With the holidays fast approaching it’s time to talk holiday shopping, and more importantly, holiday budgets. While you may have yours under control, have you shared with your teens how to manage their holiday budgets? We’ve got all the details on how you can help teens holiday budget and some ways to help them stretch their budget, too. Be sure to share this with the teens in your life.
Help Teens Holiday Budget (+ save more, too!)
1. Make A Budget
How much you have to spend should be the place to start! Start by talking about how much they have saved or how much they have to spend this holiday season. Ensure that they aren’t tempted to spend all their money on gifts. While you want them to be giving (of course!), you also want them to realize they need to have money saved.
How much should they budget? Consider a budget between $10-$20 per person they need to buy for and keep reading for more ideas to help them save.
Tip: Any savings from coupons, deals, or online shopping should not mean you spend more! Pocket those savings in your savings account.
2. Track Spending
Teach them to keep track of their budget and spending. Whether they use an app or they use their bank account to keep track of their money, show them how to:
- Monitor spending
- Manage their budget
- Track savings
Tip: Look for an app you can monitor together.
3. Get Extra Credit For Shopping
We’ve discussed previously how helpful it can be for teens to be an authorized user on your credit card. It allows them to learn to manage credit, but allows you to control their budget and monitor spending.
One of the benefits of using a credit card is that you can gain access to special online deals. For example, Discover cardmembers can shop online through the Discover Deals portal and get instant savings and additional Cashback Bonus rewards. You can redeem those credit card rewards for a statement credit or a direct deposit.
Tip: Shop online when you can to save more, or price compare while you’re in store.
4. DIY to Save Dollars
To avoid the crowded malls and overzealous shoppers, DIY gifts are a great option. A few inexpensive and easy-to-make gifts for teens include:
- Mason jar cookie mix with instructions.
- Print canvas for your BFF (featuring your fave selfie) or gorgeous landscape from a trip make great gift ideas.
- DIY jewelry like leather bracelets or paracord bracelets
- Gift basket or jar like a spa gift jar/basket
- Create your own tinted lip balm
- DIY texting gloves
- Duct tape wallet
Tip: You can find all kinds of DIY gift idea for teen boys and girls on Pinterest.
5. Make Money Work for You
If using a credit card to purchase gifts, make sure it comes with benefits, like discounts from your favorite retailers and cash back rewards.
For example, the Discover it® chrome student card gives cardmembers:
- 2% Cashback Bonus® at gas stations and restaurants on up to $1,000 of combined purchases quarterly
- 1% Cashback Bonus on all other purchases
- The ability to pay with your Cashback Bonus on Amazon.com
Tip: Discover it chrome cardmembers can get a Good Grades reward of $20 in Cashback Bonus if your grade point average is 3.0 or higher each year you are enrolled in school, for up to five years from your account opening.
Want to know more? Head over to Discover.com and learn more or sign up for a new Discover card today.