Face it: We love our kids.
If you are a parent, there’s nothing you won’t do to help your children.
But a new report says some of the things we do for them — and spend money on — are dumb, and will not help them in the long run.
So Hard to Say No
It’s hard to resist a child when all they want is a little toy or candy bar they see on a trip through the store. But Bankrate.com says those are among the dumbest ways we spent money on kids, that teaches them poor values later in life.
Its “dumb spending” list includes:
-Buying expensive brands for kids under 10: They won’t appreciate the difference, but will want more expensive things when they grow up.
-Making impulse purchases in stores: It’s no big deal when it’s a $5 toy car, but will be later in life when it’s a $300 handbag.
-Overspending on weddings: Bankrate says many parents shell out $20,000 they don’t have, hurting their retirement savings.
It says be honest with what you can afford.
Doesn’t That Stink?
And from the “doesn’t that stink” file, the dumbest way to spend money on kids: Splurging on their dream college, when you really can’t afford it.
If you are 60 and have no retirement fund thanks to tens of thousands of dollars in college expenses, you’ll say “doesn’t that stink?”
Bankrate says let your teen know early on how much college you can and can’t afford.
Yes, you love your kids. But Bankrate says spoiling them early and often just turns them into spoiled adults, who won’t understand the value of a dollar.
As always, don’t waste your money.