How to teach your kid to shop smart: comparing prices and sticking to a list

The grocery store is one of the best money classrooms there is. Every shelf is a choice, every price is a math problem, and every checkout line is full of things designed to be grabbed without thinking. A kid who learns to shop smart learns to slow down and choose.

The U.S. Consumer Financial Protection Bureau's Money as You Grow program puts it simply for ages 6 to 12: it's a good habit to shop around and compare prices before you buy. Here's how to teach it.

Skill 1: Compare two prices

Start with two of the same thing.

1. Pick a product your child cares about: cereal, crackers, juice boxes.
2. Find two choices, like a name brand and a store brand.
3. Read both prices out loud.
4. Ask: "What's the difference?" Is the more expensive one worth it? Bigger? Tastier? Or just a fancier box?

The CFPB also suggests comparing prices for the same toy or game at different stores or websites. Kids are often surprised at how much the price can vary.

Skill 2: Read the unit price

Bigger boxes aren't always cheaper. That's where the unit price comes in.

• On most shelf tags, there's a small number that shows the price per ounce, per pound or per item.
• Show your child where it is, and compare two sizes of the same product.
• The lower unit price is the better deal, if you'll actually use it all.

That last part is a great conversation. A giant jar of pickles isn't a bargain if half of it goes in the trash.

Math challenge for 10- and 11-year-olds: if the tag has no unit price, figure it out. $3.00 for 12 ounces is 25¢ an ounce. $4.00 for 20 ounces is 20¢ an ounce. Which is the better deal?

Skill 3: Shop from a list

The CFPB suggests practicing making a list before going to the store, and talking afterward about how easy or hard it was to stick to it.

• Write the list together at home.
• Give your child the list and the job of crossing things off.
• Watch for "extras." Before anything not on the list goes in the cart, ask: "Is this on the list? Do we need it, or just want it?"

Skill 4: Stay inside a set amount

Now add a real limit.

1. Give your child a set amount for part of the trip, for example "$10 for snacks for the week."
2. They keep a running total on paper or a phone calculator, rounding up to the nearest dollar.
3. Over the limit? They choose what goes back. This is the hardest and most valuable part.

The CFPB has a "What's on a receipt" activity for practicing rounding up to include sales tax. That's a useful tip, because the price at the register is often a bit higher than the shelf price.

Skill 5: Spot the tricks

The CFPB suggests reminding kids that advertising tries to get people to spend more, but they're the one who decides. Point out the sneaky stuff together:

• Candy and toys at kid eye level and in the checkout line.
• "Buy 2, get 1 free" deals on things you didn't need.
• One-click buys inside games and apps. The CFPB specifically mentions in-game purchases as a good time to slow down and think twice.

Turn it into a game: "How many tricks can you spot this trip?"

The mastery test: the cash run

When your child can compare, stick to a list and keep a running total, try the real thing: give them a short list and a set amount of cash. They find everything, pay at the register, and bring back the right change. Stay nearby, but let them do the talking.

Make it a quest

In Family Quests, this is the Smart Shopper skill. Practice quests are compare two prices at the store and stay inside a set amount on a trip, and the mastery quest is buy everything on a short list with a set amount of cash and bring back change. Start free.

Smart shopping pairs perfectly with planning meals and writing a shopping list from the Kitchen branch.

Next: teach your kid to earn money, or go back to saving.