What to do with that Christmas Cash.

CASH KID

Got some cash for Christmas and wondering how to spend it. We've got seven ideas on how to stretch that money, make it grow, and set yourself up for a better financial future in this special edition episode of the Cash Kid Podcast. Happy Holidays! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Cash Kid Christmas Script

What’s up Cash Kids?

Maybe where you are it’s snowing outside, or maybe it’s 85 degrees and sunny… But wherever you are, I bet there are holiday decorations nearby and you and your family and friends are getting ready for overeating and celebrations!

Here at the Cash Kid Podcast we are wrapping up a great year and getting ready for a well deserved holiday break…

After all “it’s the most wonderful time of the year,” right?

But I’m here to tell you today why it’s the “Most wonderful time of the year to make some good financial decisions.” Ideas on what to do with that Christmas cash, coming up.

INTRO

Welcome back to the Cash Kid Podcast special episode edition. This is our first episode that’s also in video format. Listen where you like, but you can catch the full video episode on your YouTube page. Just search Cash Kid Podcast.

So, like I said, it’s the most wonderful time of the year to make some good financial decisions. Don’t believe me… Just listen up as we revisit some important topics from other 2023 Cash Kid Podcast episodes.

Idea number 1: Treat yourself… but don’t blow it

If you get cash for Christmas, take time to consider your options and don’t blow it all right away. Sure, it’s ok to spend some of it - treat yourself. Be sure to go back and listen to episode 7 titled “Needs, Loves, Likes, Wants” for a refresh on spending that cash wisely.

Idea number 2: Take advantage of sales

There are plenty of deals before Christmas… but after Christmas is a great time to snag the things you've been eyeing on sale. Whether it's a new pair of shoes, a fancy kitchen gadget, or the latest tech toy, there are plenty of deals to be had. One tip for finding the best prices is to search multiple sites. Don't just settle for the first deal you come across. Check out different retailers and compare prices to make sure you're getting the best possible discount.

Idea number 3: Coupon Codes

Another way to save even more money is to use promo codes. These codes can often be found with a quick Google search. Simply type in the name of the retailer you're shopping with and "promo code" to see if there are any discounts available. Sometimes you'll find a code for free shipping, a percentage off your purchase, or even a free gift with your purchase. It's a small extra step that can make a big difference in your overall savings.

Idea number 4: Open a savings account

If you haven’t opened a savings account yet, consider now a great time to do it. Some offer up to 5% in interest a month.

Let’s listen to a clip from the checking versus savings episode.

Cash Kid: At what age can someone open a savings account?

Amy Greer: So the good news is parents can open one for you at any age. You can open one at birth and they can start contributing to it and grandparents can start contributing to it for the for a child individually to open one on their own. It actually goes in accordance with state laws and federal laws. That is typically around 18.

Cash Kid: What would be a reason to start a savings account as a kid?

Amy Greer: Well, there's so many reasons to choose from for that. Like I mentioned earlier, it can help you learn responsibility by setting aside some percentage of all the money that you make. If you just start the habit of moving some of that into your savings every time you get money, whether it's paid for a service you provided or paid for a good you made or an allowance, just set aside some of that in a savings.

And there's also many big, big future events that you can start saving for and help your parents out like cars and college and maybe one day weddings.

Many things that you can start saving for in the future. It's never too early to start saving.

Idea number 5: Invest it!

There are several different ways kids today can start investing. I use an app called Greenlight to purchase stocks I want. Take some of that cash and make a commitment to watch it grow this coming year.

Here’s an example. A year ago, I purchased a stock in Apple, Amazon, and Tesla. These are companies I spent time researching and felt would bring me a return on my investment. Well, check it out a year later. Amazon is up 81%. These stocks have all grown and so has my money. So check out an app like Greenlight. We definitely plan to discuss more options like this for kids in future episodes so stay tuned.

Idea number 6: Give Back

Think of a way you can spend some of that cash to do something for someone else. The saying it’s more blessed to give than receive comes with great benefits to you and the recipient. Maybe it’s to your church, a local charity, a dog shelter. There are so many options. Take a little and think of how to bless someone else.

Idea number 7: Set Financial Goals

As we approach the end of the year, it's natural to begin reflecting on the past 12 months and start thinking about what we want to achieve in the coming year. It's important to make our goals realistic and achievable, while also challenging ourselves.To help us stay on track, we can create a budget and track our progress towards our goals.

We can also seek out resources and tools to help us learn more about personal finance and make informed decisions about our money. Like continuing to listen to the Cash Kid podcast.

But maybe set a goal to find a way to make some extra cash. Invest in learning a new skill that you can then turn into a small side hustle for yourself. Maybe teens can set a goal to save up for that first car or college. These are just some ideas to get your brains rolling but the possibilities are practically endless.

By assessing our current situation, setting realistic goals, and tracking our progress, we can make meaningful changes in our financial lives. So as we look ahead to the new year, let's consider making financial resolutions and taking steps towards a brighter financial future.

Before we end the last episode of 2023, I want to take a moment to thank you all for being part of the Cash Kid Podcast this year.

Look for a new episode of Cash Kid on January 15, 2024.

Happy Holidays

Cash Kid Out!!!