Holidays: A Good Time to Teach Kids About Money.

There are many opportunities to teach kids about money in a fun and engaging way during the holidays. Here are some tips on how to use the holidays to teach kids financial lessons:

1. Talk to your kids about money.
Children may notice adults participating in increased shopping during the holiday season. This can create a good opportunity to explain to them what money is and where it comes from. Talk to them about the importance of saving money and spending it wisely.

2. Help your kids make a budget.
Kids might want to participate in purchasing presents for family and friends. This could be a good opportunity to help them learn to make a budget and to stick to the budget.

• There are many resources available to help you teach your kids about budgeting. Here are a couple:
• Allowance Manager: Printable worksheets that help kids track their income and expenses. Check out Allowance Manager.
• The Allowance Game: A book and game that teaches kids about budgeting and money management. Visit the Allowance Game website.

3. Give your kids opportunities to earn money.

One of the best ways to teach kids about money is to give them opportunities to earn it.

• Pay them for doing chores around the house. This will teach them the importance of hard work and responsibility.
• Give them an allowance. This is a great way to teach them how to manage money and make spending decisions.
• Encourage them to start a small business. This could involve mowing lawns, selling lemonade, or making crafts to sell. Starting a small business will teach them about entrepreneurship and financial responsibility.

4. Teach your kids about saving and spending.
It's important to teach kids about saving and spending. Help encourage them to save money for their future goals.

• Set up a savings account for them, this will make it easier for them to save money and see how their savings grow over time.
• Help them set financial goals. You can use the holiday season as an example of saving up for a time when expenses can be higher.
• Teach them about the difference between needs and wants. Needs are things that they need to survive, like food and shelter. Wants are things that they would like to have. Help them learn to prioritize their needs and wants when making spending decisions.

5. Let your kids make mistakes.
Everyone makes mistakes, and kids are no exception. When your kids make mistakes with their money, don't get too upset. Instead, use it as an opportunity to teach them a lesson. Help them understand why their mistake happened and how to avoid it in the future.

Additional tips:
Make it fun! Financial literacy can be a dry topic, so it's important to keep kids engaged with interactive activities. There are several games that teach money management in an entertaining way.

• Peter Pig’s Money Counter: In this interactive game, kids practice identifying, counting and saving money while learning fun facts about U.S. currency. This game let’s young adults play the role of video bloggers managing finances and handling unexpected events. Visit the Peter Pig’s Money Counter website.
• Financial Football: A fast-paced game that teaches personal finance skills through interactive play. Navigate to the Financial Football website.
• Stock Market Game: In this game, players to compete in an immersive investing simulation, managing stocks, bonds, and mutual funds over a simulated 5-year period. Check out the Stock Market Game.

Be patient. Teaching kids about money takes time and patience. Don't get discouraged if they don't understand everything right away. Just keep talking to them about money and providing them with opportunities to learn.

Set a good example. Kids learn by watching the adults in their lives. Be sure to model good financial behavior for your kids. This means saving money, spending wisely, and paying your bills on time.

By following these tips, you can use the holidays to teach your kids valuable financial lessons that will benefit them for a lifetime.