Parents Slow to Cut Spending on Kids
Categories: Money & Work, In The News, Extreme Childhood
The recession hasn't curbed parents' spending on their kids. Credit: boopsie.daisy, Flickr
American families spent about $9.7 billion dollars less on clothing and shoes as compared to a year earlier, but the kids aren't wearing hand-me-downs, according to The Wall Street Journal. In fact, the Consumer Expenditure Survey, conducted by the United States Labor Department, revealed that parents paid out the same amount on kids younger than 16 as they did the year before.
Older teenagers and grown-ups got the shaft, though -- according to the survey, spending on clothing and shoes for males and females older than 16 declined.
Mom and Dad are still shelling out the big bucks to keep their kids entertained as well. The Journal reported that families spent $2,834 apiece in that category, which includes spending on toys, hobbies, pets and playground equipment. In fact, families spent an average of $144 more than they did the year prior.The study also indicated that families may be staying home more often; spending on audiovisual equipment increased by $50 annually, while monies allocated to fees and admissions declined by $42.
So just how are parents stretching their dollars? They're cutting out alcohol and tobacco products. The average family spent $317 on smoking products last year, down from $323 in 2007. They also spent an average of $13 less on booze, The Journal reported.
Are you cutting back on your own personal or household spending so you don't have to cut back on spending for the kids?
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Reader Comments (Page 1 of 1)
Elizabeth 10-12-2009 @ 10:43PM
I'm wondering why parents aren't cutting back on things like cell phones for children. First of all, I don't think kids need cell phones, especially in elementary school. High schoolers and those junior high students who have a lot of after school activities might warrant one, but certainly not a personal phone for each child. I mean, if the kids are on their parents' phone plan, that's like an extra $50 per kid right there. Kids got along just fine without cell phones for years, and in tough times, it seems like that should be the first thing to go.
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Myself 10-13-2009 @ 10:59AM
If you spend a little time on it saving money on adult purchases isn't that hard. Not fun but not impossible. But to say no to your kids opens you up to not only guilt, but the feeling that your short-changing them, and therefore not a good parent. It's hard to live with that.
www.theplanetofus.com
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Katrina 10-13-2009 @ 12:03PM
No, not all extra lines for children cost 50 dollars. Most family plans, which my husband and I have shared since long before we were married, offer additional lines for 10.00 a piece. My mothers plan with a differnet company is the same. I don't agree with cell phones for kids, even teenagers for chatting and texting use, but in this world i think its important for parents to have a life line to their children. Thats why blocking texting and specifying allowed numbers is the best way to go.
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Red73 10-13-2009 @ 12:11PM
I would probably cut back on my own stuff before my kids, not that I think there is anything wrong with kids going without things, it build character. I posted on truuconfessions,com about how I was feeling guilty about a large purchase (large for me at least) we are going to make for the kids this Christmas. It seems wrong somehow.
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Melissa 10-13-2009 @ 2:05PM
I certainly spend more on my daughter than I do on myself, but there are certain things I won't go without for myself. I get my nails done twice a month, and I feel guilty for it, but it's something I feel I have to do, because it makes me look more professional than if I just had my raggedy non polished nails lol. To calm my guilt, I paint her nails myself. I used to get pedicures once a month but I cut that to cut spending. I got rid of my expensive cell plan and went with a cheaper no contract one, that's the same price every month, no overage charges and what not. I did cut way back, though, for both of us, but I do tend to spend more on her than I do on myself, I think most people do that with their kids, right?
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CLM 10-13-2009 @ 3:17PM
I haven't cut back on spending for my kids, but only because I've already been shopping at consignment stores, swapping baby clothes with friends, etc., since the kids were born. Maybe it's because I have twins. It's one thing to buy that cute little $30 outfit at the Gap, but when you have to shell out for two of them, it tends to make you stop and think. The only things we "spend big" on are memberships to the zoo and the children's museum.
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SKL 10-13-2009 @ 5:54PM
I buy more stuff for my kids because . . . they grow! And ideally, I don't.
I don't have time to shop around a lot, especially since I have to take my two tots with me everywhere. And I have a very slim kid who can't just wear anything. So no, I don't go to second-hand shops much, but I shop only where things are modestly priced and/or on a good sale. But what the heck, I have to buy them both coats; they are 3 and can't get another year out of the size 18 mos that they wore the last two years; and they certainly can't take turns being warm here in Snow-Belt USA. For myself, I haven't bought a coat in at least 10 years.
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queenoqueens 10-13-2009 @ 11:20PM
My kids don't even look like they belong to me. I buy them the good stuff, and I'm dressed in rags. And my husband...forget about it. He's lucky he has clothes at all.
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Jamie 10-14-2009 @ 2:47PM
I do spend less on my children. They are under the age of 5 and I think that helps. I don't have to worry about fashion or gaming systems yet. I do not dress to the 9s as I stay home. My Husband dresses nice, but at a discount price. We shop at thrift stores and on Craigslist. We curb any unnecessary spending so that we can save up money and purchase big ticket items with cash. We could be set for at least one year with no income. In this economy, spending less is security and I like that.
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