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My 10 year old daughter is obsessed with Littlest Pet Shop...and she isn't the only one. There is a whole group of kids and adults in love with these toys (lead by youtube videos). Especially the older toys that are no longer on the market. Now they sell the old used ones on ebay for INSANE prices.
There is one toy that was originally about $5 and its selling for $70. My daughter wants to use her own money to buy it.
I am on the fence. I just really, really, really don't approve of supporting that kind of fleecing. I mean, if they were collectibles and would go up in value, I could see it. But...these are toys she will play with and will not increase in value.
But it is "her money". Should I really control what she spends it on (short of things that really aren't age appropriate).
There is one toy that was originally about $5 and its selling for $70. My daughter wants to use her own money to buy it.
...
Should I really control what she spends it on (short of things that really aren't age appropriate).
Here's how I see it:
If it's not actually worth that much, then no, I would not allow her to buy it.
If it IS worth that much, she can buy it, but only if she understands it's a collectible and she cannot play with it.
He wants a Lego that is $1000 (bc of lack of availability).
He is saving for it and we had to have a sit down and discuss that just because you can afford to pay for something doesn't mean it's worth the money.
[By no means am I implying that this five-year-old can afford to spend $1,000 on the Lego. It's just that when it came up I decided it was time to talk about that. He spent 14 months picking up dog poop and saving to buy another Lego (much less expensive), so he is learning quickly about money.]
He is very into prices and costs and I offered to sell him a piece of candy for $20. He expressed how ridiculous that was. And how that was 5 weeks of poop picking. Then he made the connection and had the light bulb moment.
At the end of the day, if it's age-appropriate, I won't stand in the way of him buying anything. He works for his cash (this isn't birthday money - all gifted cash goes in his 529). But I will ensure he understands the consequences and weighs the opportunity cost.
Kids at that age typically buy things that are not really worth it. How much money does she have access to? Maybe you can tell her to allot her money to separate things and what she "has" for wants she can buy. Maybe something like 25% savings, 25% needs, 10% gifts and/or charities and 40% wants...or however you think would be best. But whatever she has for her wants is hers to do as she pleases...just teach her the value of a dollar. Example if she gets 5 dollars a week in allowance tell her that "one" toy will cost her 14 weeks, 98 days, or 2352 hours Ask her if she thinks that is worth it?
My 10 year old daughter is obsessed with Littlest Pet Shop...and she isn't the only one. There is a whole group of kids and adults in love with these toys (lead by youtube videos). Especially the older toys that are no longer on the market. Now they sell the old used ones on ebay for INSANE prices.
There is one toy that was originally about $5 and its selling for $70. My daughter wants to use her own money to buy it.
I am on the fence. I just really, really, really don't approve of supporting that kind of fleecing. I mean, if they were collectibles and would go up in value, I could see it. But...these are toys she will play with and will not increase in value.
But it is "her money". Should I really control what she spends it on (short of things that really aren't age appropriate).
Thoughts?
My thought is you're between a rock and a hard place. Maybe a different toy that's less expensive? Probably not what she wants though, right? Maybe let her buy it and learn a lesson, although that's hard to watch. I don't know; there's probably no good answer.
I'm split. It's her money and could be a good lesson on blowing your money on something that isn't really worth it. I would probably state my case and then let her decide how to spend her money and explain that if she spends it now that means she won't have it later.
In general, it's her money so let her purchase it. Although it's difficult to let our children learn hard lessons, I think this is a good time to let her learn one about money and choices in spending money. $70 is a relatively small amount for her (you) to pay for that lesson.
HFB, it's also not too early to start talking about how her money can make its own money by being invested.
If you're comfortable with it, you can show her some of your investment accounts and explain the idea of passive income.
It's a big hit over here at the stan4 household.
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But whatever she has for her wants is hers to do as she pleases...just teach her the value of a dollar. Example if she gets 5 dollars a week in allowance tell her that "one" toy will cost her 14 weeks, 98 days, or 2352 hours
