It’s Fall, that means that the holidays are approaching. During these special occasions, kids receive many gifts, large meals, cards, and more. AbbyBank believes that this time of the year is a great opportunity to teach your children about money. Below are a few ideas on how to incorporate your children into the holiday financial mix!
Identify the costs of the holiday season.
Gifts can be a large expense, and children never realize how much it adds up. Put a monetary limit on gifts they give before going shopping, this will help your children control how much they spend. Wrapping paper and gift bags are also a cost you need to identify to your child along with the supplies needed such as tape and tissue paper. Cards and letters to family members can add up too, especially if you’re using postage. Help your child to understand that the cards they send could be handmade to save money, and that a personal touch makes them even more special. Finally, the meals made for each holiday add up fast, so this is another helpful way to teach your child about finances.
Homemade gifts are a great way to save!
If you have people you’d like to give gifts to consider one of these options. Ideas for these DIY gifts include:
- Cake in a mug or other mug mixes
- Spice rubs
- Tea & hot chocolate
The ingredients for these gifts can all be bought in bulk, making them inexpensive options when dividing to make several gifts. More inexpensive DIY gift giving ideas can be found on Pinterest as well.
Take your children shopping with you.
When you bring your child with you shopping, have a list of who and how much you will spend on each person. Then, help them look for items that are a great value but also keep you within your spending limit. See if they can stay within the budget. You can even offer a treat or a prize if they do!
Using receipts can help you keep track.
Not only does this help you keep track of what you’ve spent, but it also shows your kids how small costs can add up over time.
Teaching your children the value of money will help them grow to be financially responsible. So when you go to get groceries for a holiday dinner or gifts for a family member, have your child be involved in the process. You can also set up a Holiday savings account with AbbyBank to teach your kids the value of saving!