Candies, spooky decorations, horrifying costumes, trick or treats - these 4 words are enough for the kids to wait eagerly for Halloween. While kids may relate Halloween to festive decorations and pranks, it’s the moral responsibility of the parents to teach personal money management skills to their children.Money lessons to teach kids this Halloween
Teaching kids about money is not an easy task. First, kids are too hyperactive. They are more concerned about spooky decorations and adventures rather than money management lessons. But this is equally true that Halloween is a wonderful opportunity for teaching children about money. Here are a few lessons you can give your kids this Halloween.
Make a deal with your children before you set out to trick-or-treat. Offer to buy their candies with real money. Once Halloween celebrations are over, they can purchase those candies back from you with a predetermined amount. It’s obvious that your kids will buy the exotic candies first. As days go on, they may prefer to keep their money for buying other things instead of leftover candies.
There is a wonderful way to teach the importance of comparison shopping to kids. Download and install apps like RedLaser and ShopSavvy on your smartphone. Compare the current price of the items you’re planning to buy this Halloween and show your kids how to do them. Open your Amazon app and compare the price of candies. Take them to retail store one day. Note down the price of the candies, decorative items, clothes, etc. Now compare both the online and offline price of a particular item. This will give your kids an idea on how to get the best deal.
Costco and Sam’s Club are good places to buy good quality Halloween candies at a cheap price. You can get both branded chocolates and generic candies when you buy a bulk amount. Take your children with you at the store. They will get a chance to learn the benefits of bulk buying specific items. Talk about how much you saved on their favorite brand of candies. Warehouse clubs are a great place for buying Halloween decorations like costumes, haunted houses, and wreaths. So you can buy those things from here as well.
The people of Florida and Carribean islands need money after the ferocious hurricane Irma and Maria devastated those places. This year you can cut down your budget on Halloween celebrations and donate an amount to charitable organizations who are helping survivors to lead a normal life. Explain to your kids why you have made this decision. This is an important money lesson. Your kids will learn the value of charitable donations and sacrifice at their tender age.
This is a great tip for teaching kids about money. After the Halloween party is over, your kids will be busy counting their candies. Snatch this opportunity for enhancing their personal money management skills. Announce that kids who want to get the best premium quality candies have to negotiate more rather than the generic brands. If your kids want their siblings’ candies or toys or costumes acquired during Halloween celebrations, then they have to trade/barter using their items. This is a basic concept of finance. Halloween is the perfect opportunity to teach this concept to kids.
Halloween is a great event to bring out the creative spirit of your kids. Ask your kids to think about interesting Halloween decoration ideas. Share some of your ideas and make Halloween costumes. Just buy low-cost materials and art supplies from a store. Create customized items with these materials. Your kids will have lots of fun. Take your kids to a retail store and see how much retailers are charging for the same items you have made. Your kids will realize how much you have saved by making beautiful crafts yourself.