Don't Waste Your Money: Foolish ways to spend money on kids - Toledo News Now, Breaking News, Weather, Sports, Toledo

Don't Waste Your Money: Foolish ways to spend money on kids

Posted: Updated:
According to Bankrate, spoiling kids early and often turns them into spoiled adults, who don't understand the value of a dollar. According to Bankrate, spoiling kids early and often turns them into spoiled adults, who don't understand the value of a dollar.

(Toledo News Now) - If you are a parent, you've probably made quite a few impulse purchases for your kids. It's tough to say no, but there are some items we buy for them that we shouldn't, no matter how much they beg.

Face it: We love our kids.    

If you are a parent, there's nothing you won't do to help your children. But a new report says some of the things we do for them, and spend money on, are dumb, and will not help them in the long run.

So Hard to Say No

It's hard to resist a child when all they want is a little toy or candy bar they see on a trip through the store. But Bankrate says those are among the dumbest ways we spend money on kids, which teaches them poor values later in life.

Its "dumb spending" list includes:

  • Buying expensive brands for kids under 10. They won't appreciate the difference, but will want more expensive things when they grow up. 
  • Making impulse purchases in stores. It's no big deal when its a $5 toy car, but will be later in life when it's a $300 handbag. 
  • Overspending on weddings. Bankrate says many parents shell out $20,000 they don't have, hurting their retirement savings.

It says to be honest with what you can afford.

Doesn't That Stink?

And from the "doesn't that stink" file, the dumbest way to spend money on kids: Splurging on their dream college, when you really can't afford it.

If you are 60 and have no retirement fund, thanks to thousands of dollars in college expenses, you'll say "doesn't that stink?"

Bankrate says let your teen know early on how much college you can and can't afford.

Yes, you love your kids, but Bankrate says spoiling them early and often just turns them into spoiled adults, who won't understand the value of a dollar. 

Say no on occasion, so you don't waste your money.

Copyright 2012 Toledo News Now. All rights reserved.