Smart Reasons to Save, Use and Invest Money

Should I Spend More Money On My Kids, Especially My Young Daughter?

First, let me say that I spend more money on my kids than I do for myself.

And in my mind that use to make it okay that I don’t really get the latest and greatest electronic, or motorized things for them.  But lately, I’ve been thinking that perhaps I don’t spend enough and perhaps I really should spend more money on my kids.

I think we are somewhat rare in that we really only spend a few hundred dollars on each kid at Christmas, and even less for their birthdays.  To me that seems like a lot, but when I compare what my kids have to the neighborhood kids, it seems like they have less.

In particular, my daughter seems like she’s at a huge disadvantage because she’s ready to try advanced electronics.  She’s been asking for a laptop, ipod touch, or a cell phone for the last few months.  I’ve been telling her that she’s too young, but really she’s not.  I know she has the focus and skills to work such devices, but it just seems unfair to my son to give her such devices now at such a young age (she’s still 7-years-old).  Of course the costs are a concern too, I do hate to busy expensive things that lose their value so quickly.

Perhaps if I think hard enough on the matter, I can come up with something that isn’t too expensive, yet still gives her exposure to such technology.  Think, think, think…

On the other hand, I would like to give both of my kids some of the adrenalin rushing fun I had as a child (go-karting, motorcycle dirt bikes etc).

20′s Finances:  The Dollar Challenge: Invitation  Great idea, check out this challenge!

101 Centavos:  Community Garden FAIL!  What a great attempt and a ton of knowledge gained from the attempt.  Great story.

First Gen American:  Babci on Death  Wise advice from Babci!  Great saying “Death doesn’t have favorites.”

Live Real, Now:  53 Percent  And to think, I thought I was tough working at the age of 15…  This is a great story of working at an early age and pulling yourself up by the bootstraps.  Read this, I’m sure you’ll be impressed.

My Journey To Millions:  Do You Use a Professional For Items That Can Be Purchased Online?  Information use to be power, but slowly it’s being commoditized in my option.  Interesting take!

Budgeting in the Fun Stuff:  Tipping after a Bad Experience  I usually go as low as 10% if they provide very, very bad service.  I think our tip is an evaluation of their service, if not, then why even have tipping as an option?  Include it into the price of the meal.

Mortgage Free By 30:  Do you have a 5 year plan? I do.  I don’t, but I should have one!

Everyday Tips and Thoughts:  Craziest Ways People Save Money  This is a funny, and yet sad story about being too frugal!

Wealth Informatics:  When frugality = stupidity : Illusion of saving money  This rings very true!  It is possible to be too frugal!

Beating the Index:  Aroway Energy: A Rising Junior Oil Company in Alberta’s Hot Peace River Arch Area  Interesting investing prospect, definitely worth looking further into.

Invest It Wisely:  Invest Wisely in Protecting Your Most Precious Data: How to Back Up Your Stuff to the Cloud  I have a hard time turning down a tech article!  This is spot on though!

Green Money Life:  Tips for Living the Frugal Life – While Still Enjoying Yourself

Barbara Friedberg:  Go Beyond Keeping Up With The Joneses – Great advice on not competing with the financial destructive spending of others.

20 and Engaged:  Quarter Life Crisis: WTF Am I Doing? I feel like this even now!

Canadian Financial Blog:  Five Fall Car Care Tips to Do Now  I so need to do these five checks!

Krant Cents:  Is the American Dream Dead?

Car Negotiation Coach:  What Should I Pay for a New Car? Let’s Ask TrueCar  Never heard of TrueCar site before, I’ll have to use this next time when I go car shopping!

Stupid Cents:  What is Stopping You From Earning Money Online?  It doesn’t get any truer than what Mike has identified here.

Free Money Wisdom: Best Gift Ideas for Men Under $100  Not a half bad list if I may say so myself.  I do find that I like a little from each of the categories, I guess I’m a bit more complex (or confused)…

Well Heeled Blog:  Getting Into Credit Card Points & Miles  Very clever use of her reward credit cards, and some great new ones to consider!  I’m be back to check what Well Heeled is considering!!!

