I have heard it so many times from parents that raising kids is very expensive nowadays or that it’s very expensive to live a quality life. But what do you mean by quality life? Latest iPhone, cars or a big house? Or are you talking about all the medical fees, strollers, car seats, cribs, swings, wipes, diapers, food (endless food).
It’s difficult to fulfil wants (because they are unlimited), but necessities have a limit and so does your income. Understanding the balance could ensure that you are providing your kids with every necessity and even some of their wants too.
Needs vs. Wants
Well, from where shall I start? When your kids are toddlers, it’s the food, medical, wipes, and diapers, but then, it’s the Day care, K-12, college, university.
Some kids like to participate in sports at school that requires additional gear. So basically, your child’s education, food, clothing, and any extra curricular activity at school can be categorised as necessary for your child. In fact, every parent knows this thing. But what parents don’t understand is that neither they, nor their kids need the latest smartphone, or a bigger and more luxurious car, if they already have a phone or car that’s serving the purpose quite fine, already.
I might sound like a ruthless mother with no ambitions, but in reality, I am probably doing my family a favour.
We don’t have a 55-inch smart TV in our lounge, nor do my kids have the latest iPhone 6s. The sedan parked in the garage is fully-paid for, and our mortgage is also near its maturity. This allows me and my husband to focus entirely on our kids’ schooling, medical and extracurriculars.
People, from a century ago, would be flabbergasted to see how middle class people in 2016 are living an extravagant life with attached garages, smart TVs hanging on the walls, and latest smartphones.
We are getting closer to the verge of insanity with so much being considered as “necessities”. Raising a kids hasn’t turned expensive, it’s actually the expectations that have risen over time.
I urge you to understand what “needs” to be done. My husband and I do focus on retirement and savings for emergencies, and even vacations. But do we keep ourselves up-to-date with the latest technology? Not we don’t. Just imagine getting yourself a $749 iPhone, when your previous iPhone 5s is doing the job pretty well.
The struggle is real. To have an Audi, or a brand new home in Florida, all that from a single salary, just stop, I can’t do that.
But we can’t judge what’s going on in others’ lives. Some people maybe swiping their credit cards too often to afford all these seasonal furnishings, or they may have been working on a business from years that’s finally starting to payback. It’s also possible that both parents are working and earning handsome salaries.
So STOP comparing yourself with others. You need to understand what are your earnings and what are your needs. It’s that simple!
Inculcate the right values
To minimise your chid’s demands for new gadgets (which is perhaps one major budget-breaker), you need to educate them with the tech game. It may sound naïve, but just take this example. Compare iPhone 6S with its precedent. The new model has got a better 12 megapixel camera (8 megapixels for iPhone 6), TouchForce (which detects pressure on the touch display) and slightly faster processor. These are just a few nuances and nothing breakthrough. You are no better-off upgrading to the newest iPhone.
You need to help your kids understand these things that it doesn’t matter which smartphone they are using, as long as it’s doing the job.
Also, iPhone isn’t the only smartphone around. If you child wants a phone with high-end specs, you can also go for different Android smartphones that may cost you around 200-250 dollars.
Lastly, inculcate values in your child that would encourage them to pursue a career, rather than being ostentatious. Stick to a parental control app like TrackMyFone, because It won’t be troubling your already-constrained budget.
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