It may be time to talk with your kids about how tight your budget is for Christmas.
Gregg Murset, who runs a business called BusyKid and is a certified financial planner, said “go ahead don’t be shy … I think they love it, and I think they get it quickly.”
On a recent episode of WTOP’s DMV Download podcast, Murset suggested explaining inflation and tight budgets to children with relatable everyday experiences, like going to the gas station.
For example, said Murset: “Hey guys, we’re filling up the minivan again because I have to drive you to piano practice and soccer, and all this stuff. It used to cost us $50 to fill it up, now it costs us $80.”
Murset said he understands some parents think it’s better to avoid talking about money with kids so they don’t get stressed out, but he thinks you’re doing them a disservice.
“Why would you set your kid up for a big fat surprise, when they get to college to figure out they’re clueless?” he asked.
For more tips on how to talk to your kids about money, listen to DMV Download’s episode featuring Murset.