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The holidays as a money moment for families

12/18/2015 10:21:17 AM

smart spending on gifts for the holidays

During this busy time of year, it's easy to get caught up in the tasks of the season and lose sight of goals and good financial habits. Instead, you can use the holidays as a "money moment" -- an opportunity to discuss  values and goals with your children.

A couple of ideas to get started:

  • Budgeting: Holiday gifts can bust anyone's budget. Talk with your children about the importance of using a budget to stay on track financially. If they are old enough to buy gifts for family members and friends, task them with creating  a budget for  gift giving and remind them to stick to it.
  • Share, Save, Spend: This is a good concept for all ages and there are /commerce/consumers/your-money/banking-saving/never-too-early.jspplenty of activities available on our website and at the University of Minnesota Extension website to get you started. Sharing is particularly timely during the holidays, you can decide together as family causes or charitable organizations to support through donations.
  • Wants vs. Needs: After the gift opening frenzy has subsided,  use the opportunity to talk about the difference between what is truly a need and what could be considered a want.

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