Birthday party expenses are better spent elsewhere

Birthday party expenses are better spent elsewhere
Don't blow your money on pricey parties. (Source: Pixabay)

(WWBT) - Surprising data show birthday parties are more expensive than people may realize.

Between the presents and the parties, how much did you spend on your child's last birthday?

More than 25 percent of parents surveyed by said they spent more than $500 on their child's first birthday, and the spending doesn't stop there.

Data from show seven out of 10 American parents spend more than $300 on their kids' parties, and one in seven say they spend more than $1,000. That doesn't even count the gifts.

That may not be a problem for wealthy families, but a T. Rowe Price study found nearly half of American parents admitted they had added debt to buy something their kids wanted.

It doesn't make sense to charge a pricey birthday party to your credit card, unless you know you can pay it off right away.

Instead, scale down the celebration a bit. Have your child take a friend or two out for pizza, a movie or for something fun like a game of putt-putt golf or bowling.

Or throw the party at home with homemade decorations, games and a cake.

Those $400 birthday parties are over in an hour or two, but add up to thousands spend over a childhood.

Think of what that kind of money could mean to your child's college fund or your own retirement fund.

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