Teaching kids: Holiday spending plan
Thanksgiving marks the start of the holiday season, which often includes shopping and gift-giving. Teach kids how to plan holiday spending by creating a simple holiday budget.
The holiday season is here! You know what that means- SHOPPING. Lots and lots of it. But that also means lots of opportunities to teach your kids some great financial habits!
INTENTIONAL SPENDING
Chances are, your kids are going to want to buy gifts for their friends and family- which is amazing! But it’s important to teach our kids to be mindful of our spending during this season, and to plan ahead for the purchases they are going to make. That doesn’t necessarily mean discouraging spending- just making sure the spending is intentional and smart 💪🧠
MAKE SURE TO DO THIS SOON!
If your kids are planning to buy gifts for others, make sure to sit down with them and make a plan for their spending. Here’s what we recommend doing:
- Help them make a list of the people they want to get gifts for.
- If the child is spending their own money on gifts, help them decide how much they are willing to spend.
- If you are providing money for the gifts, let the kids know how much they will be able to spend on gifts
- Help your child decide what gifts they are going to get for each person, and plan how much each will cost. Maybe they can spend more on one person, and less on another.
- Make sure to let your kids know that money does not equal value when it comes to gifts. Some of the best, most thoughtful gifts are the cheapest (like spending time with someone). If your child has a hard time coming up with gifts within their budget, show them how to deal with that and help them brainstorm ways to fix it.
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