Don’t Let March Break Leave You Broke!!

kids_worktogetherBy Karina Arancibia – Finance and Wellness Coach

I have already heard it.. “mom, what are we doing for March Break?”.. it’s almost like there is an expectation and our job to entertain our children during March Break!!.  It is a great time to get away from the winter days and go to a nice beach in the Caribbean . Do we feel guilty as parents if we don’t plan for something or we don’t go away?

There are a number of alternatives to consider and there are always activities around the City that you can participate that could be less damaging to your budget.

Are you relaying on credit during this time? enjoy now pay later? And the circle starts again. Always remember the financial wellbeing of your family, because no matter what you do spending what you don’t have might not be the best idea specially if you are already struggling.  Have you considered a Staycation?  and planning some fun activities at home. 

So how do we solve this pressure and expectation? Well, I think we have to have a very strong conviction and foundation in regards to money.  As a  parent it is our job to teach a guide our children. Now might be a great opportunity  to teach your kids a thing or two about money.

The Financial Coaching Series suggests that there are 10 basic steps to teach children about responsibility with money:

1- Examine your own attitudes about money , set a good example.

2-Give your child an allowance and let him/her in charge of spending it.

3-Expect your child to contribute to family chores.

4-Provide extra income opportunities.

5-Teach your child so save regularly, piggy bank.

6-Help your child discover the satisfaction of sharing, how he or she can help others.

7-Show your child how to be a wise customer, before he or she buys something

8-Help your child develop a healthy attitude towards credit, let him borrow small amounts.

9-Teach your child the value of wise investments, with games

10-Involve your child in family financial planning, like a budget for groceries or vacation

It important to share and bring this topic into the conversation, what is affordable and responsible. You might think your children might not be listening,  but I can tell you that they are, and I am an example of that, my father was an accountant and I experienced how he was always looking after the family budget and bills. Another thing I never heard my parents complain about money, and that is a true example of how they manage their financial life!!

Money is such an important part of Life and the more you can develop a healthy relationship with it and pass on the lessons the better your family will feel and your children will thank you later. 

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