Tips for Saving Money When You Have Kids

by Miranda Marquit · 0 comments

Once again, there are reports on how expensive it is to raise a child. Indeed, the cost of raising a child from birth to age 18 is soaring. But does it have to be that way? Are there ways to save money when you have kids? The good news is that there are some things you can do to reduce the cost of raising kids. Raising children is hard, and it can be even harder if you are pressed financially. If you plan, and if you are careful, chances are that you can avoid spending almost $300,000 to raise your child from birth to age 18.

What Do You Really Need?

Your first step is to figure out what you really need to buy for your child. Starting when you have a baby, there is a whole list of things that you “need.” From baby food, to a bouncy chair, to the latest in toys designed to stimulate intelligence, evaluate which items you actually need. There is a whole list of baby-proofing items that you are supposed to need, and different books, toys, and activities that your child is supposed to enjoy as he or she grows up.

Think about which things are truly necessary for your child. Will your three-year-old really live a worthless life if he or she doesn’t start out at an expensive private preschool? Will your 10-year-old be forever scarred if he or she doesn’t have a personal gaming system? Will life end for the teenager without the latest iPhone? Think about the things that your child “needs.” Are they really needs? Or are they extras? You can save a lot by cutting out some of the extras. This doesn’t mean that you child never gets anything fun or frivolous; it just means that you prioritize, and then pick and choose.

Can You Get it Secondhand, or Borrow It?

Next, before you head out and buy something, consider whether or not there is a better way to get it. Could you buy it used? Head to the thrift shop to see if you can find used clothing and toys. There are also programs that allow you to buy secondhand sports equipment, rent musical instruments, and find other ways to reduce costs. Books can be borrowed from the library, as can movies. Before you decide to buy something new, consider whether or not you can get it secondhand or refurbished, or whether you can borrow or rent. It can save you a great deal of money of the life of your child.

Look for Alternative Activities

Another way to save money is to engage in alternative activities that aren’t so expensive. You can save money on vacation, as well as other family activities. Think of what you can do as a family, from game nights to hiking to simple activities that focus on spending time together, and not on spending a lot of money. Look for coupons and promo codes as well. That way you can save money on things that you do.

Bonus Tip:

You can seriously cut your Internet and TV costs. Find a Verizon FiOS promotion code here and you might be able to spend less every month.

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