(NC) The holidays are a perfect time to teach children about money. And with so many families dealing with changes in their financial situation, it’s even more important to do so this year.

Teach children to make good spending decisions

If you have young kids, they may already be learning how to count and use money. As a parent, you can build on this, making learning about money part of every day.

For example, when you’re shopping to buy decorations or food, you can talk to your children about how you decide what products to buy and why. Try involving them in comparing the price and value of two similar items and discuss what product they think is the best choice for your family.

Children learn a lot from watching their parents. Be a role model and avoid impulse shopping. Practice what you preach, and don’t buy something that’s not in your budget. Also, it’s helpful to plan your shopping in advance. Get your kids involved and make a shopping list with them.

Teach children how to save

Your children may receive a bit of money as a gift from family members. Help them save by discussing saving goals that interest them. These could include saving for a special toy or activity. They can use jars to divide their money for their different goals. That way, they will see the amount of money increase with time. It can make things exciting and real for them.

You can also open a savings account with them, giving them the option to deposit money they receive during the holidays. By showing them the monthly account statements, they’ll be able to see how their money grows and learn about the concept of interest.

Starting the conversation about money will help children build good financial habits for the future. Giving them the information and tools early will help them better manage their money in the long term.

Find more tips and resources at canada.ca/money.