It’s true that Christmas is the largest spending season of the year. Most of us are out and about a few times a week buying presents. And I bet most of you have your children in tow. It’s the perfect time for your children to begin learning to budget for when their time comes to start buying presents.
Here are two things my children will observe from my Christmas shopping that will make them better shoppers.
1. Always go with a list. It doesn’t matter if it’s a grocery list for Christmas dinner or lists of what I am buying for whom. You will save money by making a list and sticking to it. Impulse buying is a horrible habit and by not doing it, you teach your children self control.
2. Always use cash. Even if you are a person that pays their credit cards off every month, your children may not see you write that check, but they did see you swipe the card. Kids have a way of thinking that credit cards are free money. If you are going to use them, make sure you explain exactly what they are and how they work. Most of us use debit cards nowadays, so make sure you explain to your kids that this comes right out of your bank account where the cash comes from.
There are other ways for you to teach them about saving money at Christmas.
1. Give them a budget to buy presents with. If it’s $20, give it to them, help them make a list and turn them loose to buy whatever they want within their budget. If they want something out of their budget or that will keep them from buying for another person on their list, use it as a teaching moment and show them what they should do instead.
2. Teach them how to give as free as possible. From the beginning of their lives, teach them that gifts don’t have to be expensive, big or fancy. Show them you can make things at home and even cook treats to give to people. Not only does it teach them to be thrifty, it teaches them to get involved and think about what they are giving even more.
3. Teach them giving. A good life-long habit is giving and will teach your children to be thankful for what they have. When you give them money or they earn money for Christmas, ask them to take a portion of that to give away or to buy a present for someone less fortunate.
What are some ways you teach your children to save money at Christmas?
Spread The Word!