Tomorrow's Millionaires: Don't Bust the Budget!

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This challenging activity is the perfect way to constructively fill those bitterly cold winter weekends.

Did you ever wish there was some way to get your fashion-conscious 11-year-old to realize all those things she’s asking you for actually cost money? Try this activity with your child this weekend, and your wish will be granted!

Take your child on a trip to the mall and give her a task: She can purchase a specific item she’s been asking for (a new pair of boots, a gym bag, etc.) with a set amount of cash. She cannot spend a penny more than that amount, and cannot ask you for that item again this season. Tell your preteen that you’re only going to accompany him around the mall – you will not tell him which store to choose for making the purchase, or which item to buy. As an added bonus, allow your child to keep any change left after buying the item. The freedom to spend as he pleases will thrill your child, and the offer to keep the change will motivate him to spend as little as possible.

On the way to the mall, give your preteen a quick briefing on what to look out for when choosing the item – things like quality, overpriced brand-name merchandise, hiked-up seasonal items, etc.

Then, as promised, keep your mouth closed as you accompany your child around the mall and watch in amazement as he learns invaluable lifetime skills such as comparison-shopping, saving, peer pressure and more. It all happens in one productive afternoon at the mall!

Your Turn: Have you given your child a budget for a specific item and then watched with pride as he or she carefully calculated every penny to make the perfect choice? Share your success (or your own lessons learned) with us!

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