The temptation is such a struggle. You have all of that Christmas money and can’t wait to spend it! Even as adults, we wrestle with how to use that extra holiday cash. But then we calm down and figure out the proper ways to put the extra green to good use.
Your teen needs your help with that process to keep them in line. Instead of letting them go crazy and waste their present, we have three ways to help your teen spend their Christmas money — a little less like a kid in a candy store.
The easiest thing to help your teen with is how to spend that Christmas money. But you still want to help them spend it wisely. Have them make a list of everything they wanted for Christmas but didn’t get. Then have them rank the items in order of importance. Pick the top things (or the top things within their budget) to buy with their money. Your teen will feel better about their purchase without the chance of buyer’s regret coming back around in a few weeks.
Teens think everyone else is so old, and they have plenty of time to make money for when those things called bills start to roll in. But for every Christmas (and birthday), have your teen put just a teeny amount of their gifted loot away to save. They will thank you in a decade or so.
Gather all the options you would be comfortable with your child having, whether it’s a savings account or investment account, and let them decide which one they want to use.
Teaching your teen about giving back is important if you want them to grow up to be an empathetic person. Ask your teenager to find a few charities or ways to give back, make a list, and pick one they would like to donate a portion of their Christmas money to. Some ideas could include the local humane society, cancer organizations, veteran’s organizations, women’s shelters, and disaster relief organizations, to name a few.
Once your child gets to the age where cash is the best present, it’s time for a lesson on money education. While they are still technically a child, they are getting old enough to understand money management and how to budget. They don’t have to save all of their money or donate it all. But using these tips on how to kindly spend that Christmas gift will start to positively mold your teen’s mind about money habits. But let them splurge on something fun and unnecessary if they have a few bucks left over.
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