Alright parents, you are in for a treat! Every Monday as @MoneyChatLIVE I interview experts during a weekly Twitter Online convo, #MoneyChat, held from 8pm-9pm est. This post pulls the highlights from our #MoneyChat guest,teen/tween money coach, The Conscious Spender - @ShareekeNesi! She shares some holiday wisdom when it comes to spending on our kids. VISIT The Conscious Spender! - www.theconsciousspender.com
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1. What can I do to help me avoid overspending on my child?
First, one of the best steps to avoid overspending on your child is to check your emotions at the door.
Most spending decisions are made on emotions. Second, create a holiday budget before you go shopping - assign a dollar amount that you want to spend on each child. This will set your spending boundaries.
2. How do I talk with my child about my budget and Christmas?
Setup a family night. Have a conversation about the family financial spending limit for Christmas. Discuss
the family financial goals like, music lessons, school trips, vacations etc. This is a great segue to discussing the meaning of Christmas and other factors with your child, such as the fact that Christmas is not just about buying or getting items. Share the real meaning of Christmas. This will help them understand the set budget.
3. What criteria do I use to determine if my teen gets an expensive gift?
Does the item fit within the budget? First, determine if the item is a Need or a Want. Second, decide whether you believe the item has value to your child. Buying an expensive gift is not a bad thing, if you can afford to buy the item and it has true value. A laptop or iPad can be considered expensive gift items, but they are equally important things that can assist your child with his/her schoolwork. Remember it is okay to purchase a Want if it fits within your financial guidelines.
4. If my child gets money for Christmas, should I let them spend it all?
Absolutely Not! As with all other monies received, Christmas money should be divided into different jars. Some of the money should be saved, some of the money should be set aside for investment purposes and some of the money should be donated. The balance is what they spend.
5. My teenager doesn't want to do any charitable family activities this holiday - should I make him/her?
I believe it is important for you to set the example for your child. As a family, give back to others. Show your gratefulness and desire to help others in need. Make the decision that the entire family will participate in the activities. Trust me, your teenager will see the true value in the end.
6. I want to give D.I.Y gifts for the family to share? Is that too cheap?
Of course not! D.I.Y gifts are the most meaningful gifts you can give. Homemade gifts are a great way to allow children to show their creativity. Don’t forget this is also great family time. One strategy may be to have each child list 3 things they really want, you buy one off the list and the entire family also exchanges D.I.Y. gifts. This saves the budget and allows you to add a fun family tradition.
Shareeke Edmead-Nesi is a family financial literacy expert, who teaches families the fundamental skills, such as saving, investing and donating. She specializes in teaching tween/teenage children the art of understanding and mastering their money at a young age. She creates and operates "money camps" for children and provides professional portfolio management and holistic financial planning services to families, companies and organizations through her blog, articles and presentations at conferences.
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