Explaining Christmas Finances to the Kids: Being Broke for Christmas

It’s nearing Christmas, and there is too much month at the end of the money. Sure, most of us attempt to budget for Christmas so we can get our kiddos everything they want, but too often something pops up and we fall short, and in this economy, just having money to spare in the first place is blessing enough. How to we explain to our kids that there is just not enough money to get them what they really want for Christmas?

Depending on the age of the child, this can be a fairly simple task. For older kids who have likely had a few odd jobs themselves so they have an understanding of money (12 years or older), simply let them know that “Mom and Dad are working hard to set aside extra money, but there is not a lot of Christmas money this year, so you’ll have to help out by choosing cheaper alternatives to what you want.” In letting older children know that there is money for Christmas but not a whole lot (giving them a monetary limit helps), you can involve your older kids in choosing cheaper Christmas wish lists rather than avoiding their more flamboyant wants. Your kids will still be satisfied come Christmas because they got what they wanted and will learn a lesson in financial responsibility and sacrifice at the same time.

For younger children, how can you look into that precious face and tell them that Santa isn’t going to bring them that expensive doll this year? Children as young as 4 or 5 can have a basic understanding of wanting versus having, so when they start creating that wish list for Santa, be sure remind them that “Santa is very busy this year, so he won’t be able to bring you everything you want. How about you ask him for the one thing you want most?” This way, you have a greater knowledge of the item your younger kids want the most (you know they will just abandon even the greatest toy within a day or 2 anyway) and you don’t have to suffer the ‘parent’s guilt’ of not giving them everything they want. Younger kids can help out for Christmas by limiting their wants to what they want most, giving you some breathing room.

If your children can understand the concept of receiving just one great gift versus a bunch of little ones, then this is a great route to go. However, most kids look under the tree and count their presents by volume, so even if that one present is exactly what they wanted, disappointment in only having one gift is usually the outcome. This can be remedied by giving your children a choice: they can either have a few of their cheaper gifts, or just one gift and have it be their more pricey one. If kids are given a choice and knowledge beforehand, they are more likely to enjoy your broke Christmas, and you can breathe as a parent knowing you did the best you could.

And always remember, Christmas is about family and being together, so if everything for Christmas is from the dollar store, then it’s still Christmas and the kiddos should still enjoy it. And the disappointment at not getting all the awesomely expensive toys will soon be forgotten anyhow as Christmas vacation wears on. Don’t feel pressured to spend what you don’t have for Christmas, and don’t feel bad at saying ‘no’. It won’t be the first time your kids have heard it, and certainly not the first time they’ve heard, “We can’t afford it.”

MERRY CHRISTMAS!

Source:

personal experience


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