Tuesday, July 03, 2007

Spending Too Much on Your Kids

MSN has a good article that talks about how parents are spending too much money on their kids and not putting money away for retirement. Being a new parent I can see how this happens. There are so many things out there for kids and you want your kids to have the world, but how much is too much? We are lucky enough to be a two income family, but I can still see how we could overspend on our new baby. This is why we are trying to work up a budget that still lets us put money away for retirement and for our emergency savings account. The article talks about some of the reasons people are getting in debt for their children; paying for private schools, buying bigger homes, trying to keep up with the Jones' kids, and not teaching your kids the value of money. I think this is the most important of all and plan on teaching our kid when she is old enough the value of money and savings. This way she won't be in the same boat my wife and I are in. Anyway the article is pretty good, check it out.

2 comments:

tehnyit said...

Wise comments. Our son is just coming up to 20months old. My wife and I made an active decision to curb our lifestyle, including the lifestyle of our son, so that she can be a stay-at-home mum.

Amateur Investor said...

My wife would like to do the same, but we have too much credit card debt. Thank God for Grandparents.