I meet with individuals every day who are struggling with their finances. In my meetings with hundreds if not thousands of people I have noticed a consistent theme.
KIDS CAN BANKRUPT YOU!!
Now I am not advocating against having kids, I am urging parents to rember the power of the word "no." I have had far to many clients tell me that they are spending thousands of dollars each year on hockey, gymnastics, or a number of other activities. If I point out that the cost is not necessary and suggest removing it from their expenses I often receive the same reaction...."We could never do that little Sally just loves it."
I urge parents everywhere to make a budget and see if your children's wants fit in after necessary living expenses are taken into consideration. If there is room in the budget feel free to send jr to baseball camp. But if the money isn't there explain to jr that baseball camp isn't in the cards this year. It is not only an opportunity for parents to stay on track financiall, it is a great lesson for kids that money is a fixed resource. Perhaps jr can work to pay for the camp himself (if he is old enough) or perhaps he plays baseball in the back yard this summer. Whichever occurs, saying no if there are not enough funds will maintain your family's financial health and teach your child financial responsibility as well. So, don't be afraid to say no to your children.
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