3 ways to use the holidays to elevate financial literacy

3 ways to use the holidays to elevate financial literacy

Article from: CU Insight

The holiday season presents the perfect “laboratory” to teach and apply financial literacy lessons.  There are three major “legs” to our holiday-inspired financial education scenario – 1) Budgeting, 2) Saving, and 3) Responsible Borrowing.

Budgeting

Holiday expenses are not a surprise.  They’re not like the washing machine breaking down. They’re on the calendar.  You can see them coming. You can budget.

Guidewell Financial Solutions, the nonprofit consumer credit counseling providers, suggests starting with a common-sense approach – set spending limits.  Make a list, check it twice, and budget for each line in your expense chart.  Remember, it’s not just gifts that you splurge on during the holidays. There’s food, entertainment, travel, and giving to charitable organizations.  Writing down your holiday budget and tracking actual expenses make it real, the list creates a measurable recording of what we plan to spend against what we actually spend.  

   

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