Phyllis Diller once quipped:
“I want my children to have all the things I couldn’t afford. Then I want to move in with them.”
A recent T. Rowe Price poll found:
46% of parents have gone into debt to pay for something their kids wanted.
That’s no joke.
The same poll found:
58% of parents worry they spoil their children.
57% of kids say they expect their parents to buy them what they want.
If you find yourself on the wrong half of any of those statistics, ask yourself why.
- Competition? Are you trying to keep up with what other parents are buying their kids?
- Guilt? Are you feeling guilty about not spending enough time with your kids? Trying to compensate with purchases?
- No structure? Does spending on your children lack structure? Handing over money willy-nilly? Do you have a system for keeping wants in check? A budget-based allowance?
- No ownership? Are there opportunities for your kids to earn their own income? Spending your money is easy. Spending their own money? Much tougher.
After all, if you’re going to be moving in with your kids, you better teach them the money skills they’ll need to afford you.
Get tomorrow’s tip here.