The Family Trip — a Learning Experience
May 31, 2018
By: Tech CU Financial Experts, Authors , Tech CU
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.
Posted May 31, 2018 by Tech CU Financial Experts
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