Teaching your kids about money might not be at the top of your Spring Break to-do list. However, if you think about, a spring break trip—or any vacation—is an ideal time to increase your child’s money IQ. Your family makes a lot of financial choices when you travel—from which daily activities you choose to how much money to spend on souvenirs.
Here are some great ways to use your Spring Break trip to give your kid hands-on lessons about money.
Give Vacation Cash Bonuses For A+ Behavior
You can always let your kid earn extra spending money for your trip by doing some extra chores ahead of time. However, have you considered any of these smart ideas for encouraging kids to earn—and be more pleasant humans—while you’re traveling? Consider giving kids an extra buck or two for:
- Trying a new food (bonus: it makes kids more enthusiastic about experimenting at a new restaurant instead of a familiar chain)
- Trying a new activity they might otherwise skip, from snorkeling to rollerblading
- Not squabbling with siblings on the plane or while you’re driving
- Being quiet for an hour in the afternoon while you rest (they can draw, read or quietly play on electronics)
- Doing a good deed, like opening a door for another hotel patron, or letting a younger child in front of them in line at an amusement park
And don’t worry—you’re not bribing your kids. When you bribe someone, you give them money to do something they shouldn’t. These payoffs are rewards: You’re giving your kids money for doing something right.
Establish a Souvenir Budget
Rather than listening to your kids beg for money every 15 minutes, give them a set amount of money upfront. If you have young kids, you may need to release their souvenir money to them every few days, so they don’t spend it all at once.
Give older kids an amount that has to last the entire trip. (If they want to bolster their fun allowance with the extra money they’ve saved, that’s fine.) To prevent teens from carrying a big wad of cash, consider loading their souvenir allowance onto a prepaid debit card, like Greenlight. Don’t refill the card once your teen spends their entire budget. When the money’s gone, it’s gone.
Let Teens Make Family Activity Choices
Some families give their teens an assigned trip day and budget, and let the kids decide the family’s schedule. This can be done ahead of time (if you’ll need to book advance tickets, for instance) or at the very beginning of your trip.
This exercise helps teens see that having a budget means making smart choices. For instance, would they rather spend the family’s entire daily budget on tickets to an indoor wave pool and a movie afterward (with a no-frills dinner back at the condo), or a less expensive activity that leaves money for a fun dinner out? Encourage your teens to look for coupons and other deals online.
Get Creative About Other Money Choices
Every family and kid is different. You may think of some family money rules that work especially well for your Spring Break trip. For instance,
- If you have a kid who constantly snacks: Try a “one purchase a day” rule—snack or souvenir. They get to choose between the two; they’ll never get both. (And if your kid is truly hungry, they’ll be happy to take the apple and nuts you pack with you!)
- If the trip is extra spendy: Tell kids well ahead of your next trip that they’ll need to save up birthday and holiday gift money to pay for souvenirs. You’ll pay for everything else.
- To discourage a spending frenzy: Offer your kids a match on any money they bring home from your trip unspent. This is a great incentive for kids to skip buying tchotchkes that will just end up gathering dust.
What money strategies have you used with your kids on Spring Break or another vacation? We’d love to hear from you.
(photo courtesy © Carissa Rogers cc2.0)
The Greenlight Prepaid MasterCard® is a debit card paired with an app that allows parents to view, approve, and manage their kids’ spending.
Greenlight was designed for parents
-Give money to your kids from anywhere, instantly. Sending your kids a Greenlight lets them know how much money they can spend at specific stores
-Review real-time spending requests from your kids. You can approve, edit, or decline the requests and communicate with your kids within the app
-Receive instant notifications for all transactions approved or denied with the Greenlight card
-Powerful transaction history view lets you monitor where the money is going. View individual expenses or group by store to see a full analysis of spending
-Each of your kids can have their own card managed within the Greenlight app
-Kids lose things? No problem. Turn the card on or off in the Greenlight app with one touch
-Give your kids an allowance weekly or monthly with automatic transfers to their “Spend Anywhere” Greenlight
-Use the “Return Change” feature to receive any leftover money automatically after a purchase
Here’s why Greenlight is the SAFEST and most SECURE way to give your kids money:
-You can limit where money can be spent
-If your card is lost, the parent or child can instantly turn it off. If turned off by a parent, only that parent can turn it back on
-Spending history shows everywhere your child has used their Greenlight card, including declined transactions
-In-app messaging allows for documentation of requests, reasons, and discussions about money
-Parents can move money on the Greenlight card back into the Parent Wallet at any time
-Push notifications are sent to both the parent and child for each transaction
Kids love Greenlight, too!
-View your Greenlights in the app to see where you can spend money
-Check your allowance and view savings
-Request money at specific stores or locations. Take a picture or chat with your parents so they’ll approve your request!
-Receive real-time notifications each time you make a purchase with your card
-Track all of your spending within the app to see where your money is going
-Lost a card? No worries. Simply turn it off. Find it? Turn it back on right in the Greenlight app
Our team at Greenlight understands the challenges of busy families because we have kids of our own! We wanted to teach them how money works and help them develop good money management skills. Greenlight is the safest way to give your kids money and prepare them for financial independence.
Click ‘Sign Up’ below to get started!