The money you need for the gifts they'll love

Having trouble saving for Christmas? This account makes it easy. You can set up automatic transfers to it throughout the year. Your withdrawals are limited, so you’ll be incentivized not to take the money out. You’ll never have to rely on a credit card for Christmas again.

The holidays are a big time for spending, which means they also are a great opportunity to teach your kids a little about budgeting. Here’s three ways to do just that, without coming across like a Scrooge.

1. Talk about why you are NOT buying something

It’s a great idea to talk about some of your own financial decisions while you’re out shopping. You can be very casual about this. For example, you might see a pair of pretty shoes at the mall, but explain to your children that you’re not buying them, “because you already spent too much money on your Christmas dress.” These casual interactions set a good financial example.

2. Help your child shop for small gifts

Whether they are using their own money, or a small allowance you give them, you can help your child shop for their siblings or friends. Help them choose a budget, and then pick gift items to buy within that budget. If there’s any money left over, you can discuss together what they will choose to do with it.

3. Compare prices at different stores

Show your child how you find different prices for the same item. For example, if you’re looking for a certain brand of blender for Grandma, you can go online or into different stores and choose the one with the best price. It’s great way to teach them to seek out deals.