Children spend millions of dollars each year on products like games and school supplies, but they don't always get their money's worth, said a New Mexico State University consumer education specialist. Children are influenced by television, radio and magazine advertisements, said Susan Wright with NMSU's Cooperative Extension Service. Parents can teach them to make decisions about what's best as far as their money is concerned. Young shoppers need to learn to separate facts from fantasy.
Kids can learn to shop within their budget.
By comparison shopping, they learn the difference between products and can determine if they really meet their needs, she said. Parents, friends and other family members can share basic shopping tips with them. Parents can teach kids the importance of saving sales slips and asking about return policies. Children have the right to return merchandise that is not satisfactory, but they're also responsible for using the product according to directions and caring for it correctly, Wright said. But, it's not too late to teach them how to manage money.