“With all of the financial consequences that come along with holiday shopping, travel and family get-togethers, parents and youth alike can find themselves falling into debt,” states Don Murray, chairman of the Manitoba securities commission. To help prevent children from getting on a cycle of debt, parents and their kids need to have candid discussions about saving and family budgeting from an early age.
“The holidays are a perfect opportunity to engage kids in youth money management and it doesn’t require shuffling around busy holiday schedules,” says Ainsley Cunningham, education and communications manager with MSC. “A financial education can start with something as simple as getting your child a gift that encourages smart money management such as a piggybank, wallet or one of several books for kids dealing with money and finance.
“Alternatively, mentors can incorporate a simple budget lesson into an existing activity, like buying a gift with your child or having a quick discussion on the cost of transportation on the drive to a relatives.” Money matters are not something to be ashamed of; teaching and talking about money should be a shared, open family responsibility.
The Make it Count Guides, and interactive online budgeting program can be accessed at MakeitCountOnline.ca. All resources are free and available in both English and French.
The Manitoba Securities Commission is a special operating agency of the Government of Manitoba that protects investors and promotes fair and efficient investment business practices throughout the province.
I totally agree with the above because children generally, even my teenage boys, just seem to lose all notion that money is still needed AFTER Christmas. If it is too late to do anything about this year’s spending, why not still use the time to help the kids begin planning for what THEY will spend next Christmas; that is – what they may desire and how they can save to be able to acquire that item.
That’s just my way of getting your thinking juices going. If you have any other idea comment here below.
By the way, you may download my eBook “Household Budgeting” to help you with the process. Check it out here.
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