Teaching Kids About What Things Cost During the Holidays
Learn more about how the holidays present a perfect learning opportunity for children.
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Begin with basics
One of the best ways to teach a lesson is by doing so without your child even realizing that they are learning. As you share insights, tips and financial education be sure to include fun as part of the journey. Playing games that include a financial element like Monopoly or Life are a great way to spend time together and share some teaching moments. During the holidays, help your kids set holiday gift giving goals that encourage them to have fun while they learn to plan and make their gifting vision a reality.Gift goal planning
While it might not be age appropriate to share with kids a complete picture of monthly income, expenses, and debt, this holiday season is an opportunity to introduce the “basics” of sticking within a set gift giving amount while helping children appreciate the cost of the holidays. This can help your child learn important foundational principles and an essential part of financial health is creating a set of priorities.- Giving an allowance: setting an allowance gives children first-hand experience with money. They learn to think about how much things cost as well as the rewards of careful spending.
- Brainstorm: sit down with your children and help them list five people they want to get gifts for this year.
- Fun: help your kids have fun exploring gift ideas for each person.
- Cost: help your children calculate the total cost of the gifts.
Building a strong financial foundation
No matter our financial situation teaching kids about money is valuable. These lessons help your child develop a healthy attitude towards money as they grow into adults. The holidays provide a chance to make things more lighthearted. It just takes a bit of planning, a little patience and some creativity.Do you need help navigating your financial situation to be better equipped to teach your kids? Stop by your neighborhood Financial Health Center where a Member Relationship Specialist can help you build a spending plan, understand your credit report, come up with a plan to repay debt and work with you to create an action plan to achieve your family’s financial goals.