Adventures in Parenting

Teaching your children to use their money wisely is one of the most important subject that we can teach them. They are not going to learn it at school.

To learn them in making wise decisions about spending, here are 3 questions that you can teach them to ask before making a purchase:

“How often would you use it?”

“Do you already have something similar that serves the same purpose?”

“Do you need to have that now?”

Those are 3 questions I ask my children whenever they want to buy something. It helps them to think about it instead of buying on impulse. And if we determine that it is something they should get, then we ask this question:

“What is the best price you can get it for?”

We try never to buy anything on a whim at retail price. With many online sources and sales every weekend, shopping around not only helps your bank account. Delaying the purchase until you’ve researched the prices sometimes lets us see how much or how little you actually want the thing.

No matter what your financial state, it is crucial in the development of character for children to learn to use their resources wisely.