The gift giving season is almost upon us! This is an ideal time for families to discuss holiday budgeting and spending. Here to tell us more is Tim Harris, Executive Vice President of Country Financial.
Tim explains that the Country Financial Security Index recently found that over a quarter of Americans have this taboo topic in their household about finances and budgeting. This means budgeting is not being discussed with their partner, spouse, or children. The holidays are a time for special budgeting, and this is a great time to start some financial conversations.
A good way to start these conversations is to sit down and set a goal. This way you can understand what you are going to spend and how you are going to do that. Gifts are the big expenditure, but there are so many other things that go into holiday costs such as decorations, travel, and food.
The holidays can also be a great time to teach kids about shopping and budgeting as well. Sit down with them and help them decide who they want to buy gifts for and how much they can spend. By allowing them to shop for themselves, you can help them to learn the true value of a dollar.