Spending money for your children in a naive manner cannot only end you up in a financial ruin, but it will also affect your children’s life in the long run. Usually parents give up before their children when it comes to emotionally black mailing. Children are exceptionally skillful at making you feel like a horrible parent. However, no, you will have to cope with it because it can cause flawed life conditions in the long run.
Effects in the Long Run
Nurturing your child in a healthy way is a big responsibility. You can tone and train your child only when he/she is young because they will become stubborn when they grow up. If you buy your child every candy bar that they demand, they will have expectations from you, which are more than what you can afford. This will also make them spend in the same careless way.
Unnecessary Expenses Listed below are few ways in which we spend in a naive manner and later regret.
Child’s Wedding The average cost of an American wedding was $19,581 in 2009, which increased to $25,631 in 2011. Parents, without caring for their future, spend as much as they can for catering and decoration on this special day.
Tip: Saying no to your child has never been easy. Your children are grown up at this stage, and you can discuss your financial matters with them in a forthright manner. Calculate the amount you can contribute, let them know the amount. Be a part of all the arrangements in the best way possible.
Dream School Children come to their parents in a highly impractical way and ask to pay the tuition fee of the best schools and colleges in their area. Not only this, only 40.1% of students manage to complete their studies in time, therefore; the unpredicted tuition fee for the extended course period is also a burden on parents.
Tip: Clearly tell your child, which school you can afford comfortably, and if they want to get into a better one, tell them to find a scholarship, loan or work part time.
Peer Pressure When it comes to absurd expenditures, peer pressure plays its part. Your children always want to stand up with their peers. They will demand you for every new electronic gadget, toys and clothes.
Tip: Make your child friends with those who have similar economic conditions. Otherwise, when they demand anything, put all of your future financial plans, expenses and other things before them.
Expensive Brands TV commercials do their best to attract your child towards the most expensive food, clothes and toys. In the US alone, $10 billion is spent for children advertisements.
Tip: When your child demands an expensive brand, compel him/her in a reasonable manner that there is not much difference between the two, other than the brand name. Moreover, tell them how much their family can save by buying cheaper brands.
Grocery Store Demands A kid demanding a favorite toy or candy bar in the grocery store is not a terribly uncommon scene. It doesn’t look like a big price for the happiness of your child at that time. However, it will start to add up with the growth of the child and can count up to many thousands.
Tip: Fix a certain amount that you can spend for impulse purchases don’t spend more than that. Use a glass jar and fill it with each penny you save. This will teach your child how savings add up.