Many families share the frustration that the festive season has become so commercialised that we’ve forgotten what this time is meant to represent. In fact, it’s become one of the most stressful times of the year. Did you know that the festive season is included in the Holmes and Rahe Stress Scale as one of the 43 most stressful life events?
One of the main stress points is financial: the cost of gifts, family meals and general increased spending over this time. Here’s how to use the festive season to teach your children the value of money.
Parents, in particular, can feel pressure from children whose idea of the festive season is all about receiving gifts. Often their gift ideas add to the feeling of financial pressure, but it is possible to use this as a teachable moment.
Have a family discussion about what the festive season really means to you and how you can celebrate this time within your budget. You may be surprised to find that for some family members just having time together is enough.
If you received a bonus, discuss it with the family and ask your children how they feel the money should be allocated. Use this opportunity to discuss the importance of using some to reduce debt or save, some to spend and some to share with those less fortunate. Discuss the principles of saving as an opportunity to provide for the future and the importance of reducing debt so you’re not paying interest to a bank.
Ask them what they feel is important with regards to spending: A holiday, an activity with the family or gifts? There’s no right or wrong answer. The process is about helping your children understand that if you discuss things, you can make better choices guided by what your family really values.
Then discuss helping those in need and how best to do that: with time or money? What causes touch your children’s hearts? You’ll be surprised by how overwhelmingly charitable children are.
While talking about the festive season as a family will teach your children valuable lessons, you may be the one who ends up learning the most.
GIVEAWAY
In the spirit of gifting, we are giving away five money boxes to five lucky readers to help teach their children, nieces, nephews or grandchildren to save from a young age. The money boxes, aimed at children between the ages of three and seven, have three compartments in which to store their pocket money, labelled: Save, Spend, Share. This is a great way to start family conversations. Simply send a response email marked Money Box to [email protected]
The first five responses will be considered and contacted by the editorial team directly.
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