With the holiday season upon us, most shoppers will be putting the finishing touches on their shopping in the next couple of weeks. We’ve shown in the past that shopping provides an opportunity for money management through assessing costs and budgeting money.
An Associated Press article today notes that the economic downturn opens up an extra opportunity to “set an example and send a message by giving a gift with a focus on personal finance.”
Some of the gifts mentioned in the article are ideal for teaching financial management to young children and teenagers:
Money Savvy Pig, a piggy bank with a twist. The translucent pigs come [in] bright colors and have four slots, each leading to a different section of the pig labeled “Save,” “Spend,” “Donate” or “Invest.” The four sections allow kids to set priorities and think about the different ways they can use their money.
For elementary school children, classic board games like Pay Day, Life and Monopoly can make learning about finances more fun. Some come in junior editions or themed versions related to television programs or movies.
If all your teen wants is money, Solheim suggested making up a challenge using any type of gift card. For instance, accompany the card with a pledge to match savings if he or she budgets and spends the money wisely. “Any gift can be turned into a financial lesson with a little creativity,” she observes.
Gifts like these can help foster and put a fun spin on good financial habits. But most importantly, setting an example yourself of how to save and budget money wisely will leave the greatest impression on your children.
