December 22, 2009

Use Christmas to teach your children about budgeting

Posted in Uncategorized at 3:49 PM by plusloans


This morning I read an interesting article on CNNmoney.com about using Christmas as an opportunity to teach children about budgeting. In my opinion, budgeting is a skill that far too many kids go to college without.

Many children off all ages believe that Christmas is a time to get everything and anything they want. However, it is important to instill the concept of limits in them. Children should know that their parents do not have an unlimited amount of money and they will probably not get everything on their Christmas. Teach them how to prioritize what they really want.

You can also teach your kids how to budget their money when buying gifts for others. Teach them to set aside an ultimate amount of money they can spend and divide it among the people they want to buy for.

Hopefully after years of Christmas budgeting they will take the lessons of moderation with them to college and into their adult life.