Like most kids, mine are terrible at their finances. Now, I understand that this is a pretty normal habit, (and they’ll eventually grow out of it) but lately, things have been crazy (and maybe a little excessive). However, even though I know that “kids will be kids,” I’ve tried identifying a few things they’ve gone a little overboard with from time to time.
I’m not saying they need to stop everything (after all, you’ve got to let them be young and foolish a little bit), but here are a few of the problem areas that I’ve found below:
It’s no secret that music festivals are all the rage these days, and for some, they can actually be a great money saver. But the past couple summers my kids have gone to festival after festival, sometimes seeing the same exacts over and over again. My best advice is to pick and choose, as well as see the people they really want to see when they come to down.
Go Out to Eat
Young people love going out to eat. They refuse to cook, and are wasting money on a lot of meals that they could simply make at home. I can see going out to eat for a special occasion or to catch up with friends, but sometimes it’s a little excessive. Overall, I get that this is the trend, so I try to encourage them to spend wisely on the things they can’t learn themselves.
Buying Fidget Spinners
These things have been all the rage lately and honestly, my kids have already lost four of them (either to a teacher taking them away in class or misplacing it). In yet, they keep seeing the need to buy more, which just boggles me.
Every kid has a curiosity about partying, and my kids are on exception. While we’ve had the talks about responsible drinking habits and waiting until they’re older (and don’t get me wrong, I trust my kids fully on this), they still spend a lot of money out with their friends. On one end, I’m happy they’re having fun buying Super Soakers instead of shots, but on the other, I find it a little obnoxious to have all this stuff they end up throwing in the corner of the garage.
Spending Too Much on In-App Purchases
A lot of parents know the horrors of their kids spending money on In-App purchases. These have eaten up my phone bill, which is why I had to cut them off. Unless it’s for school or work, I have a no-purchase policy for apps because otherwise, we might have to put up a second mortgage.
Don’t Protect For Their Future
I understand that it takes a long time to gain a sense of financial literacy and security, but my kids need to start saving if they want money for their future. More, they lack a concept of how credit cards work or even what life insurance is. I know these things will come with time, but I try to instill these principles while they’re still young.
Buying New Stereo Systems For Their Car
My kids love being the ones that you can hear halfway down the street. Not only is this obnoxious but a huge money waster too. Half the time the speakers end up being blown out, and the damage to their hearing will impact them for the rest of their lives. It’s basically burning money with every thump of the speaker, which is an unnecessary expense.
Buying Expensive Clothes
I get that every kid wants to be cool or impress their friends, but buying expensive clothes at their age is pointless. Not only do they end up outgrowing half the stuff, but it gets dirty, and they have a poor sense of how to take care of the things they buy.
Buy Phones They Don’t Need
Smartphones don’t change much from generation-to-generation, but for some reasons, my kids just have to own every single gizmo that comes out. I try to express to them to wait until the life of the phone is over, but they never listen.
Most of us are pretty guilty of this too, but there’s no reason my kids needs to be spending five bucks on a latte every day (sometimes multiple times a day). It’s a terrible habit to get started on early and one I hope to nip in the bud very soon (plus, there’s plenty of coffee at home!).