Get Your Kids Involved: Saving Money For Your Next Family Cruise Vacation
When you think about family cruise vacations, fun, plenty of sun and relaxation is what probably crosses your mind. Whether you realize it or not, going on a cruise vacation is a great way to teach your children life-changing lessons about managing money. Parents have the responsibility of teaching their children about good money habits and responsibility. Take every financial moment that presents itself, and turn it into a learning opportunity. Continue reading for a few ideas on how to get the kids involved with saving for your next Caribbean Cruise vacation.
Include Your Children in the Cruise Planning Process
Sit down together as a family, and research the various Caribbean cruise vacation options available. Everyone should come up with a few ideas of the the places they would like to visit. Find a cruise that best matches everyone’s wishlist. From this research, you need to have a list of the cruise lines, ships, ports of call, departure dates and the approximate cost for each cruise.
Set Your Family’s Financial Cruise Vacation Goal and Save For It
Now is the perfect time to teach your kids about saving and working towards a goal. Designate a family vacation jar for family contributions. Depending on your children’s age, they can contribute a part of their allowance to the jar, complete extra odd jobs around the home and neighborhood to earn extra money. Set milestones, and celebrate each achievement. Decide together how the money will be spent on the cruise vacation. This allows your kids to connect their saving efforts to the reward. For example, use 30 percent of the savings to put towards the cruise deposit. Split the remaining funds among the children for excursions, spending on board the ship and shopping at each port of call.
Set a Budget Aboard the Cruise Ship
Give your tweens and teens a daily budget. Allow them to choose how they want to spend the money while on vacation. This teaches them to make better cost-effective choices and the relative value of what different items cost.
Introduce Your Children to Prepaid Credit or Debit Cards
When you go on your cruise vacation, give your children their own prepaid cards. Don’t hand over cash. Giving teens and tweens cash is like throwing money down the drain. Prepaid credit cards help teach savvy credit card habits. Lay down the rules, and let your children know that once the money is gone, the card will not be refilled. This helps them practice discretion and teaches them to make better choices when using their prepaid cards. Having a family pack of prepaid cards makes this process much easier. FamZoo features unique prepaid cards that are designed specifically for families. These convenient cards are affordable, reloadable and the perfect educational tool to teach your children about financial responsibility. With these cards, you can:
- Create virtual prepaid card accounts or IOU accounts to track your child’s spending, saving and giving
- Setup a chore and odd jobs checklist to pay for performance
- Schedule automatic allowances to limit their spending
- Make saving goals and track your child’s progression
FamZoo’s prepaid cards are accepted anywhere MasterCard® is accepted. How do you teach or plan to teach your kids about financial responsibility when vacationing?