School-aged children can save their allowance and do extra chores to contribute to a special item. Teens can also save their job earnings. Sharing the cost of a gift is a great opportunity for parents to sharpen their children's consumer skills. Reviewing television commercials and magazine ads teaches children to critique what they see. Giving children a hypothetical amount of money to spend and asking them to fit their wish list into this budget by checking catalogues and web sites helps them be realistic and financially savvy.
Many children feel pressured to keep up with the latest fashion or want the toys their friends have.
Discussing these issues helps children figure out what they really want and prioritize how to spend their money. Parents should also model cost efficient buying for themselves when with their children. Belt tightening affects a whole family, the opposite may also ring true at times. When money is more plentiful it should be generously shared within and outside the family. The most precious gift parents can give their children is the gift of time.