Make A Smart Purchase

ObjectiveTo teach your child or teen to be a smart consumer.
Description Girl Hugging Car Hood

Whether you want to buy a new computer, a tablet, a cell phone, a designer handbag or a car the process for being a smart consumer is the same.

Steps:

1. Answer the following for yourself:

  • Why do you want this item?
  • What will you use it for? What features will you need in order to make it the most useful for you?
  • Is this purchase a need or a want?

 

2. Research the item and the places where you can buy the item. Where can you get the best deals? Are there less pricey no name alternatives out there? Are there ways to save money on the item? Could you buy it used? Are there better times of year to make this purchase?

3. Find someone who owns the item you would like to purchase. Ask if they are happy with their purchase? Would they have changed anything about their purchase? Where did they buy the item and how much did they pay? Did they consider any other brands, and why did they choose the brand they did? Look online and find reviews for your item. Are people generally happy with their purchase? Are there any common problems that pop up in the commentary?

4. Calculate how much money you earn each month and look to see how much money you have in savings. If you have enough money and feel like you can use it on the item - proceed to step 7. If you don't have enough money put a small amount of your salary or allowance away each month until you have enough. You could also find ways to raise a little extra money and put it towards your purchase.

5. Once you have all of the information make the decision as to whether or not you will make your purchase. If you decide you can afford it and think it is a justifiable expense then go out and buy it - you've earned it!

 

 

Complete When

Mark this activity as complete when you have researched an item, calculated your budget and made a decision as to whether or not you will make your dream purchase.

Track your progress and earn badges!

This activity is included in the following:

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Age Range 12    13    14    15    16    17    18   
Activity Type Lesson
Tags Logical-Mathematical Intelligence  Expenses  Budgeting  Problem Solving  Personal Finances  Consumer Smarts 
CreatedCindyCindy
Last ModifiedRobRob

References

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