There is such a huge amount of pressure on parents nowadays to ensure that their child is no different to young Master or Miss Jones, next door. If they have it, chances are you will not want your child to go without, and whatever it is, you will eventually succumb and get it for them.

This mentality has become more and more prevalent since the 1990s and is actually potentially damaging to the child in the long run. This is especially so if you are having to get yourself into debt in order to afford the extra luxuries for your child.

Obviously, such borrowers recommend that it is the duty of the parent to provide their child with everything they can in life, but research shows that this 'silver spoon' attitude does not adequately prepare your child for the world they will face when they eventually fly the nest.

When a child has become accustomed to getting everything their heart desired for the last 18 years, and not having to work for it and appreciate the true value of things, it does go without saying that the real world is going to prove to be a massive shock for them.

By all means, no-one propagates the idea of making your child work for everything they receive in life, but finding a balance here is always a good idea. This means having them undertake choirs and work within the home: this allows them to learn how they can earn money in the future to afford the luxuries in life.

Most importantly, though, you should never get yourself into debt in order to afford the non-essential luxuries for your child. If you cannot afford it - simple - they cannot have it until you can. This is another lesson in life that would never do any harm for your child to learn early on.