Making The Holidays A Teachable Financial Moment For Kids

12/01/2020

The holidays are a great time to teach your kids important financial lessons and it is more than just about the financial aspect of holidays. This is a great time to reinforce or instill important money habits and tools that they can use through the entire year. And who knows, maybe this will help you have a financial better holiday too because you might learn by teaching them. 

  • Have A Plan For The Holidays: This plan includes a budget, a list of gift recipients and ideas for each person on the list. Help them build their plan by showing them your plan for the holidays.
  • Be A Smart Shopper: There are so many skills to teach them from comparison shopping to looking for coupons and discounts. Using their list, they will be able to perform all of these before buying anything. 
  • Know What You Can Spend: Helping them realize that they have to reconcile what they would like to spend and how much they can really afford to spend is a priceless lesson for them to learn. 
  • Thoughtfulness Over Price: If your child tends to focus on the cost rather than value of a gift, remind them that people appreciate gifts that are thoughtful rather than expensive because it shows more caring. 
  • Don’t Buy For Yourself: This is a critical lesson for your children. The holidays need to be about giving to others and not about buying for themselves. Later in life they will appreciate that they have this discipline. 
  • Best Gifts: This might be the number one lesson to teach your kids about the holidays. The people they care the most about really want to spend time with them more than get something from them. 

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