The Easter holidays are well and truly under way. Your child might be enjoying the last of their Easter eggs, but we’re sure they haven’t finished spending their pocket money or coming up with ideas for activities yet! While it’s tempting to keep your child happy by helping them plan lots of expensive days out during the holidays, it’s also the perfect time to teach them about the importance of budgeting too. Here we’ve got some great tips to help you show your children that having fun doesn’t always have to involve spending lots of money too.
Create an activity spending calendar
A great way to get started is to sit down with your son or daughter and create an activity spending calendar with them. Write down all of the activities they want to do, and what the cost of each of those activities is. Make sure to check out the weather forecast with them too – if it’s going to be sunny one day then maybe it would be better for them to enjoy some free outdoor activities like going to the local park or playing on the trampoline in the garden, and save their money for a cinema trip on a rainy day instead?
Prioritising is important
It’s important for your children to learn that when they’re on a budget, they won’t necessarily be able to do every activity that they want to, so which ones would they prefer to spend their money on? Help them understand that by forgoing one expensive activity, they might be able to do several smaller activities as a result of the money they are saving – would they prefer that one trip to a theme park, or to spend their holidays doing lots of cheaper things instead?
Earning extra pocket money
Another way to help your child understand budgeting is to remind them that sometimes we have to save for things we want to buy or do, and that with effort comes rewards. And what better way for them to earn that extra bit of money in order to buy that new toy or go bowling with their friends? By helping out with household chores of course! For more advice on your children earning pocket money through completing chores, read our previous blog post.
Do you have any other ideas for teaching your kids about budgeting during the school holidays? We’d love to hear them! Leave a comment below or head to our Facebook page to let us know.