An expert suggests setting spending caps for gifts so that children don't choose items that are too expensive
Sticking to a budget can be challenging, especially during the festive season when Christmas cheer often leads to financial fear.
Louise Hill, co-founder and CEO of GoHenry, a debit card and app designed for kids and teens, warns that costs can skyrocket with kids eyeing the season's hottest toys and gadgets. She is urging families to have an important conversation about budgeting in the lead up to Christmas.Louise said: "While it’s easy to get caught up in the festive excitement and stretch your budget to the max, there are many ways families can give meaningful presents without overspending.
This strategy not only helps manage expectations but also teaches children a valuable lesson about money. Louise explains: "This can help manage expectations, especially for kids who might have their heart set on a gift without realising just how expensive it is. And, if a desired gift is out of reach, Louise said children could be urged to earn some extra pocket money to contribute towards it. "Our recent research found that for Gen Alpha GoHenry members, vacuuming, feeding pets, and washing dishes are among the top-paying chores, offering young people simple ways to earn extra money," she said.
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