Black Friday is an Opportunity to Teach Children About Money

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The National Financial Educators Council provides practical tips for parents that are interested in teaching children about money while Black Friday shopping.

Parents are busy and many forget to teach their children about money. The consequences of teaching personal finance lessons to our children before they leave home can be devastating. On a regular basis the media features: bankruptcies, foreclosures and debt problems are just some of the problems associated with not having a financial education.

The National Financial Educators Council (NFEC), an social enterprise organization that promotes money management programs and provides tips for parents to help teach their kids about money. The 3 tips covered below can be a fun activity to do with children and the lessons can give them an advantage that can benefit them for years to come.

Before shopping on Black Friday, sit down with and set a budget. List those items you wish to purchase. Decide upon the maximum amount to spend shopping and set a spending goal that will challenge you to find great deals. Take a moment to explain to children that with each purchase that you will be making it limits other purchases you are able to make. This tip can improve your child’s financial capability while helping you stay within your shopping budget.

Leverage the time while you are shopping to teach kids about the marketing messages surrounding them. From the moment our newborn is exposed to media outlets, they are inundated with advertiser’s messages to “buy, buy, buy”. As you shop and look at the different marketing messages, teach them to evaluate the advertising by asking ‘what are they trying to convince me of’, ‘who are they targeting’ and ‘what does this goal of this ad’. Following this tip can help your child evaluate advertisements logically, instead of emotionally, and may help them avoid purchasing things that they haven’t thought through.

You don't need to enlist the support of personal finance speakers to be successful. Leverage the Black Friday event. During the checkout process offers another valuable opportunity to share financial literacy lessons with children. If you are making a purchase with a debit or credit card, take a moment to explain the difference between the cards. This conversation can branch into how credit card companies make their money and the importance of keeping debt levels low.

These tips were meant to break the ice and help you to open up the lines of communication with your kids on the topic of money. Share simple strategies with our kids can motivate them to save money, build good credit, avoid debt, start investing young, and achieve a state of financial independence. The NFEC has a complimentary financial literacy book available to help you in your efforts – ‘Family Money Talks – Ten Talks You Must Have with Your Children’.

Providing kids financial literacy lessons can help you feel an instant boost in confidence that you children are prepared for the financial real world. Leveraging Black Friday and other events gives us reminders that we need to teach kids about money. Longer lasting results of a financial literacy based conversations will be seen over time, as the recipients translate the lessons they learned into their daily lives.

The National Youth Financial Educators Council is dedicated teaching kids about money. Their stated mission is to empower people with the financial literacy skills they need to live their own personal American Dream. To connect with today’s youth, the NFEC leverages celebrities, sport stars and entertainment helps to improve the interest and effectives of the programs when reaching this demographic.

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Cecile Abad
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