Doing this one thing almost guarantees you'll spend more money than you want to investinyou (In partnership with acorns.)
Overspending seems to pair with another behavior: keeping secrets. About a third of parents don't tell their partners when they go into debt, Simpson says. They also don't tell their children.Once you've chosen college and music lessons as important goals, set aside money on a regular basis, says Ken Moraif, a certified financial planner and senior advisor at Money Matters in Plano, Texas.
Some public schools have specialty programs, such as the International Baccalaureate, that make them worth considering. Religiously affiliated schools may offer appropriate programs and cost less than other private schools.Everyone needs a vacation, Hoffman says, recalling some favorite memories of leaky tents and crowded station wagon seating from his own childhood. A Disney trip would have been fabulous, "but it wasn't in the cards for my family," he said.
Overspending on extravagant vacations at the cost of more pressing things is a huge mistake, Hoffman says. There are activities and getaways to suit a range of family budgets, without turning to credit card financing and the resulting debt.Celebrating a birthday or milestone should not break the bank. "It's not about outdoing your neighbors or having Instagrammable pictures to post on social media," Hoffman said.
That means your subscriptions to Netflix, HBO and the Disney Channel can add up. Once you throw in the monthly cellphone bills and some concert tickets, costs can spiral out of control. Recurring monthly expenses can derail your plans, Hoffman said. "Parents often need to just say no," he said. "Buy what your budget allows, and spend the time teaching your children about the value of money and how much luxury products actually cost."
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