Yes, the holiday season and all the shopping and spending it brings is here once again. And while holiday shopping isn’t new to you, your kids may never have had to plan, budget and shop for someone else. This makes the holidays a great time to teach your kids about money.
Start by identifying the various costs the holiday season:
- Gifts
- Supplies for making gifts
- Cards (with postage)
- Family Christmas letters
- Gift wrappings
- Parties
- Bringing family meals to gatherings
Identify your overall monetary limit for the entire season the best you can. You should also set a budget as to what you’ll spend on immediate family members. Be sure to include your kids in these talks. This will help them see how budgeting works in a real life scenario.
Limit gift giving outside of immediate family with easily duplicated homemade gifts. This is another way you can cut costs if you have a long list of people outside of your immediate family you want to give gifts to. Ideas for these easy and efficient gifts include:
- Cookies
- Cookie mixes or other mixes for baked goods in a jar
- Spice rubs
- Trail mixes
The ingredients for these gifts can all be bought in bulk, making them inexpensive options.
Bring your kids shopping with you. Before you enter the store, make sure you share with them how much you are aiming to spend. Have them help you find items on sale or comparable items at lower prices.
When it comes time to check out, pay with cash if possible. The visual of you handing money to cashier makes a far greater impression on your child than the swipe of your debit card. It’s also not a bad idea to spread out your shopping trips from week to week to nip procrastination in the bud.
When you get home from your shopping trips, pull out the receipts and create a running tally of your expenses. Not only does it help you keep track of what you’ve spent, but it also shows your kids how small costs can add up over time.
Most of all, see how fun you can make this for your kids! You’ve been through the hustle and bustle of holiday shopping numerous times, and have probably grown to dread it. The more fun and exciting you can make holiday shopping, the more positively and responsibly your kids will approach it themselves.
Good luck!