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Vacation Budget for Kids.

As vacation season approaches, here’s another "kids and money" idea you might consider. I read about this in a book called Piggybanking, by Jeff Opdyke (he wrote for The Wall Street Journal for many years).

Instead of being barraged by pleads to purchase every souvenir, t-shirt and trinket on your trip, grant your child a vacation budget and let them have at it. Prior to the vacation tell them the specific dollar amount that you’re willing to provide for their souvenir budget. Then, add a couple stipulations… 1) that’s all the money you’re giving them and 2) whatever’s left over is theirs to keep.

For kids who are old enough to understand, you might be surprised how this changes the game. As Opdyke suggests: "In short, they will learn how to budget, to stretch their meager sum of dollars across a specific period of time with the aim of having some left over at the end—exactly what an adult budget aims to accomplish."

And you can enjoy your vacation without being hassled to "buy me this" or "buy me that!"