The Family Trip — a Learning Experience

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Raising children to be responsible adults involves moving them from dependence to independence. Smart money decisions are part of this learning process. A family vacation can be the perfect time to involve them in making decisions surrounding spending and saving.

Pick an expense for them to track: 

There are multiple costs involved in a family trip. Focus on one that kids may take for granted. Taking a road trip? Have them track fuel expenses. Before you leave, sit down with your kids and estimate the cost of the fuel for your trip. Determine the number of miles you plan to travel, miles per gallon of fuel your vehicle burns, and average cost per gallon of gas where you are headed. Afterwards, see how close they got to actual dollars spent. The lesson: Estimating costs ahead of time can help you to plan and eliminate unfortunate “surprises” down the road — literally.

Track the little things — they add up: 

Every time you stop for gas, are you picking up soda and cookies? Are you buying high-priced incidentals? Bags of chips and bottled drinks add up. Put your kids in charge of tracking this expense. Keep receipts in an envelope and add up the total cost. The lesson: You pay more for convenience. Planning ahead for easy stuff like snacks can stretch your budget. Buy treats ahead of time. Use a notebook to compare the price of food bought in advance vs. gas station snacks.

Choose one thoughtful purchase: 

Whether you give your kids spending money or they save their allowance, rather than simply opening your wallet during a vacation, consider giving them a budget for one or two special souvenirs from the trip. Ask them to think about the treat or souvenir they are angling for. What would make them happy and help them remember the vacation? This way, they won’t just spend money at the very first place you stop. The lesson: Put thought behind your spending decisions. Once the money is spent, it’s gone.

Looking for more ideas on teaching your kids about money? Take a look at our Family Banking account. It’s a great way to give kids real-world experience.