Hey There,

A warm welcome to this week’s edition of Mini Millionaires.

We’ve loved being a part of your mini-millionaires’ journey so far, and it’s been great to hear your stories in our replies and DMs. Please keep on sending them, we love chatting to you.

In this week’s edition, we’re covering how to teach kids to compare prices, so they’re not just picking the first thing, but the right thing.

So without further ado, let’s go.

Ever watched your child pick up the biggest/brightest/craziest toy in the toy store without even so much as a glimpse of the price tag?

Yeah, most kids aren’t born bargain hunters. And that’s exactly why teaching kids to compare prices matters. Cause if we won't teach them, the 100+ ads for stuff they see every day surely will. 

So the goal here is to raise smart decision-makers (not slightly crazy penny-pinchers). Learning to slow down, ask questions, and think before spending becomes a superpower in their smart money journey.

It’s not about price, it’s about value.

We want our kids to ask not just “How much?” but “Is it worth it?”

That’s a value-based mindset that helps kids realise: 

Teach them to get into the mindset of weighing up the trade-offs in a purchasing decision, taking things like quality, size (or quantity), durability, and how or what they’ll use it for. 

You can even ask a question like: “Would you rather get one big thing or three small things?”, reinforcing this trade-off mindset.

Takeaway: Use shopping moments to talk about what makes this a good buy for them.

Normalise price checks.

Research has shown that modelling behaviours is more effective than other training approaches. And it makes so much sense. Think about how much our kids learn from us just by watching our every move.

So if you’re in the grocery store comparing prices out loud, your child learns to do the same.

So get into the habit of narrating your thought process (don’t be shy):

“This one’s bigger, but it’s R10 more. Is it worth it? Why? Why not”

“Let me see if it’s cheaper online.”

“So the prices are the same, but this one’s better quality.”

Takeaway: Turn price-checking into a team game.

Gamify the experience to make it stick.

Learning sticks when it’s fun. Play is one of the most important ways in which young children gain essential knowledge and skills.

So give this tip a try:

Give them R50 and two purchasing options.

Say: “You can pick one, but figure out which gives you the best value.”

Or set up a pretend store at home, with price tags and “deals.” Let them be the shopper, and the seller.

Putting them on both sides of the till can introduce them to how stores think and operate to maximise profits for themselves, and in turn will help them wise up as shoppers to figure out if that “deal” really is so.

Takeaway: The lesson lands better when it’s lived.

We’ve created this free downloadable Smart Shopper Purchase Comparison worksheet to help your kid think through the available options (and compare them to one another) before they make the final purchase decision.

How it works is they take a closer look at the options before them, considering where the item is from, the price, what brand the different options are, what the quality is like, and if there are any extra little bonuses that are the cherry on top.

Then they add a star to indicate which option wins which category.

Lastly, there’s a section where they can write why they chose that specific option, in a way justifying the decision after weighing up all the options.

Download the Smart Shopper Purchase Comparison worksheet here.

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Last week, we asked what you found hardest about teaching delayed gratification, and we’ve got a tie between keeping your own patience, helping them set realistic goals, and staying consistent with rewards.

🟩🟩🟩⬜️⬜️ 😅 Keeping my own patience

🟩🟩🟩⬜️⬜️ 🎯 Helping them set realistic goals

🟩🟩🟩⬜️⬜️ ⏰ Staying consistent with rewards

⬜️⬜️⬜️⬜️⬜️ 🎉 Making saving feel exciting

⬜️⬜️⬜️⬜️⬜️ 🤔 Not sure where to start

What you said: 

“Keeping my own patience. Sometimes easier to (and quicker) to do the shopping by myself without the "Dad can I get..." - hahaha ”

Might be a good time to teach kids about needs and wants. 🤷

What’s the mindset, habit, or tip you want to try this week?

What worked, what didn’t? Or is there something that’s got you and your mini millionaire excited? 

We’d love to get your thoughts, so hit reply to this email and let us know what's on your mind.

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