Friday, August 3, 2007

Teaching Your Kids Savings Tips Along the Way

Certainly, summer is the time for vacations, travel, family adventures and a savings tip or two for the kids along the way.

We just got back for a short trip to Naples, Florida a couple of weeks ago, (yes, if you are wondering, it was very hot) and just like after every other vacation, when we got home I wondered where did all of our money go. Between the airfare, the car and dinning out all time, we ended up spending more than I had planned on. The next time we go on vacation, I’ve promised myself that we will save in advance by opening a Vacation Savings Account at Hawthorne.

One of the vacations savings tips that I have passed on to Zach is to never buy anything in an airport. This conversation started, because on our way through the airport for our departure we walked by the airport book store and he saw the new and last Harry Potter book, Harry Potter and the Deathly Hallows.

He went on to tell me how much he wanted to read the book and that he just had to have it, (he is only six and is not capable of reading the 759 page book, but of course I did not want to tell him that). I explained that you should never buy anything in an airport, because it is always much more expensive. The book in the airport book store was $50.

Once we were sitting down waiting to board the plane, I took out my laptop and we looked on the Walmart web site to find that the book would only cost $17.86 if we bought it there. He could not believe the price difference. After seeing this he said that we would definitely need to wait until we got home (not that he had a choice, but it was nice that he could figure it out on his own).

Since we've been home, I let Zach buy the book at Walmart with some allowance the he has saved up. I also overheard him in his room talking with his friend Joe, a couple of days ago. He was telling him that he should never buy anything in airport because it cost much more than buying the same item in a store. He continued to tell Joe about the Harry Potter book at the airport book store.

It made me feel good to think that some of the life lessons that I am trying to teach him along the way, may actually stick with him. Only time will tell.

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