Tuesday, September 6, 2011

Saving Money Is A Choice?

An opinion piece by Jerry

My wife and I finished buying our children's clothes and school supplies 2 weeks ago.  It was a lot of money to spend in one weekend, and there is more to come with school fees and the fall sports/activities registration coming up.  In fact we have found mid August to mid September to be more expensive than Christmas for our family.

We are fairly frugal, and my wife is amazing with a budget.  Before we did any clothes shopping she went through the kids current clothes to see what still fits and the shape of the clothes.  None of them had much of a growth spurt this last year, so many of the clothes can be worn again, those that didn't fit were given to friends that could use them or to goodwill.  There were a few new things they needed, so we made a list.  We went to Old Navy and stuck to the list.  Old Navy carries its own brand and doesn't carry popular brand name clothing, but the quality and prices are decent, although we did notice price increases over last year.

We purchased school supplies through our local school.  They have a program where the teachers list all the supplies needed and the school will do then through a supplier and just have the supplies available the week before school starts for pick up.  The price is actually quite good, so we went with the school program, but still had to buy supplies for our other 2 kids.  We ended up doing Staples for the remaining 2 because the whole selection was there and the prices were pretty much what we wanted.  We bought our oldest one brand name binder that cost 4 times as much as the regular binders, but everything else was purchased on the inexpensive side.

We ended up spending about $700 for 4 kids' school clothes and supplies for the new school year.  It could have been much more, but that was a big enough hit to our budget that we are glad we were able to keep it down.

Compare this to a close friend's family.  She has 3 kids in school and spent about just over $1,000 on clothing and supplies.  When we were talking with here about costs she asked us how we kept the costs down.  She also then explained to us how she felt it was important for kids to have brand name items to feel good about themselves.  When we talked about buying a $17 hoodie vs and brand name one for $55 the difference in costs became quickly apparent, but our friend says she just can't see reducing the purchases because of the types of clothes she wants her kids to wear.

We have had the same discussion with other people about birthday parties.  We did what is now the standard party of having 8 to 12 kids, pizza, a birthday cake, and then goody bags worth about $6 to $10 for each attendee.  We ended up spending over $200 without even including the price of the gift.  With as many kids as we have my wife and I decided that we needed to do something different that would not impact our budget as much.

We now offer our kids $100 cash for their birthdays along with 1 friend for a sleepover.  They get our family dinner of the b-day child's choice (often Kraft Dinner, sometimes spaghetti) and a movie rental of the b-day child's choice, along with popcorn.  Plus they get their gift.  For each additional child they want for the sleepover they get $25 less, until at 5 kids they get no cash.  We still make the party fun with activities and games and a great homemade cake, but we don't do goody bags unless they are taking home a craft they made at the party.

We have heard from friends that they wish they could do what we do, but they feel obligated to do the $200 party because their kids' friends do those types of parties.  They feel like it will make their children feel bad to do less or different than the other kids.  I'm not sold on that.  We have decided that clothes, school supplies and birthday parties are not a competition.  Our kids are involved in community activities and groups. Do we need to spend more money on these other areas too?  I think it doesn't hurt to lets kids know there are budgets and limits to what they can have or what we as parents can do for them. 

Let me know your thoughts about spending on kids.  Jerry

4 comments:

  1. What drives me crazy is the extras like hot lunch fundraisers, or the amount we have to pay for every field trip, or even some of the classes now. I pay a lot of taxes and you would think taxes should cover those costs. My kids is hoping to go on a big trip with the band and we have told him he can't go. It just costs too much, and I know other parents have said the same thing, but there is peer pressure from parents about how much we are depriving our son because we aren't sending him to a foreign country at 14 years old. It's too much! We can't save for university and spend a couple of thousand on a band trip too.

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  2. I'm disappointed that you would put money over the value of your children's education and sense of worth. Schools do a lot of important things for our children, and the extras matter to help them develop into well rounded individuals. Not paying for them to go on the band trip means they will be left out of that great experience and may mean they get picked on. It is the same with buying cheap clothes, backpacks or binders. It's important to instil confidence in our children so they can deal with bullies and overbearing employers. Choosing the cheapest clothing or activities shows how much your really value them, and they recognize that. I would hope you seriously reconsider how you spend money on your children. It's important for us as parents to provide these things to our children, because if we don't, who will?

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  3. Good grief, 'A loving mother' needs to get a life. To equate one's self worth on clothes, activities, and trips proves just how far our society has fallen. All our children want is our time.
    To 'Broke Parent', choosing to save for University should always trump spending for the present. There's only so much money to go around-when our daughter wanted to go on a trip with the 'Travel Club' we gave her a choice-go on the school trip or we would make a substantial contribution to her RESP. She chose the RESP because she she'd rather be debt free after graduating college than having debt before she even starts her career.

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  4. Dear Loving Mother, I appreciate your comments about investing time and money in your kids to help them have confidence when going out into the world. I firmly believe that is important as well.

    Everyone has a different budget and different ideas about how to best help their kids grow up and develop. With my family budget we make choices about what we are doing as a family and as individuals, and sometimes we choose to do things that cost less than the activity we would really like to choose. This year as a family we chose to purchase a family swim pass at the local pool instead of going to Calaway Park. We only allocate a certain amount to those types of activities and it ended up being a choice between the two, and we chose the swimming pool. Other families are able to do more activities based on the budget they have and what they choose to do. I'm happy for them if they can do that and I'm happy for you that you are able to do that as well. I'm sure your children enjoy the experiences that you help them have, just like I enjoyed the ones my parents gave me. Jerry

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