Is “responsible online shopping” an oxymoron for young children? It might seem. so. When there is not the physical cash in their hand and the numbers just magically disappear as they click “buy now” it is difficult to comprehend the immediate financial effects of online shopping.
So how do you do it?
Here are a few ideas – please share yours in the comments!
1. Set a responsibility limit
Some parents do not allow their children to shop online at all until they have proved they are responsible with money in other ways. Age is really relative since all children mature at different rates. Perhaps if you start with a cash allowance and say “when you save up $X.XX, I will deposit that into the account and allow you to purchase something online that costs that much or less.”
2. Use Virtual Piggy
This is a fabulous resource for parents and kids! It allows you to deposit money into the child’s piggy bank. Then the child can use their piggy bank to shop online! It is safe, secure, and helps parents not worry that the child might go over the limit they set.
3. Use a marble jar as a representation
If the child is a visual learner, then maybe assign a dollar amount for each marble. Then, if the child wants to spend $50 online, s/he has to remove 50 marbles first. This will help them see if they have the money actually saved up or not. Another idea for older children is to teach them to keep a check register. Same visual idea, but does require more math skills.
4. Shop with them
If the child is very young or has not shown the impulse control, (or you do not have a free virtual piggy account) then sitting down with your child and shopping with them is a very safe option. Show them the price and compare it to the price they have saved in their allowance. Discuss shipping prices and whether they want to save up for other toys. This is a fabulous learning experience for them!
What are your thoughts? How do you teach your children about money?
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Virtual Piggy is having a fabulous giveaway right now!! It is open until December 7th, you could WIN YOUR WISHLIST! Good luck!
The video is part of a compensated campaign with Splash Creative Media. All opinions are 100% my own.