Family Resources Newsletter - Holidays 2023 | Child Development Associates

Dear CDA Families,

As we step into the holiday season, I’d like to share an important topic that can help make this time of year more joyful and stress-free for you and your family: holiday budgeting. While holidays are known for their joy and generosity, it’s important to maintain financial responsibility as well. Budgeting protects your family’s financial stability and prevents you from overspending and adding unnecessary debt.

Holiday budgeting is an important practice that nurtures a sense of responsibility that we can also teach our children from a young age. It helps to set a solid foundation for a lifetime of smart financial choices. By involving our children in the holiday budgeting process, we are teaching them important lessons about financial responsibility. They learn to plan, set limits, and make thoughtful spending choices.

Here are some tips to help instill the concept of budgeting in children during the Holiday Season:

Set a Good Example:
Children learn by observing their parents. Show them that you, too, are following a holiday budget and explain why it’s important.
Involve Your Children:
Include your children in the holiday budgeting process. Discuss the budget with them and let them participate in creating it. This helps them understand the value of planning.
Explain Financial Concepts:
Use age-appropriate language to explain budgeting concepts. Discuss the idea of saving, setting limits, and making choices based on available resources.
Delayed Gratification:
Learning to save for a specific goal is an important life lesson. Holiday budgeting demonstrates that some wishes may need to wait, and that patience can lead to greater rewards.
Prioritize Spending:
Identify with your children what matters most to your family. Encourage them to help you prioritize spending on the things that create the most joy and meaning.
Create a Shopping List Together:
Create a shopping list and stick to it. Avoid impulsive purchases by having a plan in place before you shop.
Start Early:
Begin your holiday shopping early to take advantage of sales and discounts. This also allows you to avoid the stress of last-minute shopping.
Shopping Together:
Take your child shopping with you. Discuss budget limits while shopping and involve them in making choices within your budget.
Consider Homemade Gifts:
Homemade gifts and personalized presents often carry more sentimental value and can be budget friendly. Work with your child to create thoughtful gifts for friends and family.
Quality Family Time:
Prioritize quality time spent together during the holidays. Engage in activities that don’t require spending, such as family game nights, holiday crafts, or baking together.
Learn from Mistakes:
If you overspend or make budgeting mistakes, share openly with your child. Explain how you can learn from them and adjust for the future.
Plan for Next Year:
Encourage your child to start planning for next year’s holiday budget. Saving money throughout the year for the holiday season can be a helpful strategy.

Remember that learning about budgeting is a gradual process. Be patient and allow your child to make age-appropriate decisions while guiding them toward responsible financial choices. The lessons they learn during the holidays can serve them well throughout life.

The heart of the holidays lies in the spirit of togetherness and love that we share with our families. By approaching this season with financial wisdom, we can ensure that the focus remains on creating meaningful memories with our loved ones.

Wishing you a joyful, budget-savvy, and memory-filled holiday season with your loved ones.