Going on vacation can be lots of fun, and a good opportunity for children to broaden their horizons to experience and learn about different cultures. Below are some money concepts that you can teach your little ones while on vacation.
1. Find ways to save
Parents can include their children in the vacation planning process to help them understand the various expenses involved such as airfares, accommodation, transportation, meals expenses, etc. Encourage them to think of ways that can save money. Make them aware that visits to theme parks can be expensive, and ask them to choose the ones that they would like to visit given a budget, and also show them some free options such as parks or tourist attractions.
2. Understand currency and exchange rate
Tell your little ones that there are a number of different currencies used in different regions. For example, the Hong Kong dollar can be used in Hong Kong but not in other regions. Parents can introduce them to the currency being used in their holiday destination, such as the currency name, denominations, design, and even encourage older children to do currency conversions.
3. Keep and protect belongings
Parents can nurture good habits in children to look after their personal belongings. Before the start of their journey, let your children pack their own luggage. During the trip, remind them to take good care of their belongings such as placing water bottles or belongings in their bags after use, and always checking to make sure that items are not left behind.
4. Differentiate between needs and wants
During the vacation, children may want to purchase a souvenir for themselves or for their friends or teachers. Parents can encourage them to use their pocket money to pay for part of the expenses. Always remind your child to differentiate between “needs” and “wants” before purchasing.
5. Compare prices and value
When shopping for souvenirs, ask children to compile a list and set a budget for themselves. They can then shop around to compare the prices and quality of different items. Let them learn how to select the best options according to their budget.
Downloadable activities for free
- My travel journal – Encourage your child to keep a record of their travel experiences, such as what they ate or where they visited, track budget and expenses, and even save receipts and entrance tickets. The journal can be a part of their memorable holiday experience.
- Understanding currencies and exchange rates – Recognise the different currencies used in different regions and learn how to convert HKD to other foreign currencies.
