Trip Budgets Teach Older Children Responsibility

You have scrimped and saved to come up with the money for your family vacation. It has been hard work, but now that you are all ready to load up in the car, the effort seems very well worth it. You even went above and beyond and came up with money to give each of the kids so they can buy souvenirs along the way.

Now, here comes the trick. Just how do you dole out that money to your children and make sure it lasts them at least a little while? You have some in reserves, but if they blow their cash too fast, you cannot afford to give them too much more.

This is the perfect time to start teaching your kids about budgeting. If your children are in the grade-school range or above, your fun family adventure can also be an excellent time to impart a few lessons. Whether you hang on to the money for them or just give it out before you go, make it clear that the amount is what they will have. This means they should carefully consider purchases so they do not go through the entire amount at the first stop. Stick to your guns on their budget amount and help them weigh to pros and cons of potential purchases.

If you are upfront about how much they will have and how long it needs to last, chances are your children will surprise you in their frugality. If they do not, chances are you will have the opportunity to teach them a valuable lesson.