COLUMBUS, Ohio — Finances during the holiday season might be tight for some, and a great learning opportunity for families.
The Ohio Department of Commerce Financial Institutions division says the shopping season is a great time to teach children about money.
“It's really important that we start to get the message to parents and guardians that we should start having these conversations with kids regarding financial literacy as youngest three years old,” said Viktoria Jurkovic, the consumer affairs manager at the Division of Financial Institutions.
Jurkovic adds that it's good to teach children where money comes from and that it doesn't just come out of no where.
"You want them to understand that like mom and dad… or guardian goes to work or both go to work. This is where our jobs play an importance in our everyday lives," Jurkovic said.
The Department of Commerce also released its Santa Budgeting Workshop for advice on how to get children involved in holiday shopping but researching affordable gifts and incorporating low-cost or free family activities into holiday traditions.
“You first want to tackle wants and needs. You really want them to understand we have certain wants, and we have certain needs,” said Jurkovic. “We need to pay for where we live, we need to pay for food to eat, insurance, bills, whatever you have it. But when it comes to our wants, that is really geared towards, ‘Do I have the funding to have what I want?’ Or if there is something that I really want, how do I go about saving to get that that item later down the road?’”
Jurkovic suggests making a visual representation of dollars, similar to a money jar. The budgeting could be a year-round effort, not starting during the shopping season.
For more information on teaching financial wisdom, click here.