The Cost of Saying "Yes"

“Please, mom! Please, please, puh-leez!!” It’s hard to keep our emotions from getting the best of us, especially when it comes to our little ones. Their “needs” (or should we say “wants”) are a far cry from what you may remember from your childhood. Not to mention, more expensive. So, how does your child’s asking for the latest and greatest impact the family budget? The cost may be more than you realize.

Almost every child, at some point, has asked for a new puppy. It conjures idyllic imaginations of your new “best friend.” Before you make the plunge into a commitment for a new member of your family, take a moment to consider the cost factors involved. www.PetPlace.com estimates a dog can cost anywhere from $500 to $875 a year. The first year with a brand new puppy is even more expensive at $740 to $1,875. These numbers can vary depending on the size of dog, breed, medical and exercise needs and whether you get the pet from a shelter or breeder.

Even with your child’s well-intentioned promises of dog walks, feedings, baths and clean up, getting a pet is definitely a family decision. Depending on the age of your child(ren), call a family meeting and break down the monthly costs. Then have your kids brainstorm about ways to cover those costs (e.g., odd jobs, cutting down on eating out/entertainment, using coupons for groceries, etc.). The hardest part will be sticking to your budget, but consider the rewards of a new pet and also the lessons of responsibility and ownership.

Music lessons can also take a big bite out of your budget. On average, most piano lessons are $15 to $30 for a half-hour lesson. That’s $780 to $1560 a year. The average half-hour guitar lesson is $20 (or $1,040 a year). Keep in mind this doesn’t take into consideration the cost of an instrument either. Before you make a hasty decision, let a little time pass to see whether this is something your child really wants to do.

There are several ways you can save money on music lessons. Consider renting an instrument. Use sites like www.Craigslist.org or www.Ebay.com to buy a used or refurbished model. Believe it or not, a pawn shop could also garner you a great deal on a basic model. Sites like www.TradingMusician.com can also give you a quote on used equipment. Getting the right instructor for your child will also ensure you are not wasting money. Ask around for recommendations. Music is a life-long skill for a person to enjoy. The discipline required and the exposure to the arts are invaluable, but lessons don’t need to drain your wallet.

Birthday parties are another area that can quickly get out of hand. It’s hard to track the average cost of a birthday party because the range is so vast (a family party with cake and ice cream versus a full-blown carnival with ponies). So how can you keep parties within your budget? Make it a family policy that birthday parties only happen on milestone birthdays (1, 5, 10, etc.). If you have more than one child, alternate birthday parties for the kids. One child has parties on an odd-numbered year, the other only on an even-numbered year. This will give you time to plan ahead.

Looking for more cost-cutting birthday party strategies? Watch for post-holiday sales to stock up on supplies and decorations. Use daily flash sites, like www.Groupon.com, www.Eversave.com or www.Mamapedia.com to take advantage of party-related deals on supplies, decorations and party centers. And, use coupons for food and gifts. The bottom line is only you can determine what’s right for your family when it comes to parties, but don’t give in to the pressure to have a bigger and better party. You can make your child feel special while still staying within your budget.

Let’s also not forget the extreme pull of technology and gadgets on our kids. The claim that “everyone has one” is getting harder to refute. The least expensive iPad is $600+ (monthly data plans can be $30+ a month). A recent search on Amazon shows an iPod touch could be $188 to more than $200. Video consoles like the Wii or an Xbox Kinect are pricey, too.

So what’s a parent to do? Watch for deals on your favorite money-saving websites, like www.MoneySavingMom.com or www.YourRetailHelper.com, for some of the latest deals on video games and gadgets. Also consider buying items used from Ebay, Craigslist or a friend. We recently bought a Wii console with tons of accessories from a friend for only $75. We won’t mind if the kids outgrow it within the year, because we didn’t pay full price. 

Also, resist the urge to make an impulse purchase. Patience can be your friend. This past year, we were able to get a $50 Leapster for only $15 by using Black Friday pricing plus a $10-off coupon.

Still feeling the pressure to buy big? Have your child pay for part of the expense of an electronic item. Tell him you’ll match up to a certain dollar amount and he must pay for maintenance and repairs. If it’s coming out of your child’s own pocket, he’ll be more likely to take ownership of the item. You’ll be guiding your child into a world of stewardship, budgeting and responsibility.

Many of these topics can be very enriching experiences for your kids and family, but they don’t have to break your budget. Think ahead, make a plan and stick to it. When appropriate, involve the kids and have them be a part of the process, too. Think about the lessons they’ll learn!

Anna Bannister is a work-at-home wife and mom of three children (6, 4 and 2 years old). She is dedicated to saving money for her family on all things, including retail. Her money-saving tips and deals can be found at www.YourRetailHelper.com.