Help your children set reasonable expectations this Christmas

This Christmas -- be honest with your little ones.

Honesty about your family's financial situation because of the pandemic may help kids better manage their expectations about this holiday season.

Family Psychologist Dr Natash Sharma said you need to be honest with your children about how Christmas may be different this year because of the pandemic.

"Also, ask them, 'what would make your holiday special this year, what could we really do that we're able to do and we're able to look forward to?' Then they become a part of that process and that's really important for them to become engaged and feel really good about their holidays and their lives."

Angela Iermieri, a financial planner for Desjardins Group, said you should be freely talking about your financial situation with your kids -- it shouldn't be a taboo subject. Rather, it should help them set expectations.

"Maybe say this year is going to be different, maybe next year we'll have something else. I also think that beyond gift and material things, kids this year will appreciate activities or being with people, even if it's just virtually. Just doing something with them."

She adds even young children can be taught the value of money.

"Speak to them and slowly they will understand the value of money. Even at a younger age, start it slowly and teach kids how much something is worth and maybe spend their own money and see how much time it takes to save up to buy what they want to buy because you need money to buy things."