Chargebacks911 COO Monica Eaton appeared in a recent feature for the Nasdaq blog regarding the need for holiday money management. She also weighed in on how best to include and begin instructing your kids through the process.
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The author proposes that the holidays are an excellent time to teach children a variety of values, such as giving to others, appreciating what you have, and learning how to budget and manage money. To promote this concept, Nasdaq asked several industry experts to weigh in on all the lessons that you can impart to kids by simply taking them holiday shopping.
Monica agrees that teaching kids responsible money practices should start as early as possible. “The holidays are a great time to teach children about the concept of value, demand, and worth,” she says. “Sometimes, adults forget how utterly foreign the ideas of money, capitalism, and pricing are to adolescents.”
As she explains, this knowledge is not intuitive. It must be taught, and giving kids a fixed budget and helping them learn how to assess value and worth is a critical value that will serve them throughout their lives.
Monica went on to advise parents of the value of regular budgeting lessons. “Because so much of today’s holiday shopping — especially in a post-Covid economy — takes place online, you also need to teach your children how to shop safely and avoid fraud threats. It’s great to have a budget, and it’s important to learn how to comparison-shop, but if you lose all your money to hackers, your Christmas will be ruined.”