Making Kids Money Masters
Did you know that children started writing lists to good ol’ Santa Claus in 1879? For over 140 years, children across the globe would write what they want to receive for Christmas from Santa Claus and their families.
The question still remains, What is really on your child’s Christmas list? Does your child have a painting kit on their list? a doll? Or maybe it is the new Playstation 5 that is hard to get, and not to mention costly.
To find out, simply ask them to write a list. When they are done, read it with them. If your child writes to Santa Claus asking for a “pony”, maybe talk them about being practical and how Santa can’t possibly have a pony in his sleigh.
It is important as the parents/guardians to ensure that Santa Claus does not gift your kids lavish presents. Let the Playstation 5 or the Nintendo Switch be from you. You would not want your children expecting Santa Claus be the only source of special presents. Have them expect surprises and ideal toys from the big man himself.
If you see your child has asked for countless of expensive items on their list such as a new gaming system, video games, sneakers, maybe talk to them about how expensive they are and teach them the value of money and budgeting.
Most children do not know the concept of credit cards, money or budgeting. That is where you come in! Go over their list with them and tell them how expensive their desired toys or presents are and teach them the value of money. Maybe this Christmas, they cannot get the Nintendo Switch, but maybe if they save their money, they can get it next year.
Supply and demand also applies with Christmas presents such as the Nintendo Switch and the PlayStation 5. Nintendo Switch is currently taking backorders for the Switch at $400-$600 where the price in October was only $299. Not only would you be purchasing the game console itself, but you would need the games to go with it, and the games cost roughly $60 each.
It is imperative that you have the conversation with your children, because if not they will assume since it is on their list, they will get it and would have high expectations and hopes for those particular presents.
Some kids are smart and creative, and will even create Slideshows to explain how they can budget for a new toy, iPad or gaming system. Having them come up with a plan shows financial responsibility and that they are understanding how grateful they will be with any present.
Lastly, since this is the season of giving and spreading joy, it is also a great time to have them understand that there are many children out there who do not have opportunities to ask for new iPads or toys. Not everyone is fortunate with this privilege of being able to purchase gifts for friends and loved ones. Maybe next time you go shopping at the grocery store or mall take your child with you and purchase a wrapped toy and donate it to Toys for Tots or any local toy drive for the underprivileged.
Children are sponges, They will absorb almost everything you teach and tell them. Have them understand the value of the dollar this holiday season and the importance of giving is better than receiving.
Merry Christmas and Happy Holidays!
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