As Thanksgiving approaches, that means another big American tradition is right around the corner: Black Friday.
As the holiday shopping season officially kicks off later this week, it’s a great opportunity to teach kids lessons around money.
Steve Siebold, author of the book How Rich People Think, offers these tips:
- Kids learn by example. Even parents who have failed to reach their financial dreams can still teach their kids important lessons about money during the holiday season.
- There’s no shame in explaining to your children that this year will be a lean holiday season when it comes to exchanging gifts.
- Make your budget prior to Black Friday or before you shop, and have your kids help. Explain that X amount of money is to pay for everyday necessities like the mortgage, electric, etc., and that Y amount is leftover for purchasing gifts.
- This is a perfect chance to teach your kids about the dangers of credit cards – and just because the credit company gives you a $10,000 limit, it’s a bad idea to use it all unless you know you can pay it off comfortably at the end of the month. Encourage your kids to use cash whenever possible.
- Teach children that there are good deals to be had on Black Friday, but be mentally tough to know when enough is enough.
- Teach children not to get caught up in the moment. If your shopping cart is overflowing, step back, regroup and make sure you can really afford everything you plan to purchase.
- Teach your children that when it comes to money this holiday season, put your emotions on the shelf and let reason be your guide.
- Teach your children not to fall for marketing campaigns that make you feel as if you’re getting a great deal when you’re really not (i.e. buy it today – pay for it tomorrow)
Siebold is one of the world’s most noted experts in the field of mental toughness training. His mental toughness clientele includes world-class athletes, Fortune 500 companies, and entrepreneurs.
For more information visit HowRichPeopleThinkBook