How do you respond to your children wanting to keep up with the Joneses?

My husband and I are great at budgeting, but we're pretty sick of the whining we hear from our kids when we refuse to buy them an iPhone or Alienware b/c their friends have it. How would you address this issue with your children?

Asked by Kelly

1 Answer

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Answered by Alex Bentley, Financial AdviserPRO+ in Pacific Palisades, CA
I would have them become involved in making smart choices with their and your money. If it is a smaller item, tell them they need to pay with their own money. If it is a larger item, have them pay a certain amount of their own money and pay the rest, but let them know that buying this item means that another item will not be purchased, or perhaps their birthday party will have to be scaled down, or a trip can't be taken. | 07.16.14 @ 19:20
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$commenter.renderDisplayableName() — {comment} | 12.10.16 @ 06:54
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Answered by

Alex Bentley
Alex Bentley, Financial AdviserPRO+ in Pacific Palisades, CA

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