Watching her sons reach for a special parcel under the Christmas tree, Catherine Lofthouse felt a shared surge of excitement. The moment was magical, yet there was no mystery about the contents. Inside was the Nintendo Switch her boys had desperately wanted – and had helped to pay for themselves.
The Start of a Family Saving Mission
The quest began back in 2019, when her eldest son Alex, then seven, asked for the console. Having already realised that mum and dad, not Santa, funded the festivities, he understood the conversation that followed. With a price tag nearing £250 for the console alone, Catherine and her husband were hesitant to buy it outright. They also wanted to ensure it wasn't a fleeting whim.
Instead, they proposed a family saving plan. "We gently explained that it would be best if we all saved up as a family to afford it," Catherine recalls. Alex, unfazed, embraced the idea. He was quickly joined by his younger brother William, then five, who also started stashing his cash.
Earning Their Share Through Chores and Saving
The two boys set about earning money through age-appropriate chores like dusting and helping with laundry, earning a couple of pounds at a time. They also saved birthday and Christmas cash given by relatives. Over the course of a year, they diligently built their contributions.
By the following Christmas, the total cost for the console, games, and accessories reached around £350. The boys had saved roughly half of that amount, with parents and grandparents covering the remainder. The joy of finally unwrapping the long-awaited gift was undiminished by their foreknowledge. "Nothing compared to seeing their excited faces," says Catherine.
A Lasting Lesson in Financial Choices
This successful experiment became a family tradition for big-ticket items. The family now classifies any gift costing in the hundreds, rather than tens, of pounds as "expensive" and open to co-funding. The children, now accustomed to the approach, willingly take on extra jobs like washing the car or cleaning windows to earn their share.
"They understand that we all make choices about what we do with our money," Catherine explains. The lesson extends beyond saving: if a lot is spent on one item, it might mean cutting back elsewhere, like on family days out. Catherine doesn't set a strict per-child budget but gauges her comfort with the cost of requested items, from VR headsets to the latest phone, and works out a fair contribution.
The approach has fostered an appreciation for giving as well as receiving. One year, the boys used money from an aunt to conduct a Secret Santa among themselves, learning the joy of choosing presents for others. Catherine notes they are now gracious recipients, knowing gifts should never be taken for granted.
While the magic of Santa wasn't a big feature in their home, Catherine believes they've given their children something more valuable: an understanding of how family finances work. This year, one son is saving for a school ski trip, another contributed £100 towards a PlayStation, and their wish lists reflect their growing financial awareness. For Catherine, that's the greatest gift of all.
