As a parent, there is no doubt that you’ll want to provide the best you can for your child. As much as we all know how expensive bringing up a family can be nowadays, going overboard in terms of spending may land you in financial trouble if you’re not careful.
So, if you feel as if you’re burning a hole in your purse trying to make your child happy, this article is for you.
There is quite a bit you can do to curb overspending and in the process, teach your child the value of money. Believe us, countless kids have no idea how hard their parents had to work to earn the money being spent on them. Many kids these days are also exposed to rather expensive lifestyles of other families, so much so that it just seems natural for them to want the same clothes, shoes, gadgets, etc, that their friends have.
Be smart with your purchases, especially for a baby/toddler
Babies and toddlers outgrow things fast. If you’ve never shopped for your children on eBay, or Facebook Marketplace, you should try it! You’ll find good, lightly used toys and books at low prices. Before buying used baby furniture, check on the internet to ensure that the item wasn’t recalled for safety reasons. Also check out local parenting websites for preloved items that other parents are looking to sell off, as well as online stores for special offers on equipment, clothes, and toys.
Rethink over-the-top birthday parties
It doesn’t matter what kind of birthday parties other families are throwing, for they may have the kind of budget that you do not. It’s never a good idea to overspend just to ‘save face’ if you know what we mean. It’s important that you convey your values to your children, from a very young age by doing what you think is right, and not by exhausting yourself with a party that breaks your budget. There are countless ways you can celebrate your child’s birthday without burning a hole in your wallet. All it takes is a little creativity and a whole lot of awareness on how much money is being spent. Remember, let go of the pressure to keep up with others’ expectations and you’ll be free from the ramifications of having spent too much!
Pay for less entertainment
Do you buy premium cable channels for your kids but not for yourself? Do you cram their schedules with classes and programmes that require special equipment? With school-going children, do you enroll them in inexpensive school holiday programmes or plan inexpensive ways for them to productively spend their time with? Each of these individual decisions may seem unimportant, but collectively, if you do not pay much attention and just spend without thinking, they can put you over budget.
Control cell phone costs
Children owning cell phones are nothing new these days cellphones may even be a necessity for some kids for family communication purposes as well as for school-related chat groups. The monetary issues with kids and cellphones are, among other things, their desire to download music, apps, and whatnots that costs extra, and these costs can easily skyrocket. So, if you intend to keep costs low, choose a prepaid service with limited minutes instead of a postpaid one. Let your child know that you’ll only be able to pay for basic service only and that they’ll have to spend their own money on extras, such as special ringtones and other services/add-ons. That’s one way to teach them to be careful with their phone usages, and indirectly, teach them the value of money too.
Resist giving in to whining
It can be hard to say no to kids — and if you try it, they may unleash their most fearsome weapon: guilt trips. If that doesn’t work, there’ll be grumbling and whining to contend with – as with the case with most kids who tend to compare what they have with other kids. Stand your ground. They may whine for a while, but they won’t love you any less. In the long run, your children will learn valuable lessons in money management — and you’ll be closer to a safe, financially secure retirement.
How can you tell if you’re spending way too much money on your child?
By asking yourself the following questions, and by being honest with your answers. If you answer ‘yes’ to any of these, chances are you are spending way more than you should on your child.
- If your kid asks for something special, will you buy it immediately instead of waiting for a birthday or the holidays?
- If you have children older than 7, do you purchase what they need or want without asking them to contribute from their allowance or earnings?
- Do you grumble about your child’s expensive after-school classes but continue to send him there anyway?
- Do you feel you have to throw big birthday parties because that’s what other families in the neighborhood do?
- Are there more toys and belongings than empty floor space in your child’s room?
- Do you spend way more on your children than you can comfortably afford to?
- For older kids: Do you let your child shop freely using your credit card?
