While Christmas is a joyous and happy time for a lot of people, it doesn’t come without its stresses and worries. Families everywhere are about to start a Christmas season that will see an end to a troubling year, and it has parents wanting to spoil their child just a little bit more. Perhaps to make up for all that they have missed out on this year. However, parents know how true is the saying, “Money doesn’t grow on trees,” more than anyone. This can be a problem when their child’s wish list consists of something that is way outside of their financial budget this year.

According to Child Mind Institute, it is important to start teaching your child about money and budgeting from an early age. This can help them understand that money has to be earned and everyone needs to be mindful about where it is spent. By teaching them the basics of money and budgeting, you are already ahead of the game when it comes to explaining why their most beloved wish is not under the tree.

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However, there is a problem with this plan and that is children who are still young enough to believe in Santa. If Santa is magic, why can’t he bring everything they ask for? From a child’s perspective, it makes complete sense. There are ways to get around this, and we will discuss a strategy for parents with a child who still believes and for those who have an older child who knows mommy and daddy buy the presents.

Santa Brings The Gifts

If a child is young and still believes in Santa, there are strategies that a parent can use to work around the expensive gift wish list. According to More, mom can explain that Santa only has enough money for each family and what they asked for was a little out of their family’s budget.

Mom can always play Santa as well. Leave a letter from the big man himself on the tree one night and have Santa explain that he is having a hard time getting that item, but maybe the child could leave a letter on the tree with some other ideas of what they may like.

This highlights how important it is to have a “back-up gift.” Make sure your child has multiple options that Santa can choose from in case he can’t deliver on the big item. Don’t worry, Santa knows them best and he will know what they really like.

Mommy & Daddy Bring The Gifts

When it comes to older children and teens who know that mommy and daddy are the ones who buy the gifts, there are different strategies mom and dad can use. Honesty is going to be your best policy to tackle this one, and it may be a great time to sit down and have a realistic conversation about what the family can afford this year, according to Talk With Your Kids About Money.

If mom has money for that one gift but that would mean it would be the only gift for your child, let them know. Be very open with them and tell them that if they get this item, there won’t be a bundle of presents to open under the tree on Christmas morning. This is a great teaching moment so that children understand that if they really want something, they have to be willing to give up other things.

This can also be a great opportunity to teach your child about working for what they want. If mom cannot afford the beloved gift, then maybe she can help her child come up with ways that they can work and earn the money themselves. Encourage them to shovel neighbor’s lawns for some money or pick up extra chores. This way the child receives the item they want, and they learn a lesson from it.

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Sources: Talk With Your Kids About Money, More, Child Minds Institute