With the holiday season right around the corner, some people have a tendency to push thoughts about their financial issues aside during this time of year. Unfortunately, ignoring your finances, even for a few short months, can have implications that last far into the New Year.
Kyu Yeo is the branch manager of the new Safeway Beretania In-Store Branch at Bank of Hawaii, which is scheduled to open this Friday.
How can families still enjoy the holidays without suffering from that post-holiday financial hangover?
While the holidays are a great time to bring family together, it can be a stressful time of the year - due to finances. But families can still enjoy the season without breaking the bank. One of the first things to do would be to set expectations as a family. Communicate with your children about money. While they don't need to know all the details about your financial situation, they should understand the basic concept of saving money and budgeting. Talk about ways your family is fortunate – get them to appreciate what they already have.
What about gifts? I'm sure most kids look forward to waking up Christmas morning and counting how many gifts are under the tree.
Yes, while having a lot of gifts can be fun for children, parents should talk to them about quality vs. quantity. Placing too much importance on the number of gifts received could lead to excess spending which could follow you into the New Year. We know it's easier said than done, but try to get your children to understand that one treasured gift is worth more than five less-than-great gifts. This could potentially cut down your spending.
What about taking part in activities that are free?
Families can take the focus off of gifts by shifting the focus to activities. There are many holiday activities and events that are free that families should take advantage of. You could start a new family tradition of helping the families in need or other simple things like taking a family drive to see the Christmas light displays around town or spending an evening at home with some popcorn watching your favorite Christmas movie.
Any last tips for families?
Parents need to make sure that they take a look at their own attitudes about money and be sure they don't feel guilty for not giving their children all the gifts that they asked for. One of the greatest gifts a parent can give a child is the valuable lesson about money and money management. Something like this can benefit them for a lifetime.
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