Planning a major purchase

Before the purchase

1. Discuss motivations

• What are your child's reasons for purchasing a computer?
• How will a computer benefit your child in everyday life (e.g., research and homework, video games, online chatting)?
• Is it a need or a want?

2. Specify needs

By making a list of needs and determining how the computer will be used, your child can better decide what kind of computer is needed (e.g., new or used computer, laptop or desktop).

3. Establish certain rules up front

For example, determine how many computer hours are permitted per week, where the computer will be in the house, acceptable sites for your child to visit and rules for sharing with other family members.

4. Guide your child

• Encourage your child to do research to find out computer prices, including accessories (e.g., keyboard, mouse, software, etc.).
• Be sure that your child consults several different sources of information to get a general idea of prices:
  • Computer store websites
  • Flyers
  • Stores
  • Newspaper ads
  • Social and family networks
  • Consumer Protection Bureau
  • Etc.

5. Help your child make the final choice

• Help your child sort through the information collected and then select a few computer models that meet your child's criteria.
• Help your child estimate the total cost of the computer including accessories and taxes.
• Explain that there may be additional costs to configure the computer, for training on how to use the software, etc. This discussion could lead your child to re-evaluate his or her estimate.

6. Prepare to meet with a salesperson

The salesperson will ask a number of questions to ascertain the technical features of the computer needed.
Examples:

• How will you use your computer (e.g., games, schoolwork, graphic design)?
• What software will you use?
• How much RAM is needed?
• Etc.

7. Help your child implement a savings plan

Your child has doubtless already thought of ways to save money for the purchase.

2 tips for assisting your child with saving:

• Help your child plan: How much money does your child have? How much does he or she have to save to reach the saving goal? What financing methods are within reach? Can your child offer services to people you know (e.g., family, friends, neighbours) to make money?
• Encourage your child to reach his or her goal
  Encouraging and supporting your child along the way to reaching his or her savings goal is important. Offering a reward at certain stages of the saving process is usually an effective form of support.

All financial institutions offer accounts suited for the needs of young savers. Advisors are trained to help your child choose the best one.

During the purchase

1. Discuss payment methods

Before going to the store, discuss the payment methods available and help your child choose the best one for him or her.

2. If necessary, go to the ATM with your child

If your child decides to pay in cash and has put savings in a financial institution, go to the branch or the ATM to withdraw the amount needed.

3. Help your child adopt sound in-store practices

• Compare the computer models and prices in store.
• Speak to salespeople; they have a wealth of helpful information.
• Find out what kind of computer warranty and after-sales service the store provides.
• Ask question about accessories, software and so on.
• Make a decision, taking the information in account.
• Encourage your child to keep the receipt as it serves as proof of payment. Without a receipt it is often more difficult and sometimes impossible to obtain a refund or exchange in case of a defect or failure to perform to the level advertised.

After the purchase

1. Ask your child about his or her approach to the purchase

Examples of questions to ask:

• Are you satisfied with your purchase and the decisions you made (e.g., choosing a superstore versus a specialty store)?
• Are you proud that you reached your goal?
• Do you remember the steps you took before making your purchase?
• What would you do again for your next major purchase?
• What would you do differently? Would you choose the same model and features?

2. Let your child use the new computer

How does your child use his or her new computer? What rules were put in place for using the computer at home before it was purchased? Are those rules still suitable? Are they being followed? Does your child know the security and privacy rules?

A few ideas for your discussion with your child:

• Talk about websites your child likes and things posted on the Internet.
• Call on your child as an expert: Ask for help and how to do certain things online.
• Remind your child of the rules for using the computer.