consumer Financial Protection Bureau website at www.consumerfinance.gov.
Laurie Sidle is an Ohio State University Extension family and consumer sciences and 4-H program assistant and may be reached at 330-264-8722 or sidle.31@osu.edu.