During the holiday season, many of us fondly recall the family traditions that we experienced when we were kids and the traditions we have carried on or started in our adulthood with our own families. What about financial traditions that center on teaching future generations the right money values? Traditions such as charitable giving, setting a budget and even random acts of kindness. The holiday season is a great time to share these traditions with children in your life.
I still remember when I was a kid and my dad would ask my brother and I to donate one of our gently used and loved toys to an underprivileged child during the holidays. I remember the tears going down my face as I hugged my favorite stuffed frog that my dad had given me one last time before wrapping him up so another child could enjoy him. To this day, every time I see a stuffed frog it reminds me of that childhood experience and giving to someone in need.
I also remember my parents teaching me how to set a budget when they would give me my allowance each week. This was helpful when I wanted to save up for something special that I wanted. They also taught me about charitable giving and sometimes they would let me or my brother hand in their donation envelope. I will always remember the look of gratitude that the person I gave the envelope to would express. Each week when I received my allowance I always put aside a little of my money and at the end of the year I would give what I had saved to a charity during the holiday season. Now that I am older I truly understand the meaning of “it feels better to give than receive.”
Happy Holidays from all of us at Scharf Investments!