Tuesday, November 30, 2021
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Do your children drive you to buy impulses?

Do your children drive you to buy impulses?

As parents, we are committed to giving our children the world. But our desire to please our children can drive us into debt if we are not careful.

In a recent survey by CouponFollow, 38% of parents said they would very likely make an unplanned purchase for a child. Meanwhile, 73% said they would moderately or very likely make a purchase for a child on a whim. If you have been known to do the same, you could face serious financial problems.

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Innocent purchases can add

As a parent who hates saying no to his children for reasonable wishes, I can sympathize with the idea of ​​wanting to make your children happy. But blowing up your budget to make it happen is a step that can hurt your personal finances.

Too many impulse purchases can cause you to incur debt or force you to dip into your savings when you have to leave that money for emergencies. And it’s just not worth doing.

In the end, when I make impulse purchases for my children, it is not at their request. I would rather see something I think they will like or need, and buy it, especially if there is a discount.

But there have been plenty of times where I have driven my kids home from some activity and we pass the ice cream shop, which led to someone inevitably yelling, “Can we get some?” And I have a hard time saying no to that. I mean, it’s ice cream. It’s not like they’re asking for Ferraris.

But one month, I checked my credit card bill and found that I had actually spent about $ 80 on unplanned ice cream treats. It came as a big shock – and made me reconsider my budget.

Budget for impulse buys in advance

Today, I have actually earmarked money each month for child-related impulse purchases. What I decided to do was spend a little less on family entertainment to free up money for the random child requests that can be easily added.

Instead of spending $ 100 visiting a zoo or museum as a day trip, my family now makes a small excursion that way each month. Instead, I pamper my kids with little things along the way, and it’s a change that seems to work for them. Honestly, they do not even notice that we have replaced a more expensive excursion per month with a free activity like hiking. And it’s better for my wallet too.

If you tend to spend money impulsively on your children, you can rework your budget to allow these purchases. It’s hard to say no to your kids, and if you can afford to accommodate the occasional reasonable request, there’s no reason not to. The key is to make sure you do not hurt your family’s finances while delighting the little creatures you love with all your heart.

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