5 Ways Parents Waste Their Money

waste money

“Mom can I have this… Mom can I have that…” is almost a daily request from our kids and saying no to such requests is often more difficult that it should be. Many parents waste money on their children with frivolous purchases and we really don’t need to, we can still spend money our kids of course, but we should think carefully to avoid wasting money on them. Here’s a list of ways we waste our money on the kids.

Kids Parties

Birthday parties can drain your purse with ease, the cost of hall rentals and entertainers for the kids is eye-watering and leaves many dreading the upcoming birthday. Party bags and costumes can also cost the earth when it doesn’t need to, if you plan well and get creative you can prevent wasting money on such things. Remember that kids don’t need lavish parties to have fun, they just want to be with their friends making up games.

Expensive Clothes

Many parents feel pressured by retailers to spend top dollar on children’s clothes, doing so is just throwing money away as they grow so quickly that a $100 coat will soon be the size of your kid’s arm. Young kids care very little about brands and cost so make sure they have clothes that are fit for purpose and as robust as possible, today’s world of budget shops mean good clothes don’t need to blow your budget.

Electronics

Each day, month and year there is a new ‘must have’ gadget which kids will always want and we as parents invariably give in and throw money away on such indulgences. We buy up tablets, smartphones and laptops for our kids because we think it makes them happy and we’re left with debt or a hole in the bank account. Research these purchases before making them and look for the cheaper options before taking the plunge.

Arcade Games

money wasting

The classic money burner, arcades machines are designed to suck you dry, kids are attracted because of bright lights and irrelevant prizes and parents often feel duty bound to put a smile on their face. There is nothing wrong with wanted to give your kids some joy but think about what else you could buy them with the $10 you’re about to throw away on something that lasts 1 minute. There is no upside throwing money away like this, yet we still continue to do so and you must try to avoid it if you can.

Hobbies

Unfortunately this is one is probably unavoidable but the amount of money wasted on your kids’ new hobby is staggering. The reason I say wasted is that usually your kid loves their new hobby for around 1 month or 2, then there’s another after it. Houses around the world have cupboards stuffed with violins, drum sets, wetsuits, old games consoles and the like from hobbies that didn’t quite work out. Try to encourage the kids to continue with a hobby or try do support them as inexpensively as possible.

They may as you for things with that cute little face but beware of the difference between spending money on your kids, and wasting it.

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