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Posted November 16, 2020

Children must be counting down the days till the arrival of the man on the sleigh. While there may be a gift or two waiting under the tree, there’s one valuable gift no child should go without.

Take advantage of the holidays’ teachable moments to teach your little ones smart money skills.

Lesson #1: Shop with your head, not your heart.

It is clear that stores want us to spend more money during the holiday season. There are ads everywhere and stores like to appeal to our senses. Everything looks, smells, feels, tastes, and sounds like the holidays, right? To make things worse, sales are always for a limited time only.

Money Lessons for Kids:

  • Teach your kids to recognize tactics used to get us to purchase things on impulse
  • If they are interested in making a purchase, require that they take at least a day to think about it
  • Remind them to only purchase what’s on their shopping list when out and about
Lesson #2: We can’t have everything we want.

Kids (and adults) learn this lesson the hard way. But even Santa has limited resources. When it comes to the holidays, it’s important to remind your children that choices will need to be made to stick to the budget.

Money Lessons for Kids:

  • Allow your kids to begin making their own choices when it comes to their money
  • If they can’t afford something, have them decide whether they will save up for it or buy something they can afford instead
  • Have them purchase small items they need with their own money


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Lesson #3. Get creative.

We’re often encouraged to get creative to get the most out of our limited resources. Your child should be encouraged to do the same. You don’t have to sacrifice your wish list if you find ways to do more with less.

Children should realize saving money does not always have to involve putting more money in a piggy bank. When you’re kids want to do something during their break for the holidays, take the time to brainstorm fun things you can do with little to no money.

Money Lessons for Kids:

Make a suggestion to spend time, not money, together. Some ideas include:

Lesson #4. Find the best price.

Do your kids know how much the items on their wish list cost? If Santa had to buy these gifts where would he find the best deal? Learning how to research prices and comparison shop can help your children save money now and down the road.

Money Lessons for Kids:

  • No matter who is paying for the gift/item, help your kids conduct research by looking at local ads or going online
  • Explain how they may be able to further reduce costs by using a coupon or promo code
  • Talk with them about how comparison shopping can help them save money and make room for other expenses
Lesson #5. Always be safe.

Everyone knows Santa but do you know the Grinch? There are some bad people out there. At a young age we are taught to avoid strangers; children should also be taught to be safe online.

Money Lessons for Kids:

  • They should only use the internet with your permission, only visit approved sites, and never enter personal information online
  • Set up online ground rules and explain why they need to be safe
  • Be careful storing payment information on your devices as it makes it easier for kids to simply click a button when purchasing things online

The holidays are a time of joy, celebration, and spending time with family and friends; it can also be a time to teach your children important money lessons.