NDSU Extension - Sargent County

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Using Money Wisely

Using Money WiselyIn the world we live in, there are many opportunities (and temptations) for spending money. The trick is to spend money wisely on the goods and services that will help us reach our goals

Experience is a great teacher, and it helps to have a guide along the way, too. Lucky is the child who has a parent or other caring adult in their life who makes sure they get experiences that help them gain consumer skills.

Here are some guides for helping children gain consumer and wise spending skills.  You may think of others that are appropriate for your family and the other children with whom you interact.

  • Help children set limits on how much they should spend. Do this by asking children to name or list their needs as they see them and help the children sort these needs into most important and least important.
  • Teach children buying skills by comparing prices and quality and discussing the advantages and disadvantages of buying items on sale. Remember that you are a role model, so use good shopping habits for family, household and children’s personal expenditures.
  • Help children accept responsibility for their decisions when spending money. They may need your advice and encouragement to weigh the alternatives to make the best decision.
  • Do the homework before making a purchase.  This includes researching and comparing features, prices, and warranties, and reading customer reviews.
  • Create a “Want Wait List” to post on your refrigerator, bulletin board or message center.  When an item is added to the list, include the date that it was added, along with the price(s).  Wait three months.  If you still want or need the item in three months, negotiate how to save up money to buy it. 
  • Show children where they can find information on consumer goods before making a purchase by reading labels, hang tags, consumer publications, etc.
  • Help children write a letter, fill out an online form, or make a call to resolve a consumer complaint regarding a purchase. 
  • If you ever have been a victim of fraudulent misrepresentation, you can file a consumer complaint with the North Dakota attorney general’s Consumer Protection and Antitrust Division. Explain the situation to your children and involve them in filling out the complaint form.

Numerous brochures and other consumer information, including consumer complaint forms, are available from the North Dakota attorney general’s office.  Call toll-free to 800-472-2600 or visit the website. 

Source:  NDSU Extension, Kids & Money Newsletter (FE 1971)

Photo Source: https://pixabay.com/photos/money-coin-investment-business-2724241/ (downloaded 1/19/21)

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