While children’s favorite holiday is probably Christmas, Halloween runs a close second. After all, what other day do you get to dress up and get free candy from your neighbors?

However, Halloween is also a great time to teach your children about making good money moves. It’s a treat that, unlike a bag of Halloween candy, will benefit your children throughout their lives. The best part, though, is that you can show them how to make these decisions without lecturing them—it’s a great way to give them a trick that’s also a treat, and the benefits kids get from learning financial literacy will last for the rest of their lives. 

Here's how to teach your children good money moves this Halloween

Teach Kids how to Comparison Shop

When you’re shopping for Halloween costumes or decorations, you can use the opportunity to teach your children that different stores charge different prices for the same item. If they want a popular Halloween costume, for instance, take them to stores like Target and Wal-Mart to compare prices. You can even expand your search and visit one of those pop-up Halloween costume stores that pop up every year or search online to see if you can get the costume for a better price. 

You don't have to limit this comparison shopping to Halloween items, though. You can teach children how to comparison shop when you're buying groceries, clothes and many other items. You can even make a game of it and try to find out what store has the lowest price, and make sure you point out that the stores charge different prices for the exact same item. 

While you’re shopping don’t forget to use apps like ShopSavvy or the Target app to check and see if there are any coupons you can use. Make sure to show kids they don’t always have to pay sticker price, and that they should make sure they’re getting a good deal. This is an easy financial habit to learn, and one they'll be able to use for the rest of their lives.

Help your children put these good money moves to work by getting Greenlight 

Show Children how Buying in Bulk can Save you Money

You’re bound to see a ton of candy being sold in bulk at your standard big-box store. When you do, you can show your children how much $4 will get for a bag of candy, versus the candy you can get in the candy aisle.

You can take this lesson one step further if you’re in a warehouse store, such as Costco or Sam’s Club. Show them how you can get a better deal on certain things if you buy them in bulk, such as:

• batteries
• light bulbs
• paper towel
• dish detergent
• groceries

Browse After-Halloween Sales to Teach the Value of Buying Off-Season

Children are usually not big on self-discipline. However, you can help them learn the value of waiting and delayed gratification, especially when it comes to Halloween candy. The “three pieces of Halloween candy a day” rule is common knowledge among parents, and it does help demonstrate to children that their candy will last for a long time if they have enough control to ration it out.

However, you can also teach them the value of delayed gratification by taking them to almost any store the day after Halloween and showing them the discounts stores put on Halloween decorations and candy. Show your children that if you wait for the right time to shop you can get a lot more value for your money. You might even ask them if they want to select some Halloween decorations for next year and put the decorations away in a special box to help your children remember that they picked those decorations out.

Demonstrate the Value of Homemade Projects

While buying Halloween costumes and decorations can be fun, making your own costumes and decorations can be ever more fun, not to mention economical. Get your kids involved with DIY Halloween projects that can range from spider-web table runners to bat chandeliers, and help them put up the final product once they’re done.

You can also show your children how to make their own Halloween costumes. In addition to saving money, you can also show your kids how they’re free to make up almost any costume they want, from the Minions in Despicable Me to Supreme Court Justice Ketanji Brown Jackson.

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Help Your Children Make Good Money Moves With First Alliance Credit Union

When you teach your children how to comparison shop, the value of buying off-season and the fun you can have with DIY projects, you’re helping them to make good money moves. When you help them get their own youth account at First Alliance Credit Union, you’re helping them to make even more good money moves by getting them started on their financial journey.