Call me cheapskate, I don't really spend much on my children. Even when my wife and I buy toys or clothes for them, we think REAL hard.

Okay, to be fair, we do spend on items that we think are important like books. But not thousands of dollars on your child’s first and second birthdays.

Are you spending too much on your children and sacrifice your own needs like retirement?

If you are, you may want to do something about it. Trent of The Simple Dollar has written an excellent article on this.

But first, does spending less on your child mean you don’t love him?

Trent has this to say, “My job as a parent is to love my child, yes. But another big part of my job as a parent - and perhaps even more important - is to teach my child how to be a successful, functional person.”

In the article, you’ll find out Trent’s five basic principles about money, for parents:

1. If I can’t explain the reasoning behind a purchase to my child, then I won’t make the purchase.
2. I look strongly at how financial moves will affect my family now and later.
3. I involve my children in all financial choices as early as possible.
4. I don’t spend money on him without a clear purpose.
5. I use the smile factor to judge if his childhood is in fact a happy one.
   

• Teaching Children About Money

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