Kids and Money: What to do with Christmas cash
So your kid got some money for Christmas – awesome! Before you head to the store to buy another toy, read these ideas for what to do with Christmas cash.
- This is a great opportunity to improve your kid’s money smarts. Sit down with them and start the conversation.
- One of the best things you can do to start the conversation around money with your kids is to open them up a bank account. With the help of your financial institution, teach your child about interest, the difference between chequing and savings accounts, how to use an ATM and their debit card.
- The holidays are also a nice time to talk to your child about giving back to the community. Maybe they’ll decide to donate a few bucks from their gift to a cause they care about, like an animal shelter or Food Bank.
- Does your child have a larger purchase in mind? Set them up with a budget so they learn to make smart choices like foregoing buying something now to get something bigger in the future. If your child wants to buy a pricey item like a tablet or new bike, show them how the more they save for it each week, the faster they will be able to buy it.
- When it’s time to make a purchase, show them how to use their debit card to do it. And show them their balance after the purchase is made.
Visit the Coast Capital Savings blog, The Help Hub, for more holiday saving tips and other financial help.