Headed out to the ice cream parlor, the candy shop, or the dollar store? Here’s a nice simple technique for turning the next treat outing with your child into a mini budgeting lesson:
- Set a quick budget for the outing. No tedious haggling, or the deal is off!
- Parent covers the budgeted amount.
- Spend more? Kid picks up the difference. (The Premium Price Rule.)
- Spend less? Kid pockets the remainder.
The arrangement invariably leads to interesting discussions about personal finance basics like comparison shopping, impulse buys, pricing, relative value, marketing, and perhaps a little buyer’s remorse in the end.
Short. Sweet. Educational.
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