How do you teach your kids about money and budgeting while traveling?

This is a great opportunity - you probably don't really know how many pesos to the dollar either! Get your kids involved in the math AND the comparative shopping. A cowboy hat in the US might be $100 - what does this hat cost, how does that compare, and can we get a better deal? Starting each day with an amount of currency teaches very quickly the excitement of buying, buying, buying - and the frustration of not having any money left and having to forgo buying something The relative costs of dinner, the tipping amount or percentage, comparing with home. All good lessons for your kids!

Teaching children to set a budget is a wonderful, hands on approach to teaching them about finances while getting them excited about their future trip!

Depending on the age of children, some of my clients involve them in the choices of accommodation and activities. These children then have the possibility to have an understanding of the budget and how much the holiday will cost.

These are my observations: • Involve kids in creating a family travel budget • Break down costs for transport, food, activities • Give each child a daily spending allowance • Teach currency conversion if traveling abroad • Use visual aids like jars or envelopes for allocations • Discuss trade-offs (e.g., fancy meal vs. extra activity) • Encourage saving part of their allowance • Show real-time spending with a budgeting app • Celebrate when staying under budget Hope this helps you turn your family trip into a fun money lesson!

The best way to teach your kids budgeting is to give them a set amount for their trip and tell them they must manage everything within that budget. This prepares them to avoid unnecessary spending and understand the importance of sticking to a budget, making them more serious about managing money.

These are my observations: • Provide a set amount for the entire trip • Let them manage it for souvenirs and treats • Teach them to track expenses in a small notebook • Encourage price comparisons before buying • Discuss the concept of opportunity cost • Help them plan for bigger purchases • Allow natural consequences of overspending • Praise smart spending choices • Consider a bonus for leftover funds Hope this helps your kids become savvy spenders on your family adventures!

Using local currency and shopping is a great educational experience for your trip! Another fun experience for them is negotiating - most of the time street vendors will happily sell more items for a better price. Have your kids ask them politely if there is a special price for buying more items, and that way they can save money on things they buy for friends and family.

These are my observations: • Teach kids about exchange rates and conversion • Let them handle local money for small purchases • Practice math skills with real-world currency • Discuss how prices compare to home • Explore local markets to understand value • Introduce concepts of bargaining where appropriate • Collect coins/notes as affordable souvenirs • Discuss tipping customs in different countries • Compare prices across different travel destinations Hope this helps your kids become mini foreign exchange experts on your trips!

Involving your kids in tipping is a great idea! Every country has their own customs for tipping, so it is an important part of learning about a culture and allowing your children to understand how a local economy works.

Not only in tipping, but also very importantly in paying. I like to involve kids in the grocery shopping at a local market. They can calculate and pay and see the exchange of money. This is how they learn, step by step.

I grew up traveling with my parents and for every trip my sister and I received $100 magical USD. Coming from Dominican Republic in the 90s, this was a lot of money and we could use it however we wanted, but we couldn't go over that amount. I remember magical trips to Toys R' Us, and asking my parents how much I would have left after buying a Barbie. As I grew up, the interest changed but the money didn't which lead me to negotiate an increase due to inflation, so I could buy a purse. It was a great way for my parents to control the amount of toys in our house, we never bought anything outside that time that wasn't a birthday or holiday gift and it taught us about money.