Holiday Baking On a Budget

The holidays are about connecting with loved ones, near and far. Our children are often watching our every move. As we find ways to show generosity during that time of year, let's take advantage of the opportunity to share life lessons with our children about finances and saving money.

Homemade > Store-Bought

There is always A LOT of delicious food being made, given and eaten during the holidays. The cost of these festive dishes and treats can add up quickly! Instead of buying a pre-made pie, carve out some time to buy the ingredients and make one with your children, family, friends, or four-legged roommates. Not only will this be cherished quality time, but you can also save a pretty penny and have extra ingredients for more goodies to share!

We pulled the average costs from a grocery store to compare a store-bought apple pie and the ingredients to make an apple pie.

• 9” apple pie bought at local bakery: Total: $16.99

• Ingredient cost for a homemade pie: Total: $10.83

  Pie crusts (2) : $5.49

  ½ cup unsalted butter: .92¢
  3 tbsp. All Purpose Flour: .06¢ 
  ½ cup of white sugar: .13¢ 
  ½ packed brown sugar: .23¢ 
  8 Granny Smith apples: $4.00 
  ¼ cup of water: free

  Total: $10.83

Sure, you could argue the savings was only about $6.00, but you’ll be rich in time spent with your loved ones!

Try This: Brainstorm with your children about favorite holiday dishes or treats. Make a list, then go online to your favorite grocery store website to compare the prices of buying something pre-made versus the ingredients to make it from scratch. We bet the $6.00 you saved on the pie that you’ll see the savings rack up… and nothing beats homemade!

A little for you, a little in savings

Have you ever had family or friends give cash to your children on holidays? Sometimes that money can add up quickly! It’s so easy to let your kids take their holiday gift money and spend it all on whatever toy, gadget, or accessory they've been eyeballing. 

Try This: Ask your children tally up their total gift money. Once tallied, talk about the importance of putting some of it away into savings and decide on a fair percentage split. You may get some moaning and groaning initially, but 6 months from now when they see something they want, their savings will cover it!

The gift that lasts

There is never a bad time to talk to your children about money and during this time of year may actually be one of the best times! During that break from school, you have the opportunity to facilitate really conscious conversations. Why can’t one (or multiple!) of those conversations focus on the importance of being responsible with saving money? Above, we highlighted a few ways to have those conversations. Now it's time to take the next step!

A savings account may not have the same appeal as the latest video game, but it does hold significantly more value. If you, a family friend, or a relative are wondering what to give your children this year, consider opening a Youth Savings Account! They are easy to set-up, you won't have to leave the comfort of your home, and best of all - no batteries necessary!

Learn more about our Youth Savings Accounts today.