Making A Purchase

ObjectiveTo teach kids to be smart consumers.
Description Kids buying toys

Your child wants to make a significant purchase. Use your child's dream purchase an opportunity to show him/her how to be a smart consumer.

Steps:

1. Discuss the item your child wants to purchase. Ask them what it is? how much it costs? and so on. Explain that this item is a Want and not a Need - explain the difference. Let them know that wants are not bad things it's just not necessary to their survival.

2. Have your kids research the item by answering the following:

  • How much does the item cost?
  • How much money do you have?
  • If you don't have enough money, how can you make the money you need?
  • Where can you get the item? Is it cheaper at different stores? Will it be cheaper if you wait to buy it?
  • Is there a way that you can save money on the item? Can you buy used, wait for a sale, or find coupons which will save you money on the item.
  • Will the item have monthly costs associated with it? Do you make enough money each month to cover the cost? 
  • Are there different brands of the item? Is there a cheaper comparable product or will only name brand do? Does name brand always mean better quality?

3. Help your kids find the item online and look for reviews. What brands do people seem to like best? Are there people who are having trouble with the item?

4. Get your kids to talk to people who already own this type of product. Have you kids ask them whether they are happy with there purchase, If they would choose the item again, how much the item costs each month, whether they had any unexpected problems with the item and how much the unexpected expenses cost.

5. Talk about any positive or negative aspects to owning this item and discuss what your child's responsibilities will be. Responsibilities could include not losing the item, keeping it clean and well maintained and there make be safety precautions your child will need to take when using his/her purchase. 

6. When your child has researched their purchase, talked to other people who own the item, discussed their responsibilities and raised the money they need take them out to make their purchase.

 

Complete When

Mark this activity as complete when your child has researched their purchase, talked to others who own the item, discussed their responsibilities and are raising the money they need to make their purchase.

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This activity is included in the following:

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Age Range 4    5    6    7    8    9   
Activity Type Lesson
Tags Logical-Mathematical Intelligence  Expenses  Budgeting  Consumer Smarts  Liabilities  Wants vs Needs 
CreatedCindyCindy
Last ModifiedRobRob

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