With Black Friday in the rearview, holiday spending is still upon us—indeed, it’s the most wonderful time of the year to instill lifelong financial habits in your kids. Here’s how:
- Budget with intention
- Creativity over cost
- Shop smarter
- Earn and learn
- Track and reflect
- Give back
The holiday season presents a great opportunity to guide your kids through budgeting, mindful spending, and creative saving strategies. Using Mydoh, you can teach them smart spending while making the most of every day of the season.
Follow the Money
With Mydoh’s budgeting tools, parents can set clear spending limits before their kids’ shopping even begins. Plus, the transaction tracking in the app allows parents to monitor spending in real time to ensure the peace of mind of helping your family stay on budget.
Tip: Make a list and check it twice!
DIY Gifts
Teach your kids that it really is the thought that counts and promotes creativity over cost. Log some family time doing crafts to make homemade gifts like ornaments or personalized coupons for spending time with friends and family for a movie night or baking.
Tip: “Handmade cards can mean more than expensive gifts—and don’t dip into your savings!
Smart Shopping Strategies
Teach your kids to shop like pros by taking advantage of sales, looking for coupons or sales, and comparing prices.
Tip: Apply the sleep-on-it rule and wait 24 hours before buying non-essential items to avoid impulse purchases.
Learn to Earn
Your teens can experience the feeling of making their own money with a seasonal side-gig. From shovelling snow to pet or babysitting, adults’ busy holiday schedules present plenty of opportunities for teens: Offer to wrap gifts or teach tech skills to friends and neighbours.
Tip: Don’t worry about handling cash—with Mydoh’s “Receive Payment” feature, they can receive payment from anyone via their unique payment link. It’s a safe, convenient way to get paid for their hard work!
Giving Back
Nothing embodies the holiday spirit more than teaching your kids about the importance of giving. Instead of giving physical gifts, donate to a cause in someone’s name or volunteer together as a family.
Tip: Check if local charities need help—giving time can be more rewarding than giving things.
With these tips and the simplified support from Mydoh, your kids can enjoy the holidays while building financial confidence.
The holiday season is the perfect time to start meaningful conversations with your kids about spending and saving. With the Mydoh app and Smart Cash Card, you can turn everyday holiday moments, like budgeting for gifts or planning festive activities, into fun, hands-on lessons in financial literacy. By taking a little time to talk about money now, you’ll be setting them up with skills that will last a lifetime.
Download Mydoh, the money management app for families today to start!
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
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