Spending Money and How to Make Sure They Have Some

Often the most expensive part of a holiday is not the tickets for the plane that gets you there, nor the charge for the hotel room once you arrive, but the other things that you fork out for while you are there. A meal here, a souvenir there, and even if you are simply holidaying in the next state over it begins to add up. Traveling with kids compounds this, as with the best will in the world we still have to admit that kids see things and want them instantly.

Starting a savings account at the beginning of the year and encouraging your child to save money for their holiday is something that can benefit everyone both in the long term and the short. When giving your child their allowance, you can encourage them to put some away – possibly even prompting them by offering to match their savings dollar for dollar. When they see it as a project, a bit of a challenge, a child will rise to most things.

When you are on holiday, you can either give them their spending money a bit at a time, or look after it for them. Then when they see something that they absolutely must have, there is no need to say “no”. They have earned it – and also learned a valuable lesson about saving money.

May 25, 2009