Children are expensive to keep and we often have to make tough financial decisions as to whether we should be buying them things or not. It can be hard to refuse when they ask for things or need things and as their parents, we feel like we should be providing them with everything. However, when they start asking for things that we cannot afford it gets even more difficult. We might start to wonder whether we are letting them down by not giving them everything and perhaps considering whether loans are the answer. So, if your child asks you for an expensive computer, what is the right thing to do?
Do they need it?
It is worth checking first to see whether you child really needs a computer. Consider whether you already have one in the house that they could use or if they have a mobile devise or something like that which they might be able to use instead. It is worth thinking about what they want it for. It could be that they want to use it to play games or have fun with or that they want or need it for school. If they want it for school then you will probably feel that it is more of a priority than if they want it to play with. Obviously, computer skills are useful and even if they are just playing, they will be building up some skills. However, it is worth noting that they will learn some basic skills in school anyway and so there will be no need for you to worry that they will not get this.
Will a cheaper one do?
Children often want the latest model, the fastest or the trendiest things and this can mean that parents might end up paying a lot more than necessary for the things that they buy for them. It is wise to find out exactly what functions the child wants from their computer and then you will be able to buy one that will fit that specification without being overly expensive. It is worth comparing different prices at different places so that you can make sure that you are not paying too much for it. You will find that there are some brands that will be much more expensive than others and you may not get anything more from them but just have to pay all of that extra money.
Can it wait?
It is worth considering whether you can wait for a while before buying the computer. This could give you the time that you need to save up the money to afford it, rather than you having to borrow. Whether you can wait will depend on what the computer is for as this will establish how urgent it is. Even if you cannot wait too long, so you will still have to borrow money to pay for it, it can be worth trying to save up some money. This is because loans cost money and if you can borrow less, then they will be cheaper.
What is the best loan?
If you do decide to borrow the money then it is worth looking at the different loans in order to choose which is the best for you to consider. There are lots of lenders and by comparing them you will find that their interest rates differ as well as the other costs of borrowing from them. There are loans that last different amounts of time, lend different amounts of money and have different repayment requirements. It is worth understanding what is available so that you can think about which will be the best for you. You will be best to focus on how easy it will be for you to manage the repayments, whether the loan is good value for money and if you can afford it.
Once you have thought about all of these things you will be able to make the decision as to whether getting a loan is a good idea. How important the computer is and how useful it will be will be a good starting point. Then you need to think about how you will pay for it and whether you are happy with those options and if they seem managable for you. If you feel that you will not be able to keep up with the repayments then it is best to forget about the idea of getting a computer. It can seem hard refusing your child but it is something that every parent has to do at one time or another. No parent has limitless amounts of money and there will always be a time when they want to buy their child something but they just cannot afford it. The children also learn a lesson about how they cannot always have what they want and that they have to live within their means.