Youngsters learn money management attitudes and behaviors by watching family members and others. To help guide their financial literacy development, involve children in the shopping process using these steps:

1. Have children help in the creation of the shopping list. Sit down together with paper or an app to list what you need. Talk through your list with your kids noting items that are low on in the household as well as things bought regularly. Have children check cabinets and refrigerator to determine things they use.
2. While making your list, talk about a budget. Explain the need to keep track of how much is spent on groceries so there is enough money for household expenses. Make clear that a grocery list helps make sure you don’t overspend.
3. Talk while shopping to explain brands you prefer and how sale prices or coupons might affect purchases. Also communicate why you choose certain stores for your shopping.  As you select items explain why you’re buying that one instead of a similar item.  Older children can be asked to comparison shop among different brands.
4. While shopping, refer back to your budget. This will help you decide to buy an item now or wait until a later time.
5. Provide explanations of buying choices. To avoid surprises, estimate your total before going to the cash register. Also explain different payment methods, such as a debit card, which subtracts money from your bank account right away.

Discussion of various decision-making elements will help kids learn shopping and money management skills they will need.  Thinking out loud can clarify what you’re doing and why when in the store, paying bills, or shopping online.

For additional information on teaching money skills to children, go to:

Grocery Shopping Tips

Money skills, by age.

Teaching Suggestions

• Have students visit stores and explain to friends why they buy certain items and brands.
• Have students create a visual presentation (using computer software or a poster) to communicate learning experiences for teaching wise buying to others.

 Discussion Questions 

1. What experiences did you have growing up that helped you learn financial literacy and wise money management skills?
2. Describe other methods that might be used to teach shopping and money management skills to young people and others who might lack these abilities.