Ham. Hash Brown Casserole. Green Beans. Pecan Pie. Gifts for Mom, Dad, aunts, uncles, and sundry children, plus the obligatory White Elephant gift for a coworker whose name you drew with little enthusiasm. The list is familiar to all of us.
While our traditions may differ, and our tables may feature different side dishes, we all begin the holiday season the same way: with a list. That list may grow or shrink depending on our commitments, but one thing seems certain each year. Christmas costs a little more than it did the year before.
Recently, a conversation with a friend who has young children meandered from catching up on life to discussing plans for their kids and, ultimately, finances. That seems to be where many of my conversations eventually lead. One topic that frequently comes up is helping children connect what they learn in school with the real-world decisions they’ll face as adults.
Childhood is fertile ground for developing good habits and shaping healthy attitudes about money, especially when children have opportunities to earn it themselves through an allowance or larger tasks such as raking leaves in the yard. Those early experiences can help lay the foundation for lifelong financial responsibility.
How do we teach children to appreciate money without placing too much value on it? How do we encourage them to save wisely while also learning the joy of giving?
The holiday season offers a perfect opportunity to do both. This time of year shines a light on the blessings we enjoy each day and reminds us to pause with gratitude. It also provides a natural opportunity to teach children that money is not only a tool for spending and saving, but also a means of serving others and sharing our blessings.
Here are a few ideas to help your children and grandchildren develop a healthy financial mindset this holiday season:
1. Open a savings account and encourage children to deposit all of their money in one place so they can clearly see how their savings grow over time.
2. Choose a charity together and let children help decide where a portion of their money or gifts can make a difference.
3. Teach risk and reward by discussing how different financial choices can lead to different outcomes, helping children learn to think through decisions before they act.
4. Save for something they really want and talk about the compromises that are often necessary to reach a spending goal.
5. Pause to consider the opportunity cost of each purchase by asking, “If I spend my money on this today, what am I giving up tomorrow?”
6. Pick gifts thoughtfully by focusing on the recipient’s interests and needs rather than simply the price tag.
7. Set a savings goal for future needs and help children create a plan to regularly save toward that objective.
These simple lessons can turn holiday spending and giving into valuable opportunities to build lifelong financial habits.
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