We are always being tempted by the number of choices in
life. Grocery shopping, clothes shopping, shoe shopping, card shopping, gadget
shopping — to name just a few. And with all of these choices, how can we ever
stay on budget? How do we model staying on budget for our kids when we’re faced
with never-ending temptation?
You can help your kids
get set for LIFE — mastering the basics of budgeting and how to work within
their budgets — by teaching them the LIFE method. This memorable acronym can
help keep your kids to stay focused on their priorities and have some fun along
the way.
When to Do
When preparing to shop
and when out on a shopping trip
What to Do
The four components of
our LIFE strategy focus on key elements of budget management and provide easy-to-remember
words as a simple learning aid.
L - Lists are important.
Lists can be fun to make, and they help
us to put some thought into the spending and buying we do. Encourage your kids
to buy only items on their list. This helps to curb impulse buying and later
regrets about spending.
I - Is it a need or a want?
A smart spender will purchase things he
needs before buying things he wants.
F - Find the best price.
Shop around for the best prices, watch
for sales, and, whenever possible, use coupons.
E - Evaluate impulse shopping.
After a shopping trip, compare what you
bought with what you set out to buy, then consider how you might have chosen
differently. Were your unplanned purchases smart choices (say, an unexpected
sale on a need) or indulgences you
wish you had resisted?
Step 1:
Review the LIFE components, then think about your recent purchases and find an
example you can use to demonstrate to your kids how you followed the LIFE strategy
— and one to show a time that you didn’t follow it.
Step 2:
Make a 3x5 card for each of your kids, listing the LIFE components. Leave room for them to personalize and decorate
their cards. They can keep their cards with them to refer to until they get
into the habit of following the LIFE steps.
Step 3:
Using your examples from step #1, introduce the four elements to your kids and walk
them through the LIFE strategy. Share how you felt and whether you were
successful in following the LIFE steps. Give them their LIFE 3x5 cards.
Step 4: Get
your kids ready for a shopping trip and go through the LIFE elements with them.
Help them to do research, and help them in the store if temptation comes
knocking.
Step
5: Practice, practice, practice, using the
LIFE cards.
Tip: Once in a
while your kids may find themselves splurging without thinking on something
they not only didn’t need — but also didn’t even really want! When this
happens, treat it like a slip-up in dieting or exercising: don’t make a big deal
of it, get back on track, and use those splurges as valuable lessons.
Talk About It
After one of your shopping trips, talk to your kids about
how successful they felt they were in following the LIFE steps. What did they
remember to do? What could they have done to be even happier with their
spending choices?
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