Family Spending – How much is too much? PART 1: The Problem

How much should my family be spending?

Have you noticed how many children in middle school have cell phones, and how this trend is trickling down to elementary aged kids too?  Have you noticed the child in the store holding his mom’s iTouch and playing Angry Birds to pass the time?  How about a teen glued to their TV, lap top, or gaming system?  Ever seen one of them totally zoned out while walking with their ear buds in and their cell phone glue

d to their thumb?  This is what 9 Year Mortgage calls talented multitasking!  Now, have you ever shook your head at any of these scenarios and questioned what the parents were thinking?

9 Year Mortgage Poses a Few Questions:

  • As parents do you find yourself spending money incessantly on your child?
  • Does your child have more “stuff” taking up floor space than the carpet in their room?
  • What do you do when your child asks you for some special item at the store?  Do you buy it immediately, wait until their birthday or Christmas to give it to them, or do you h a ve them earn the money to purchase it themselves?
  • Are you spoiling your children?

You buy your kids a cell phone, a Wii, and a laptop computer because it’s what they want and they swear they’ll never ask for anything ever again.  Right?  Only to find out later that there is something else they want that has a significant price tag on it.  Surprise, surprise!  We live in a “gimme” society.  It seems as if we always are wanting something bigger, better, and newer.

9 Year Mortgage shows “must have” list of  gadgets

  • Cell Phones: iPhone, Droid, HTC
  • Apple Products: iPad, iPod, iTouch, Mac
  • Gaming Systems: Wii, Xbox Kinect
  • Digital Cameras

Now don’t forget all the accessories that go along with these pricey gadgets.  After spending hundreds of dollars on these products, a $20 accessory to protect your purchase seems just like a drop in the bucket.  Does it not seem excessive though, especially for a child?

You know, children can entertain themselves for hours with cardboard boxes and duct tape.  Whatever happened to the simple pleasures to pass time? Technology is an incredible tool that simplifies life and allows us to get so much more accomplished, but it also takes away more time than anything else too.

In the end, are you teaching your children how to work for something they want or do they think that money grows on trees named “Mom” and “Dad?”  9 Year Mortgage realizes that you are the only one who can say whether you are spending “too much” money. There is no specific number that sets alarms off when you go over budget.  Just make sure to fit your family’s expenses inside of your financial budget.

Read Part 2 of this 9 Year Mortgage article titled “The Solution” to get some tips on how to handle family spending with your children of all ages.

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