Do your kids a favor: Don't overindulge them
Posted
Dec 18 2007, 09:08 PM
by
Karen Datko
Rating:
An article in Money Magazine has made a certain Miller couple the poster parents for overspending on children (and using a home-equity line of credit while doing it). Of course, this fascinating piece became grist for the personal-finance blogger mill, as well it should. "When you put your children's desires above your family's needs, your priorities are just wrong," writes Lynnae at beingfrugal. Her 5-year-old won't get the Wii he wants for Christmas because she and her husband can't afford it without going into debt.
The Money article had advice for parents, and so do the bloggers. "Start with saying no to the kids. When your son or daughter expresses a wish for a $300 cell phone, it should be an obvious candidate for an inflexible negative response," said Flexo at Consumerism Commentary. Your response might go down better if your kids understand your financial realities, Flexo wrote. That concept was also embraced by Anita at Debt Free Mom, whose 10-year-old daughter asked to help her write out monthly checks to pay bills, back in the days before online banking.
Lynnae said it's OK to buy that Wii if you can afford it. But, she added, "please remember to say no to your kids once in a while. If you never say no, you're setting them up for failure in life."
