I think fundamentally to be rich you need to understand value for money. Dressing children in expensive designer clothes is not economically sound. DS would grow out of clothes in weeks. He was dressed in Tescos and Asda clothes until he was at least 10. Then, because he was sporty we moved on to sports direct. It’s only since his late teens that he’s been a bit more label focused but he does like quality.
His best friend’s parents are far wealthier than us but like us don’t waste money. His mum is a good friend of mine and we are currently enjoying shopping on Vinted and eBay for bargains. I bought a pair of linen/silk trousers (poetry) this week for £12. They are £195 new, and the pair I bought are brand new with tags. That means I have £183 to spend on something else, or not spend at all.
We live in an affluent area where until the advent of Vinted, dress agencies were very popular. After wearing an outfit for a wedding it was normal to sell it on if you were unlikely to wear it again.
DS lived in his school sports kit through yrs11-13 so that was cheap. Now he’s in his vintage quality stage it’s up to him. Although he’s still getting the wear out of his school sports kit at uni ( he went on a number of sports tours where their kit was sponsored so he has a lot of it).
I have always encouraged him to buy quality so that it lasts. It’s only the last couple of years that he’s stopped growing and has started to build up a wardrobe.
I prefer to waste money on things that will save me money in the longterm like domestic appliances that are economical to run. In the last 3 years I’ve cut our energy bills by 50% and this has covered the cost of the appliances over 2 years.
Stretching yourself beyond your means ultimately creates debt. 40 years of living within our means has resulted in us being able to retire early on a similar income to what we’ve been used to. Although we no longer have the overheads so have a lot more disposable income. DS may have missed out on designer clothes when he was younger but he doesn’t expect us to indulge him now and often declines the offer of new clothes or gadgets. He usually only has one or two things on his Christmas list and for the last few years has deferred a birthday present until he needs to replace something. Last year he asked for a new Xbox as a joint Xmas/birthday gift.
It has always astonished me how much people spend on Christmas gifts. DS was aware of how much some of his friends received and he always said that he wasn’t interested in lots of stuff. In fact the only thing he is really insistent on at Xmas is Christmas dinner with all the trimmings.
If you bring children up in an environment where they are bought expensive clothes, the latest games consoles and designer trainers they are always going to expect them.