Holiday Budgeting for Different Kids' Ages

Holiday debt is one thing that everyone wants to avoid but during the holiday season, it’s so hard to stay inside your budget. There are so many things that we can’t control that make us overspend. For example, the holiday rush in the malls makes us so frustrated that we settle for something outside the budget just so we can get out of the mall immediately. There is also the part of self-gifting. Of course you need to give yourself a gift, right? Sometimes parents can’t resist their children’s gift requests.
 If you are tired of accumulating unwanted holiday debt, check out these budget tips for your kids’ gifts.

For kids aged 5 and below
Never take your child out shopping with you. It can cause a lot of stress and that will lead you to just purchase whatever you see. Leave your child with a trusted family member or a baby sitter.
Don’t over purchase on gifts. This is typically common among parents with newborns and first babies. It’s easy to splurge for the new joy in your life but remember that you have his whole life to shower him with gifts. Instead of giving him baubles or expensive toys, choose educational toys instead. If you can find inexpensive toys then you can buy several pieces to satisfy your shopping urges while still keeping inside your budget.

Holiday Budgeting for Different Kids' Ages

For kids aged 6 to 9
Kids of this age usually want video games or gadgets. Encourage your kids to choose outdoor toys that will make them exercise. Ask about their interests and hobbies and find a kit for that. Make your child’s hands busy and encourage his creativity.

For kids aged 10-15
Kids this age can now understand money talk. Discuss your budget with them and help them understand that they have to stick to it. Take your child out shopping with you so that he can see first-hand the cost of goods nowadays.
If your child wants to buy gifts to be given to friends and family, give him a small amount of money. Again, he should stick to the budget. For teens, they need to learn how to set aside some money before Christmas if they want to buy gifts for other people.

For teenagers
Teenagers are a different breed altogether. They will probably ask you for an expensive gift. Again, talk to your child about your budget so that you won’t disappoint him. If he really wants an expensive gift, maybe you can share the bill. This will teach your child to be responsible and teach him the value of money and saving.

In general, set a budget for each person and strictly follow that. Shop online where you can compare prices. Keep your eyes peeled for free shipping offers, specials and discounts. Shopping online is also less stressful. You wouldn’t have to brave the holiday crowds. Plan your purchases well if you need to ship some items. Don’t overspend on shipping. Finally, remember that this is the season of giving and not just buying. Try to give back some of your time to those in need. This is a good tradition to start with your kids.

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