The Christmas songs are being blasted through the supermarket speakers, all the shop windows have changed with twinkly lights, tinsel and glitter… and you’re secretly hoping the kids are watching a series on Netflix so they won’t be flooded with the latest toy ads. 

Yep, it’s the Holidays! And we’re here with some pointers on how to teach kids about money at Christmas!

We know that Christmas can get expensive, so we’ve thought of a few ways you can get your family into the saving spirit this festive season (and just in time for the new year ahead!)

So here are some of our top tips for saving this Christmas, that can also provide some useful lessons for the kids.

🎁 Making homemade gifts

By mass producing gifts, it cuts down the cost per person significantly and your kids will learn the joy in giving something they helped create! 

Brainstorm with your kids what gifts you want to make and who to give them to. Here are a few homemade gift ideas to inspire you:

1. Christmas Cards 💌

Check out this awesome article of Christmas Card ideas! From making reindeers out of fingerprints to using buttons as Christmas baubles, we’re sure it’ll inspire your kids’ creativity.

2. Food gifts 🍪

As Alan D. Wolfelt said ‘’Food is symbolic of love when words are inadequate.’’ So what better way to express love this Christmas than making food gifts for your loved ones?!

We love this Red Velvet Crinkle Cookies recipe, which you can make ahead and store in the freezer (for up to 2 months) until ready to be given away! 

Looking for a Christmas cookie recipe where your kids can help decorate? Look no further, here’s a Christmas Lights Cookie recipe!

3. Watercolour bookmarks 🎨

If you’d rather stay away from the temptations of baked goods, why not get your kids to make watercolour bookmarks?

Here’s a great video for 12 Easy Watercolour Bookmark Ideas

💰Some to spend, some to save

Before any Christmas envelopes have even been opened, having a chat about a percentage or fraction that should be saved is a good idea. Rather than telling them they have to save all their cash, try encouraging them to split it between their spending, and saving.

You can chat to them about why it’s important to keep part of their pocket money saved – whether for a rainy day, for a holiday, for university, or even to look after their parents when you retire! If you ask your kids what a fair amount to save is, and then negotiate from that point, they will feel a greater responsibility to putting that money aside.

🏦 Set up a savings account

There is something incredibly satisfying about putting some cash into a savings account, and with some generous grandparents, Uncles and Aunts, Christmas is the time to do it.

With RoosterMoney, children can choose to put their money in ‘Spend’ (for everyday use), in ‘Save’ (for long term saving), in ‘Give’ (to introduce the idea of giving back), or towards a ‘Goal’ (to save for specifics like a toy or book).

If you haven’t done so already, setting up a savings account which has your child’s name on it will give them great pleasure! Particularly if you hunt out a good interest rate with them – it teaches them what deals are available and that it’s a competitive market.

You can add it into a pocket money or allowance routine – encouraging kids to save a portion of their pocket money and put it into the account (this is exactly what the ‘Save’ pot is designed to do). For those in the UK, Martin Lewis (the Money Saving Expert) updates his round up of the best savings accounts for kids on a weekly basis.

 

Click to view averages in the US or Australia.

🎯 Set a savings target

After working out how much Christmas money your kids want to save, set a target for them to reach over the next month or year. That could fit with events over the year – so perhaps a family holiday or their birthday.

And if you need to give your kids a boost to help them reach their goals, you can give them a few one-off jobs to earn a little extra. Some of the most popular jobs are helping out with gardening, walking the dog or some good old vacuuming!

📈 Set tiered goals

You can also get kids thinking about their finances in the longer term by setting tiered goals on RoosterMoney! This could be saving up to buy a new bike by next year, or buying that new toy over the summer holidays.

📋 Set up jobs for regular earnings

With all their goals set up, help children reach them by setting up jobs they can do to earn a little extra. With RoosterPLUS, you can assign a regular chore to your kids, like cleaning their room, or give them a bigger task, like washing the car!

Seeing the opportunities they have to earn a bit to put towards their goals will help them stay motivated. Or if you aren’t ready for that, give our printable reward chart a go.

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Pocket Money. Sorted.

RoosterMoney transforms the way you manage pocket money by making it easy for parents and fun for kids.