Teaching your child how to save and pay for their own holiday spending
will teach them an important lesson in money management.
As it gets closer to Christmas remind your child to start saving money so they can buy gifts for someone, whether it is a brother or sister, grandparents, the family pet, or for mom and dad.
Pick a day that you are going to take them shopping. Have your child write down how much money they have and what amount they want to spend on each person.
Look through holiday ads and have your child find things that they can afford. Explain to them if they decide to spend more on one person, then they will have to spend less on someone else, unless they have earned extra money.
A good place to take your child to shop is a dollar store. They will be able to find something for everyone there.
Continue to do this year-round for birthdays, Mother’s Day, Father’s Day, etc.
Your child will feel a sense of pride when he/she sees the recipient open up a gift that they saved, planned, and bought using their own money. Teaching your child to budget ahead of time will prevent them from falling into the holiday overspending that many of us are guilty of.
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It is our policy at Pioneer Credit Counseling not only to help people get out of debt, but also educate in sound budgeting practices.
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