Lazy Man And Money:  Reviewing My Necessary Expenses (October 2011)  Gotta love spending breakdowns like this!

Free From Broke:  Find the Money to Pay Down Debt  Smart way to accomplish paying down debt.

Narrow Bridge Finance:  Fixing Your Own Economy  Great advice from all angles on your financial well-being!

Tight Fisted Miser:  Online Income Report – September 2011  Very impressive online income stream, much better than mine!

Special Announcements:

Check out the new social health site “Health Buzzing” for some great health articles!  Now that I’m trying to improve my shape and health, I’m sure to be a regular there!

Well enough links for this week.  Next week I’ll scale back a bit.

Bests,

MR

 

 

19 Responses to Should I Spend More Money On My Kids, Especially My Young Daughter?

  1. Thanks for including my post! We’ll make it through the crisis!

  2. MR, thanks so much for including me in this roundup!

  3. krantcents says:

    Thanks for including me in your roundup. Remember, your kids value your time much more than what you will buy them.

  4. Thanks for the mention, I am looking forward to an update on this situation with your kids as mine are still young. Your findings will be of great help :)

  5. Thanks for the mention! That is a tough dilemma indeed. Isn’t it possible to have a family electronic device? That way it teaches the idea of sharing, gets the kids acquainted with technology, and puts less financial strain on you? just a suggestion… who knows what the best option is.

    • We did that with the gaming consoles, but too many fights.

      Good idea though, but I’m sure they kids would fight over the eletronics… now if I were to buy a go-kart or minibike… wellllll that would be for the entire family (including dad…)

  6. Childhood is all the time we have with our children. Does your daughter know how to ride a bike? Play and instrument? Help with cooking, dishes, and household chores? Speak a second language? Read well? Know the multiplication tables? The most valuable thing you have to give to your children is time. So many parents quickly provide all the lastest gadgets to keep them occupied and out of their hair. They wonder why we are now dealing with generation “rage”. At seven teach her to love books, activities, learning. If you are open to church activities get her involved in choir, the Christmas pagent. I’m over 50 and still don’t have an ipod or cell phone. Life is too short.

    • My kids are lucky in that my wife is a SAHM, so they can do all of that except speak a different language. My daughter is brilliant though, so I’m sure she would pick that up too. I really am a lucky guy with respect to my kids, they are tops.

      But still, it’s a different generation, and while I don’t have some of the nice things they have, everything is relative, so I want the best for them.

      All good stuff you mention above though, time with your kids is very important.

  7. Hi MR – we’re say we’re not too keen on spoiling our kids with expensive gadgets, and yet our 15-yr-old has managed to ingratiate himself into a Dell Mini and an iTouch. Granted, that’s about all he got on two separate occasion (xMas and B-day), but still….
    Thanks for the link.

    • It’s hard when your kids get good grades and behave with such great manners. If my kids were spoiled or rotten, it would be a lot easier to say no.

      We said that our kids wouldn’t get a cell phone until the were 14, opps. I missed that one :)

  8. I’d say I see the same thing with my son. We don’t have any kind of video gaming system in our house, but my son does play WoW on the computer. However, the afterschool lady has a Wii and he plays there instead so I guess problem solved. I think being proficient at video games is one of those things kids have as common ground.

    My husband got a lot more than me growing up and he still ended up fine. I fear spoiling my kids too, but it’s difficult to find out where the line is. Luckily we don’t go to a school in a real expensive school district so there’s not as much keeping up with the jones’s there.

    • Hmm, that’s a good point. If they don’t know about it (the fun stuff I did as a kid), they won’t miss it.

      Besides they have things that I never dreamed of having, and don’t even have now…

      I guess overall, it’s fine… I’ll just go with the status quo that I’ve been going with to date :)

  9. Thanks for including me! I am not there so I have no idea what the line is, but I wouldn’t want to make it too easy on them. ;)

  10. [...] since I’ve written a new post. Despite that I am having another great month of income. Don at Money Reasons and Barb at Barbara Friedberg Personal Finance were both kind enough to link to my latest online [...]

  11. [...] Should I Spend More Money On My Kids, Especially My Young Daughter? (Money Reasons) [...]