Recently, our two youngest boys came to me very excited. Something they wanted was on sale – today only! They had discussed it at length (a solid five minutes, I’m sure) and decided that they would like to pool their money to purchase it. They eagerly asked me if it was okay.
See how studious these two are, always sitting still,
focused while carefully writing scripture? Mmmhmmm.
I had mixed feelings. The boring mom in me knew that they definitely didn’t need the item. But the fun mom in me knows it’s okay to spend a little money on fun sometimes. Our boys are all very good savers. They rarely spend their hard earned money or birthday money, and in fact, they rarely even ask to spend it. I knew that since they were asking, and since they’d already discussed how to go in on it together, the purchase was important to them.
So, the non-decisive mom in me said, “Let’s talk to Dad and see what he thinks.” Then the practical mom in me asked a thought provoking question:
If this item wasn’t on sale, would you still want it this badly? Or do you just think you want it because it’s on sale today?
It started a great discussion, which of course ended with the boys asking, “um, so can we buy it?” Clearly, I had been able to make my nine and twelve year old think deeply, and offered them life-lessons that they’ll take with them long into adulthood.
After talking it over with Dad, we came to the decision that since it was such a huge discount, and only totaled $5, their purchase sounded like a fun idea this time. While five dollars doesn’t sound like a big deal, and while it might seem that our dilemma and discussion was silly over such a small amount – we feel that every financial decision needs to be talked through, especially at their ages. Throwing money at this and that is a great way to end up with an empty wallet. We felt it was important to take advantage of that teachable moment.
So how about we adults? What factors into our decisions as we decide what to spend our money on? Do you frequently make impulse purchases, buying something that is on sale whether you need it or not?
We’ve been talking recently about budgeting and the envelope system as we all work together to let Budget Focus get our finances on track. I’d love to hear what helps you process your spending decisions. Also, I’d love to hear from those of you who have taken advantage of the free 14-day trial at Budget Focus. Have you plugged in all your numbers into their simple budgeting and online envelope system? I encourage you all to check out what Budget Focus has to offer. You can try it for free, and their pricing packages are worth paying for as a way to help you get your budget organized and running smoothly.
How do you help your kids make a purchasing decision?
Lana says
Our children are all adults now. When they were growing up we pretty much allowed them to spend their money as they wished with some guidance thrown in. We felt that it is good to allow them to make mistakes and learn from them. All five of them are excellent money managers now that they are adults so I guess it worked!
ms.p says
My daughter gets to spend her money they way she wants but within guidelines. One day we were in the store we talking and she said I got to make sure I pay for the needs first before my wants. She 12 and i was proud. But my other daughter is spender and she just moved out so time will tell.
julie says
Great topic! We try to let them buy what they want with money they earn but definitely give guidance. They are not big spenders though and usually save it. As for myself I’ve really had to work on this. I used to buy stuff because I had coupons but finally realized that those small purchases added up. I rarely coupon anymore since we are eating mostly real food and cooking from scratch thanks to you! I am a sucker for amazon though and really have to control myself on there.
Jolene says
I agree, it is very important to teach kids about money and saving. Our older daughter, now 15, saved and earned money to pay for her own ipod. She watched ebay and amazon like crazy for that thing to go on sale, but she hasn’t lost or broken it. She remembers the hard work that went into that purchase. I am dying of curiosity over here. What did they purchase?
Danielle B says
LOL. I VERY curious myself!
Danielle B says
I’m*
Lisa says
I agree! She left us hanging there! =)
Laura says
Mostly because I didn’t quite “get” what they were wanting to purchase, and was therefore unable to describe it in a blog post. It was something that would “benefit” their Minecraft play, or Epicraft, or something. (Online game) That’s another reason I differed to Dad, so that he could look at it with them to see if it was “worth it”. I’m sure this was all as clear as mud.
Melony Dever says
I found it interesting to read about how other families negotiate these type of parenting experiences. We have a 3 day waiting period for purchases. It gives the children a chance to really consider their purchase. There have been times where they spend that money 12 times over during the wait so clearly they shouldn’t buy that particular item.