My children sometimes question why I won't buy them everything they want. "You can afford it, so why don't you buy it for us?" they ask. I explain to them that just because I have enough money to pay for something doesn't mean it's the best use of my money. I tell them about trade-offs -- that if I buy them every toy or treat they want, our family will have less money for other things, such as vacations (which they love) or clothing (which they need).
In You Can Afford It. But Should You Spend It? on SavingAdvice.com, Jennifer Derrick writes, "Even if you’re financially comfortable, you should never stop questioning the best uses of your money. You should always be evaluating the trade-offs you’ll be making for any purchase." This is especially important when you have a family and your financial decisions affect others. For more advice on family finances and tips on teaching kids about money, here's what personal finance bloggers are writing:
Your Take: Loans for Daycare? [Bargaineering]
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"It’s an interesting idea with some big implications."
From 0 to 18: Frugal Tips for Every Year of Your Child’s Life [Wise Bread]
"Drawing on years of my experience and those of my parenting friends, here are tips on saving for each year of your child's life."
Teaching Your Kids About Personal Finance [Financial Highway]
"Experts in psychology, child development, and personal finance cite a number of attitudes, activities, and techniques that any parent can use to strengthen a child’s ability to deal with dollars and cents in positive and constructive ways."
Creative Ways Kids Can Make Money [Mint Life]
"I guarantee you at least one of these following 11 ideas will be new to you. And your kid!"
Your Perspective on Money Changes ... When You’re Paying the Bills [Enemy of Debt]
"My son looked at me like he didn’t believe what he was hearing. He believed that his parents have an unlimited source of money."
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