A child always watches his parent. A very spendthrift person will spend and buy things irresponsibly. If we spend too much money and buy things on a spree the child will take that example. Children often have wardrobes full of expensive clothes which they don't even wear. This is our fault. We are buying them the dresses. Actually we need to limit our expenditure. The moment we stop buying unreasonably the children too learn the value of money.
Reminds me of a relative who is a doctor and has half a dozen sthethoscopes, BP instruments and weighing scales, when I ask where is the need for this , she says she likes to have at least half dozen of everything so that it is close at hand ...Her son has similar taste, dozens of sports shoes, which clutter the house and expensive badminton rackets etc etc...I know it is their money and they can afford to spend but it somehow reflects bad taste and a lax attitude where there is no value for things !