As a mom, you’re always busy during the holidays. There’s the office Secret Santa, the neighbourhood cocktail party, and travelling to see the in-laws. Of course, you can’t forget the long list of toys and gadgets your children produce each year. Whether they believe in Old Saint Nick, they expect to see some presents under the tree, but the best gifts aren’t always ones they can unwrap.

As a parent, you have a duty to make sure your kids grow up to be smart, independent people — and good money management skills are part and parcel of adulthood. In addition to the latest Pixel, FurReal critter, and Switch game, make sure you give the gift of money management this year.

Talk to them about budgets

The holidays are the perfect time to talk about the importance of a household budget. It’s a time of year when the average person has a lot on their plate. In addition to the normal expenses, like mortgage payments, insurance, and loans, there are seasonal expenses that put pressure on your finances. Unusual things like gifts, special events, and travelling can make it hard to meet other responsibilities.

If your children are still young:

A basic budget is a great way to introduce the idea of balance. You can talk about it in terms of allowance and money they’ve received as gifts. Help them understand how a budget keeps track of their earnings, so they know how much they can spend on treats for themselves or gifts for others.

This is also a great opportunity to talk about goals. If they hold off on using their allowance to buy treats, they can save up and buy something bigger later on.

If your children are teens:

The older your kids are, the more in-depth your discussion of budgets can be. If they don’t have a part-time job already, they’re likely to get one soon. They’ll have more financial independence once they start bringing home a paycheque — which means you’ll have a more hands-off approach to their spending style than with younger children.

They may spend all their cash on fun things. Spending their money on takeout, video games, and makeup is fine as long as they balance it savings to go towards their future — like a school trip overseas or university.

If they end up spending more than saving, it’s not the end of the world. You’ll be there to cover things like shelter, clothes, and food. But explain to them how you won’t always be there. Adults in their position have to find alternatives means to cover these spending habits if they fail to save properly.

Independent adults might have to rely on online lenders. These companies offer convenient access to loans that are faster than more traditional borrowing experiences. Depending on where you live, they’re one of the fastest ways to get cash in an emergency. The best payday loans Canada has to offer come in just one business day. In some cases, like with a company like GoDay, they come in just one hour.

Discuss the differences between these loans and other means of financial assistance. Talk about how they can differ depending on where they live. So if they decide to move to Toronto one day, the best payday loans Toronto won’t be the same as those found in Vancouver, New York, or Moosonee.

Though they won’t have to make decisions like this now, your teen will eventually deal with credit cards, student loans, and other financial products.

Compared to a shiny new toy or gadget, this lesson is a lot less exciting. But it’s a lot more important than any gift waiting for them under the tree. They’ll rely on skillful money management their whole lives. Talking about online payday loans and creating a budget are just the start to helping them master this essential skill.