Apple Podcasts
Google Podcasts
Spotify
StitcherParents want to give their kids the best—the toys, the experiences, the memories. But that desire, fueled by pressure to be the “perfect parent,” often leads to overspending and financial stress. In this episode, Jen and Jill explore why this happens, the three main areas parents overspend, and how to take a more mindful approach.
You don’t get to decide your kid’s core memories.
Sponsors:
- Polly pockets. The BEST pocket sized, travel sized toy of the 90’s. Cute, compactible, miniature. And if you love pocket sized – travel sized things then you’ll love our spending planner spreadsheet that is mobile optimized to fit into your pocket-sized, travel sized phone!
Why & Where Parents Overspend
Ameriprise Financial’s survey results show how many parents feel like they have to be perfect, which makes them spend more on their kids even if it means going over budget. This desire therefore becomes one main source of their financial stress.
What Jen + Jill have to say:
Jen reveals that toys are one of the biggest nonessential expenses for parents. Jill adds that this can be rather a problem because it overstimulates kids and limits their creative imagination. Instead of buying brand-new toys, they share a bunch of websites and tips for finding toys in smarter, more frugal ways like BuyNothingProject.org or USA Toy Library Association, and more.
Sports are another area of spending, as organized activities are becoming more expensive. Jill emphasizes it doesn’t have to be one sport per season because too much can lead to fatigue. Jen adds that kids often make more friends when they’re already involved in something. For a more frugal approach, they suggest community recreation classes, scholarships, secondhand sports stuff like playitagainsports.com, and letting kids try new things.
The Most Expensive Expense for Kids
An aspect that parents usually go above and beyond, making it to the top of the list as the most expensive category is Parties. Recent industry data shows that parents spend about $500 per birthday—excluding gifts. So, resetting their expectations and letting them join in more engaging activities like free museum or zoo days, community events, or kids’ workshops is the way to go.
To sum it all up, Jen and Jill remind us that you have permission to say no to things heavily influenced and marketed by social media. Find and follow people who align with your values so you can feel more confident in raising your child in a way that feels right for you.
What was your favorite free activity as a kid?
For Jill, the majority of her childhood is playing outside. Jen’s is playing with barbies as if it’s her community.
Bill of The Week
Thank you Sharlene for sharing your bill about your capsule wardrobe and NOT buying new clothes when starting back at JMU
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
✰✰✰✰✰
Learning that you can choose to live frugally, while still having fun!
Jen and Jill have written a book on finances that everyone can learn something from. Personally, I gained so much wisdom about being content, but not complacent and how to live in the radical middle. Their nonjudgmental, encouraging, and fun approach is like hanging out with your friends, who just happen to know a lot about spending and saving money.
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
