Don’t waste your extra time this summer while you’re out on vacation. Many parents don’t take advantage of this family time but truthfully, vacation time is a great time to teach your kids some money lessons. Use these four financial lessons for kids on your next vacation.
- Teach saving up for the next goal. Turn a jar into a makeshift piggy bank and watch your kids slowly save up change and learn about saving up for something bigger in the process.
- Budgeting is key to success. Teach your kids an important lesson on budgeting by allowing them to plan out a day of your vacation.
- Teach credit card habits early on. Give your teens a prepaid credit card and some rules to follow. Your kids will learn healthy practices for their future credit card.
- You can’t always get what you want. Give your kids a set amount of money to spend on vacation and let them know that once they spend it all, there will be no extra.
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