Teaching Your Child to Budget Money at an Early Age

The Importance of Teaching Your Child About Budgets

Although every parent enjoys spoiling their child from time to time, it is very critical to their future to teach them how to live off a budget and shop cheap. Even if your family does not require a budget, it does not mean that your children will never struggle as an adult. You do not necessarily have to keep your child shopping on a fixed income, but it is ideal to show them the very few differences between brand named items and item on the shelf below. By helping them learn to shop this way, they will be ready in the future for any situation that requires them to save money and spend less. Making sure your child knows how to avoid burning a hole in their pocket is one of the most important lessons to learn in childhood.

Shopping for School

When fall time comes around, every parent starts to worry about buying school clothes and supplies. Although having the income to afford it is a worry, a bigger worry is how your children are going to shop when it is time to hit the stores. Even though every child wants the best of the best to show off to their friends at school, it is important to teach them that they do not always have to buy the most expensive item on the market. Once you have them out in the stores, be sure to show them a cheaper version of the item they are interested in. They can then compare the differences and come to realize that a brand name isn’t always necessary and the money left over can be used towards something else that is needed for school.

Sports Gear and Trophies

If you are involved in coaching your child in sports, be sure to bring them to discount sporting stores for their gear and you can even take the time to check out great prices on trophies like the crystal awards online at edco.com. Although protective gear should always be the safest brand that you find, remember that used items are always an option. No one on the field or court will ever be able to tell if your child has purchased their gear second-hand or for a lower price than what their teammates paid. Once your child sees that they can still get the same brand but for a lower price, they will be more apt to start shopping at the discount stores and outlets instead of the mall.


When the new school year rolls around and sports games start, sit down with your child and look online or in your local newspaper for coupons. Although it may not be the most exciting task for them, they will learn how to save money on their supplies by simply flipping through a paper or conducting a simple internet search. Once they get the hang of how to start using coupons, they will start to realize they can get other items they may want or need for a lower price, thus making it easier for them get what they want just by a little saving of change and coupon cutting.

The Benefits of Teaching Your Child How to Save Money

  • Budgeting: By teaching your child the different ways on how to save money while shopping for school, it will also give them the budgeting skills required for their adult years.
  • Independence: Once your child starts learning to save money and spend less, they will start to form more independence by learning to do something for themselves.
  • Responsibility: After your children gain the skills it takes to save, budget and coupon, they will start learning what responsibility is all about. If they want something other than school clothing and sports gear, they will need to start saving by learning how to budget.
  • More for Less: Once they start learning how to shop cheap, they will be able to buy more clothing or any extra sports gear they couldn’t have bought if they didn’t shop for the best prices.