Today, we live in a world that is dominated by technology. From buying groceries to paying for the same, the digital world, including various apps and payment platforms, offers enormous benefits to us in our everyday lives.
At the same time, kids today also shop online; they order food, purchase games, and more. And, when it comes to payment, they either borrow our debit/credit card or use digital payment apps. Clearly, the digital modes of payment are taking over. In fact, this habit of online shopping further accelerated during the pandemic-induced lockdown that forced kids to stay inside their house and stopped them from going out to play or meet their friends.
The advancement of technology along with the privilege of online shopping highlights the importance of teaching your kids how to be smart shoppers in the digital era. This is where parents play an important role; in teaching their kids to be savvy and safe when they shop online.
So, how do you help your children learn the skills of smart and responsible shopping when almost every payment is digital? Here are a few ways:
To begin with, tell your child that smart shopping is one of the important parts of budgeting and money management. For instance, you can seek out opportunities when you are shopping online and making digital payments to turn them into teachable moments for your children.
It is also true that kids develop financial understanding when they have personal economic experiences. Show your kids how you find out if an online retailer is legitimate such as by analysing the reviews. Surf with them and tell them how to find the kind of digital payment options the retailer is accepting. When to opt for payment via credit card and when to go for debit card or cash on delivery.
Simultaneously, tell them why you’re prepared to shell out more for a particular item. Allow them to create a wish list of items and understand from them their reason for the choices. Explain to them the difference between what is necessary and what isn’t. This will help in developing smart spending habits while shopping online.
Teach them the importance of planning their purchases that will play a critical role both for everyday shopping and expensive purchases. Tell them to set a spending limit for every month. This will help them in the longer run when it comes to making big investments.
It is essential for kids to understand the importance of comparing the quality and price of items while shopping online. For instance, with an array of options available online, it may sometimes become overwhelming. As a result, they may end up spending more than expected. Hence, it is important they read all the details about the item, price, discount, etc. before making a purchase.
Fids-focused money management apps can be a useful tool for helping kids have a better understanding of their spending and saving habits.
In a nutshell, you want your kids to be skilled at managing their own money in the future. So, teaching them the mantra of online shopping and spending at an early age will help them become not just responsible shoppers but financially responsible adults.
The author is Co-Founder, Junio
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