Holiday money mistakes are a great teachable moment for kids. It’s easy to break the bank during the holiday season. Talk openly with your kids – always in an age-appropriate way – about gift-giving this past season and discuss options to make sure next year’s spending stays within budget.

Discuss starting a holiday savings account now where money is deposited each month in preparation for the end of year spending. Consider layaway options for bigger gifts. Plan for homemade gifts. Maybe a summer garden will provide the family with the makings of some homemade jam to gift next December. And don’t forget to think about the opportunities to earn some extra cash this summer when school is out. A good old-fashioned lemonade stand could help make a nice contribution to the holiday savings account.