Managing Holiday Gift Expectations With Kids
Episode Details
The average American racked up over $1,500 of debt during the holidays in 2022… and 20% of those surveyed expect to be paying for Christmas after Easter of the next year.
In today’s Marriage Kids And Money episode, I go over 5 strategies to get through the holidays debt free and how to manage gift expectations with your children. Give the gift of joy– not financial despair– this year!
DEBT FREE FAMILY SEGMENT:
Ali Swart, Managing Director of Wealth Planning at Waldron Private Wealth, joins the podcast to share how she paid off $36k of student loans debt during COVID, on top of 2 car loans, a HELOC loan, and other miscellaneous consumer debt.
Ali chats about how she utilized visual cues, the zero-based budgeting method, and intentional spending to reach her financial goals and open her family to the power of debt freedom. Being debt free has allowed her family to increase their retirement investments, college savings, and mortgage payoff savings.
GUEST BIO:
Ali's responsible for the strategic leadership and management of Waldron’s Wealth Planning Team, focused on providing a best-in-class financial planning experience. Ali simplifies the complexities of wealth of a select group of multi-generational ultra-high net worth families. Ali also leads Waldron's Diversity, Equity and Inclusion endeavors, co-hosts the Wealth Simplified podcast, and has a passion for increasing financial literacy and awareness, especially for mothers.
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Make My Kid a Millionaire Course: Want to make your kid a millionaire? Learn more about my course!
MKM Coaching: Want 1-on-1 support with your family finance journey? Book a time with me today.
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SHOW INFORMATION:
Marriage Kids and Money is dedicated to helping young families build wealth and happiness. This award-winning platform helps couples and parents achieve financial independence and discover the true meaning of wealth.
To achieve these big goals, we answer questions and interview experts who uncover smart net worth building habits and tools that can help everyone find their own version of financial independence.
Learn more at https://www.marriagekidsandmoney.com
HOST BIO:
Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.
Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of downloads and views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.
When he's not "talking money", Andy enjoys being a soccer Dad, singing karaoke with his wife and watching Marvel movies.
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CREDITS:
- Podcast Artwork: Liz Theresa
- Editor: Podcast Doctors
- Podcast Support: Weir Digital Marketing
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See moreIn this episode of Marriage Kids & Money, Andy Hill explores managing children's expectations for holiday gifts, the journey of a family paying off a large debt, and gives an opportunity to win gift cards as part of a fun year-end activity with his son Calvin. Andy begins by advising listeners to be responsible during the holiday season and avoid going into major credit card debt when buying gifts for their children. He shares five strategies for getting through the holidays debt-free and managing children's holiday gift expectations. First, Andy stresses the importance of developing a holiday budget, followed by discussing budgeting with the kids early on. He then encourages parents to get creative with gift-giving, such as buying second-hand gifts or making homemade crafts. Furthermore, he advocates for breaking the habit of overspending during holidays and involving children in selling old toys to raise funds for new ones. The second highlighted segment of the podcast is the debt-free family segment featuring Allie Swart from Pittsburgh, Pennsylvania. Allie and her husband paid off around $100,000 in about three years by boosting their family income, practicing zero-based budgeting, and prioritizing paying off student loans and consumer debts. Allie elaborates on the lessons they've learned and the importance of distinguishing between consumer debt and wealth-building debt. Following Allie's debt-free story, Andy invites listeners to share how they manage gift expectations with their own children and encourages staying current with the latest financial news to make informed money management choices.