Keep to your budget as you spoil your kids this spring

Not even the best researchers know if the kids are really all right, yet. But, what we do have data on is that parents are spending to buoy the spirits of their youth.

At the heart of this, parents of school-aged children (including those in university), are simply trying to lighten the mood, and buy a bit of happiness for their kids. As a mother and a personal finance writer, I wholeheartedly understand the rationale, and have a few frugal suggestions to ensure that, if you feel it’s the right thing to do to spoil your kids a bit right now, you’ve got ideas to keep you on budget, and spend on items that can legitimately improve the mental health of your children.

Wellness purchases

There are four dimensions of wellness for youth; physical, psychological, social and environmental. When they are a bit older (over age 8), financial wellness adds one more dimension. If your intention as a parent is to move the needle on improving your child’s overall wellness, I’d suggest focusing your purchases on these dimensions of wellness. Here are a handful of examples:

Physical — New outdoor sneakers for walking or running, a bicycle or scooter or a skipping rope (this is all the craze on TikTok, btw) might be just the gear needed to get your youth moving.

Psychological — Subscribe them to a meditation app like Headspace or Calm, hire them a motivational coach or download age-appropriate books about youth empowerment. If they need to talk to a therapist, book a series of sessions.

Social — Help your child stay connected with friends and family. That could mean getting them a device (refurbished is fine), or paying for them to join a virtual class for photography, bodybuilding, music, etc.

Environmental — Do they need an improved space for learning, like an ergonomic chair, a desk versus the dining room table, or noise cancelling headphones so that they can concentrate on their studies? Would adding physical books to their space improve their frequency of reading? You could even buy an outdoor chair just for them to enjoy some fresh air daily. A great way for kids to feel great about themselves is learning to care for their physical environment, like tidying up and maintaining their possessions, tending to their part of the garden, etc.

When they’re ready to learn about money, give them an allowance and a youth bank account so that they have the autonomy to manage their small pot of money, and you can give them some pro tips on budgeting. A great starting point for an allowance is to give your child one dollar per year of their age. So, an eight-year-old would get $8 per week. An 18-year-old would get $18 per week. Adjust as you see fit.

Lean into their learning

What is your child interested in learning right now? Are they watching YouTube videos on how to code their own video games, baking up a storm in the kitchen, enjoying playing the piano or guitar, colouring, painting or building Lego creations? Why not embrace whatever they are learning by focusing your spending here. I appreciate that a new computer or trumpet might not be part of your budget, but explore the second-hand market for these items as a way to lower costs. And when it comes to helping your child succeed with their school learning, work with their school to understand the best resources and equipment that your child needs, which might include spending money on a great tutor. There are numerous grants and scholarships for children right now when it comes to learning equipment, so Google what’s available in your area.

Experiences

I don’t know if Canadians of any age have ever been so grateful for spring in our lifetimes. For youth, it’s the opportunity to get outdoors and try new things. There are piles of safe activities your child can participate in, such as biking, kayaking, canoeing, running, barbecuing, swimming, gardening, camping, virtual concerts and aquarium visits and more. You may even consider taking your whole family out of town and to a bed and breakfast somewhere you have never been before. Before you purchase water skis and a boat, I’d highly recommend renting, to ensure your youth really likes the activity, prior to any big investments.

Nothing beats spending quality time with your youth, and that costs nothing. But, what will negatively impact your time together is if you’re totally stressed out because you’ve maxed out your credit cards on a new car for your teen. Balancing your financial wellness with spending on things that will make your youth happy and healthy is key.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.