How to address your kids’ pricey Christmas lists
Every Christmas, it seems wish lists are getting longer and more expensive.
While parents want to spoil their kids around the holidays, they shouldn’t hurt their finances in the process.
Your child’s request for an $800 phone, or $300 headphones, can be handled in a variety ways.
Use the wish list as a teaching lesson. Counteract the excitement of wanting, with the excitement of how to help others in need.
Explain wants versus needs. It’s OK to say we can’t always get what we want.
Also, look around for used electronics or less expensive brands.
“FitBits are so popular among elementary school kids, but you don’t necessarily have to get the name brand watch that they want. You can shop around for cheaper versions of that, something that’s more in line with your budget,” NerdWallet finance expert Kimberly Palmer says.
Keep in mind, there is also the possibility of a child losing the item. Factor in how much it would cost to replace it.