Generally, children don’t have an idea of what the cost of things is all about. They do not know the difference between the cost of Oreos biscuit and a bicycle. In fact there is no difference between a cheap bicycle and an expensive one. As far as children are concerned price means nothing, whether it’s holiday with grandma or at Disneyland. All that matters is the fact that they want it.

Older children may have an idea of what cost is but may not be able to ensure that they are getting value for their money. They know what an iphone costs but may not be able to tell whether they are worth it or not.

This then explains why it is important to help your child understand the cost of things and whether there’s value in that cost. There are several ways you can do this.

• Give your child an allowance. Nothing teaches children faster the cost of things than giving them their own money to spend. The freedom that comes with decision-making allows them to get the feel of prices.

• Work with your children’s school to train them about commercialism and advertisement propaganda. This they can do by conducting programmes in the school to help them learn and practice their understanding. An example is to have a merchandising day where children will bring their wares to sell to their fellow students after being taught the fundamentals of advertisement.

• Let your child read up magazines or watch TV programmes that will help him or her become smart consumers. This will help him or her see through ad hype and make informed decisions.

• When you go shopping, go with your child and educate him or her as you go about it. Show him price tags. Let her know what is costly and what is not. Explain good buys. Also let your child understand what discounts and sales mean.

Do you have more tips on how to teach children the cost of things? Let’s hear them.

Do have a restful weekend!

– Gbonjubola Sanni