Tuesday, October 27, 2009

Try This Trick on Your Kids

Want your kids to be better with money? Does it pain you to see how much candy they get on Halloween? Try this trick. Buy their candy from them.

What you do is tell your kids you'll give them $.25 for each piece of candy they get for Halloween. Then they can buy the candy back from you as they want it. Any money they don't spend on buying back their candy, they get to keep.

Kids will usually buy back the candy they like most, first. So, once the good stuff is gone you can put the rest of the candy on sale. For example, the price on leftover stuff might drop to 2 for $.25 or 3 for $.25.

You may want to put rules into place ahead of time, such as: only $1.00 can be spent daily.

The purpose of the trick is to help kids exercise some restraint, learn a little economics and understand the value of money.

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