The holiday season is upon us! It’s a great time to teach older kids about giving, healthy spending habits, and just being smart about money!
I’ve posted before about my concern with my kids future spending habits. I began working with them when they were very very young. Of course they are well versed in couponing and sales, but there is so much more to being smart with your money than couponing. If you’re concerned about your kids’ future spending habits, then start your money talk now and there’s no better time than these next few weeks.
In the next few weeks we are going to see commercials, ads, and talk on the street about the “Must Have Toys” and the “Must have gadgets”. This is a perfect time to explain to the older kids what is a NEED and a WANT. Am I saying they can’t have anything fun? Of course not. But teaching them about a budget and what to spend money on is very important. It’s also a great time to teach older kids that money does not fall off trees in our backyard. Oh how I wish it did! This is a great time to review that you do have clear expectations and limits about your family’s spending during the holidays.
Here are a few “getting started tips” to help teach the kids smart spending during the holidays:
*Teach bargain hunting and price matching
*Use real-life everyday examples – for example. If your teen makes $10 an hour, is a $50 pair of jeans worth 5 hours of work?
*Teach NEEDS vs WANTS – make a list
*Importance of giving – does your family tithe or donate a % of income?
*Explain impulse buying and how to avoid it
Those are just a few examples of getting the ball rolling in your home when it comes to teaching the kids good smart spending habits. Hopefully, they will take these lessons into adulthood and start off on the right foot.
For more great tips, check out this article: 12 Things I Want My Children To Know About Money
What tips do you have for teaching children about money?
Guest Post by Genworth Financial