When it comes to spending money on your children there can be mixed feelings about different expenses depending on your family. Some parents expect to pay their children’s way through college, while some believe that their kids will do better in college if they have to pay their own way.
You want to make sure your children have the things they need to have a good life, but you also don’t want to spoil them. You want them to learn the meaning of a dollar and the importance of making decisions on wants and needs. Here are a few things you just might want to let your kids pay for themselves.
Their First Car
Just because your teen got their driver’s license doesn’t mean they need to own a car. The insurance for a teen driver can be fairly expensive too. If you are going to buy them a car then you should have them pay for their insurance.
If you really want to teach your child the importance of a dollar, you may want to have them apply for their own auto loan. They shouldn’t be getting their own vehicle if they don’t have a job to drive it to anyone, so trying this out won’t hurt a thing. It’s a good way to build their credit too.
Their College Education
If you’ve been saving up since your child was conceived just to pay their way through college, maybe it’s an OK thing to do. However, it seems as though many people believe that having their kids pay their own way will force them to better focus and do well in college.
Not all parents even have the money to pay for college for their kids. And, if you have more than one child you are looking at footing out even more money. Pushing them more in their high school years could lead to grants and scholarships that will greatly cut down on the cost of college for all parties involved.
Gaming Systems And Sports
If your kid likes to have fun, whether it’s staring at a computer or TV screen with a controller in hand or tossing a football around on a field, you know that they are entering into a hobby that could be expensive. While you can give them gift money toward such things, having them invest in their own hobbies is a great way to teach them about money and what is important.
Many schools even have pay-to-play sports these days. While fitness is important during these formative years, sports aren’t a must. Teach your kid to save up allowance in order to pay their own way onto the team.