Overspending on Kids Risks Financial Future

smart money ^ | Monday, June 11, 2007 | by Aleksandra Todorova

[Flavius]

Stretching a $30,000 income isn't easy for Brittiany Dillon and her husband. Each month, gas and grocery bills alone eat up their disposable cash.

But when it comes to their two-year-old daughter, the young parents — she is 21 and he is 23 — simply can't say no. "You want your child to have this idyllic childhood and not say 'My mommy never did this for me,'" says Dillon, a stay-at-home mom.

[Flavius]

Living beyond one's means — so the kids can have the best — is a common picture in the wealthy suburbs, Boyle says. It's also a particularly common scenario with divorced couples. Mothers often insist on keeping the house — even if they can't afford it — because they don't want to "uproot" their children. "I can't tell you how many women tell me, 'I don't want to move to another school district, I've got to keep the kids steady.' And they don't realize that with no income, they may not be able to refinance if they need money down the line."

[Coldwater Creek]

These parents really should have worked a little harder on the marriage!

[Flavius]

Along the way, they're convinced the house was a "good investment," not an expense, but they're trapped in these higher fixed costs, lowering both quality of life now and financial options — retirement, debt payoff, the chance to quit or change a job — down the line."'

but the talking heads tell me home ownership is a great indication of economic success and well being of the debt nation... they are not lying are they

[CatoRenasci]

If these people truly wanted the best for their children, they’d be saving and scrimping and teaching the children to make the most of what they do have, and spending time with the kids teaching them skills, building character, and setting a responsible example — I often wonder how much of parents overindulging children is simply treating the children as one consumption item.

[ovrtaxt]

I’m teaching my son (12) to run his own business online. He must give a portion to church, put a portion (most of it) into savings, and he can spend the rest on toys and whatnot- but he must run it!

Hopefully, he can buy his own car when he gets old enough.

[Gorzaloon]

If these people truly wanted the best for their children, they’d be saving and scrimping and teaching the children to make the most of what they do have, and spending time with the kids teaching them skills, building character, and setting a responsible example

Maybe they could even pull out the stops and let the little darlings waddle a hundred feet to the school bus stop. Every weekday at 3:00, we see caravans of SUV's lined up at the entrances to the various "Pretentia Shores Executive Estates", waiting to take them down the long driveway.

[I still care]

I’ve been noticing this for a long time now. It’s politically incorrect to notice that in our society we tend to be “kid heavy” in our priorities. I guess that’s because the alternative, selfish parents, is worse.

Nevertheless, it seems to be the way of it nowadays. Even the courts have the principle that the needs of the child order their decisions, never seeming to take into consideration that the spiritual health of the child depends on having a proper place in a family unit.

There is a balance that should exist in the family where all members have their place and purpose; parents do not simply exist to be a vehicle for the child’s needs.

[napscoordinator]

Every weekday at 3:00, we see caravans of SUV’s lined up at the entrances to the various “Pretentia Shores Executive Estates”, waiting to take them down the long driveway.

I would bet it is more a safety issue than anything else. However, with my kids I would just have my wife take them and pick them up from school if that was the issue.

[Thrownatbirth]

Hopefully, he can buy his own car when he gets old enough.

If the biz doesn't work out, buy him a lawnmower. I can't believe how much $$$ kids can get for that now.

[nfldgirl]

I suspect that’s more for safety reasons than to spoil the kids. You can never be too safe when it comes to kids walking to/from their school bus stops.

[Bigg Red]

If these people truly wanted the best for their children, they’d be saving and scrimping and teaching the children to make the most of what they do have, and spending time with the kids teaching them skills, building character, and setting a responsible example — I often wonder how much of parents overindulging children is simply treating the children as one consumption item.

**
Bingo! What I was thinking but much more eloquently stated.

Twenty-one years of teaching showed me just how much has been lost in terms of parent skills and in terms of values. During my last year in the job, I was counting the days.

[Bigg Red]

Maybe they could even pull out the stops and let the little darlings waddle a hundred feet to the school bus stop.

&&
Last week, one of my neighbors arrived home with her 2 grade schoolers in the car. She stopped at the mailbox while her 9-year-old got out to get the mail and then waited for him to get back in before driving up the driveway. The driveway is about 35 feet long!

[CatoRenasci]

Last week, one of my neighbors arrived home with her 2 grade schoolers in the car. She stopped at the mailbox while her 9-year-old got out to get the mail and then waited for him to get back in before driving up the driveway. The driveway is about 35 feet long!

And, I assume it was not raining as if a fire hose was turned on in Heaven or hailing golf-ball sized hail....

[Bigg Red]

And, I assume it was not raining...

**
Nope. Bright, sunny day. I guess she did not want him to tire himself out walking up the driveway. Sad.