Material possessions seem much more monumental to you when you were a child (especially a teenager) than they are to you now. It’s no different for your own children, who are influenced greatly by their peer group, advertisements, and celebrities.

Explain to your child that you understand he/she wants to fit in at school, but emphasize that wearing certain brands of clothing won’t necessarily make that happen. This is a great opportunity to teach your children that it is what is on the inside that counts, and encourage them to get to know people for their values and not their clothing.

Instill economic values in your children, and help them see that spending money on name brand items takes away money that could fund other activities, such as their soccer uniforms or a trip to the amusement park. Teach them that name brand products cost significantly more money than private label products, for essentially the exact same thing.

Suggest doing an experiment between a name brand and private label item, such as Pepsi and the cola from your local grocery store. Blindfold each child and have them drink a small cup of each product, and then choose which is the name brand and which is the private label brand. Most likely, they’ll each pick different products, or not be able to tell the difference at all. You can use the same concept for name brand sneakers versus private label sneakers- time your child running a certain distance in each brand of sneaker.

If you child is older, suggest that he/she gets a part time job at a local grocery store, retailer, or restaurant. If your teen is not old enough for a work permit, there are many other jobs he or she can do, including pet sitting, babysitting, yard work, and dog walking. Consider giving younger children an allowance for weekly chores around the house such as unloading the dishwasher, folding laundry, and cleaning their rooms. Explain that one of the benefits of earning your own money is being able to spend it any way they like, whether it is name brand clothing or other items. This is a great way to teach your children the value of a dollar.

Remember that your children are always watching you, and they will notice if you don’t practice what you preach. Try to not give emphasize on one product over another simply because of its brand name. When do you show preference for a name brand item, explain to your children your reasoning.

Posted in Home Budget

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