This morning I was on the Andrew Castle breakfast show on LBC Radio talking about PayDay Loans and Christmas spending. It was another interesting subject for discussion. I have previously been on the same show speaking about teaching your child the value of money.
I have to say that I could never get one of those PayDay loans. You know, the ones you see advertised during daytime TV where the people who aren’t working are enticed in with the promise of money if you have bad credit and everything will be OK! Well hold on a minute, isn’t the fact that people have bad credit the whole problem here?! Surely there should be measures in place to STOP this out of control spending.
I have been in debt for a long time. There is such a thing as financial abuse within a relationship and unfortunately I came to be in this situation with my ex. Of course, an element of this is my own fault and now, even if I could get a credit card, I wouldn’t. They are evil!
There is a new survey out conducted by the Co-op that states that parents are planning to cut back on Christmas parties and nights out so they can spend more on presents for their children. They found that around £145 will be spent on presents for each child this year, 10% more than a year ago. The poll of 2,000 adults also showed that most mothers would splash out more if they could afford to.
The research revealed that people will spend an average of £336 on Christmas this year, slightly less than last year despite the extra money on children’s presents.
I am in a tricky situation. I am one of 7 children so all of Grace’s Aunties and Uncles will buy her a Christmas present and so will my Mum and Ross’ parents and Ross’ sister. I am not with Grace’s father so she will get another set of presents from him. THEN it happens all over it again the following week when Grace has her birthday on 2nd January. I do my best to curb my spending and try and make her birthday the main event but, with Christmas being so very commercial, her birthday does get overlooked somewhat and then I feel bad for her.
I tend to encourage people to give Grace money for either Christmas or Birthday so that I can then put it toward the activities she asks to take part in. This year it was ice skating and, because we are no longer near a rink, she has decided she would like to try horse riding (being a massive horse fan I am secretly very excited about this!). But riding lessons aren’t cheap. I was preparing myself for £25 an hour and one of my sisters tells me that where she lives it is £38! Thankfully the stables near us are £16.50 an hour but even that is a lot of money to fork out.
I am doing everything in my power to ensure Grace isn’t spoilt. I restrict our review of items on the blog and always explain to her that I have to write about the company in return for what they have sent us. It is my way of paying for them. I really want her to understand that you need to work for what you get and that things aren’t just given to you on a plate. I also want to make sure that she respects the things she does have and looks after them, they are not ‘throw away’ and they have to be earned.
This weekend we shall be clearing out her bedroom of all the things she has outgrown – this includes toys and clothes – and we shall be making sure that they go to charity so that other children can enjoy them like she has. My Mum regularly buys things from charity shops and gives them to Grace. This is another way of helping her see that other children have enjoyed them before she has.
Spending will be curbed this Christmas. I will endeavour to help Grace understand the value of money and that things are earned not expected.
If you would like to listen again then you can to the LBC podcast page here.
What’s your take on this? How much are you going to spend on Christmas? Do you think our kids are spoilt?