Tip of the Week: Holiday Budget
As my family finished eating one of our favorite meals over the weekend, I took the opportunity to discuss our holiday budget for this year. My husband and I agreed earlier in the season that we would only spend a certain amount on our son and nephews for Christmas. Our son is 4 years old, soon to be 5, and understands budgeting to a certain extent. We are trying to teach him the difference between wants and needs.
I found a couple of websites that explain how to teach your child about budgeting www.wikihow.com and www.thelearningcommunity.us. We followed their simple steps and compiled our list of people we would buy gifts for and we told our son our budget limit for gifts this year. We asked him to make a list of gifts he would like to receive and looked up the cost of those toys at a few online stores. We let him pick out his teacher’s and babysitter’s gift.
We had a lot of fun making our gift list and talking about what we wanted to give and receive. Make sure to have fun with your family as you try to open the conversation at your dinner table to the topic of budgeting this holiday season!
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