Telltale signs your kids are draining your budget

The pressure to splurge on your kids hits early. Whether they’re pushing a $1,200 stroller “system” or a $300 game console, retailers work superhard to tell parents one thing: your kids’ love can be easily bought with a $150 American Girl doll (accessories not included). If you’re worried that spending money on your kids is draining your budget, look out for a few telltale signs . . .

You keep up with the Jones’ birthday parties: Birthday party envy is real, but the truth is that a lot of kids would be just fine at home with cake, pizza and a game of pin the tail on the donkey. Try taming your birthday budget by holding it at home and just keeping it to a small group of kids.

Your kids are dressed like Harper Beckham: According to a recent U.K. survey, 94 per cent of women say they spend more on their kids’ clothes than on their own. Namebrand clothes can cost a lot more than what you find at Costco or Joe Fresh — and while the more expensive duds might be built to last, kids grow out of them fast. Cut spending by mixing cheaper things with higher-end buys, and check out secondhand stores as well.

You don’t need a password to make purchases on your phone: In-app purchases are a curse on parents everywhere. Let your child quietly play on your phone and — bam! — you get an iTunes receipt for 30 bucks.

A lot of games encourage players to buy tokens or access to different levels, and the kids don’t even know it costs them money.

Make sure your smart phone requires a password for purchases, so your kids don’t download any costly surprises.

You bought a wipe warmer: The baby accessory industry is out of control: there are a million and one useless yet expensive items (such as a $300 cashmere baby sweater I once saw at a boutique on Queen St. — for real!).

New babies don’t need or want a lot of expensive toys and gadgets — the moment is short-lived, so enjoy it while you can (this will change as soon as they learn the words “I want”).

You take hungry kids grocery shopping: This is a ticket to meltdown central — after all, it’s hard enough for hungry adults to navigate a grocery store without overspending, let alone doing this with a 6-year-old.

Feed the kids before you head out and, as a backup, give them a snack to hang on to in the cart.

It might not completely eliminate tantrums in the cookie aisle, but it will sure help.

You’re willing to break the bank to send them to any university they want: In 2013-2014, the average cost of a year’s tuition at a Canadian university was $5,581.

And that doesn’t include residence, food, books and other living costs. If you can afford to foot the bill and still save for retirement, great — but if you’re like a lot of Canadians, you might not be able to pay for it all. Instead of taking out a second mortgage or dipping into your retirement savings, be realistic with your kids about what you can afford — and what they’ll be expected to bring to the table in the form of savings and scholarships.

Your adult kid lives at home — and doesn’t pay for anything: If your boomerang child is back home, you shouldn’t have to foot the bill for everything.

Set expectations up front about what he or she should contribute to the household budget.