It's no secret that raising children can be expensive. Luckily, there are a lot of frugal ways to give them a wonderful life while still keeping your budget in check. These tips on How to Save Money on the Kids are a great place to start.
Kids are a blessing, but they can also be incredibly expensive. If you aren’t paying attention to things, you could nearly go bankrupt trying to cater to their needs and wants. With enough care, you can still provide for your kids and give them a comfortable life filled with the things that they want. Finding savings on your kids isn’t hard, it only takes a little bit of thinking outside of the box. Learn how with these tips on How to Save Money on the Kids.
How to Save Money on the Kids
Teach them well. The biggest way that you can save money on your kids is by teaching them the true meaning of want vs. need. If they know how to tell the difference, they will be less inclined to ask for everything under the sun. Aside from saving you money, you’ll also be teaching them how to manage their own money once they get older and that is a valuable lesson that every parent should be teaching.
Don’t cook special meals. One thing that is common, especially in families with small children, is to fix the kids something different to eat than the adults are having. This can lead to a lot of issues, but the biggest one will be in your grocery budget. Instead, make a new rule that says that everyone eats the same thing. Your budget will thank you and you’ll spend less time in the kitchen cooking.
Gift them only at holidays, but reward them often. Too many of us fall into the trap of buying our kids gifts when it isn’t a holiday or their birthday. While giving to your kids isn’t a bad thing, doing it so often that they come to expect it is horrible for your budget. Instead, reserve gifting only for major occasions and instead, reward them with small treats often. Day trips to the park, an ice cream cone, movie night and more can all be done cheaply and will be enjoyed just as much or more than that expensive gift.
Skip the new and buy used. Kids wear their clothes, shoes and most toys out so quickly that it makes little financial sense to buy those things new. Instead, shop quality secondhand shops and save the new items for special occasions like holidays or birthdays and the start of school. Even when you do buy things like clothing new, consider only buying a couple of new outfits and the rest secondhand. Your kids won’t care and your budget will be happier.
Save on family fun. Kids need to be kept active but those activities don’t need to be expensive. Hanging out at the park one day, having a backyard camp out, or a BBQ with a few friends who have kids are all great ideas. For things, such as lessons and classes, using a site like Groupon or something like the Entertainment Book can help save a bundle.
Don’t pay them to be a part of the family. This might be controversial to some, but your kids are part of your family. This means that for regular chores such as dishes or cleaning their room they should not be paid. The reasoning behind this is that they are a part of your family and as such, they should be expected to help the same way that other family members are.
But allow them to earn their own money. Giving your kids an allowance is fine, as is paying them for doing chores that are not regular (such as washing the car or babysitting) and doing so will allow them to earn their own money. When you stop paying them for being a part of the family but allow them to get paid for doing extra, you’ll not only teach them but you’ll save yourself money in the long run.