The holidays are a great time of year to introduce kids to some important money lessons. Here are a few ideas to consider adding to your family's holiday season!
Better to give than to receive
Whether your kids have been setting aside "Giving" money as part of their allowance all year long, or you've decided to provide them with a "Giving" budget this holiday season, this is when the concept of giving can take on some real meaning. Having your kids use their money to pick out just the right gift for someone special, can make giving real and tangible. In our house, we have our three boys buy gifts for each other. They carefully choose the presents, help with wrapping them, and get to watch the excitement of the other person as they open their gift. And I love that it shifts their focus from their own list, to thinking of what others might want.
Time to Envision the New Year
In addition to turkey, presents and snowmen, the holidays can offer a relaxing time to reflect on the past year, and reflect on our goals going forward. On a chilly day, why not make some hot cocoa, and sit down as a family to determine goals for the new year. Is there a new skill to master? Places to visit? Or something big to save for? It's not only great for kids to start setting their own goals at a young age, but seeing you as an adult setting your own goals will really drive home the importance of the exercise. To make it fun, have everyone create a vision board of their goals for the coming year, with pictures, and goals. Don't forget to make your goals SMART (specific, measurable, agreed upon, achievable, time-based)
New Year, new tradition
I'm not really one for new years resolutions, but I do find that the beginning of January lends itself to starting new habits (as does September, when I've never lost the 'back-to-school' feeling). January is a great time to introduce your kids to a new allowance system. Make the new year, the year that your kids will be empowered to make their own spending choices, and learn great money management habits!