The holiday season is an ideal time to start conversations with children about money. Parents can set them up for a lifetime of good money management by introducing them to healthy financial habits early.

Focus on practical, age-appropriate lessons, such as teaching young children about ‘wants’ versus ‘needs’, budgeting and calculating change.

Conversations with older children can include the basics of saving, insurance and planning ahead for expenses.

Parents can involve children in everyday activities like shopping and budgeting for holiday fun, and use digital tools to teach them about safely managing money.

Introducing concepts gradually and modelling responsible financial behavior takes transparency and calm communication.

The holiday season is also a good time to review longer-term financial safeguards, such as medical aid, funeral and life insurance policies, and to share details with trusted family members or friends.

By combining celebration and preparation, parents can instill skills and confidence that will last their children a lifetime.

• Source: Finchoice