It’s no secret that having kids will cost you a mini fortune. If you’re like many parents, you want to find ways to save money raising your children. Savvy, experienced parents know many ways to cut corners and save money on their child rearing costs. Less experienced and new parents may be looking for some suggestions to save money.
Here is a very short list of 5 ways to save money raising your children:
1 – There are a few prominent expenses when children are born, one of them being diapers. Parents have reported online, spending almost double the amount for disposable diapers over reusable diapers during approximately 2 years of diapering. This can add up to significant savings. A couple of things to consider when choosing reusable diapers is the initial cost which can set you back several hundred dollars and there may be additional costs as they grow. Plus you have to make sure that washing diapers is something you are willing to do regularly throughout the diapering period. Talking with other parents about their cloth diapering experience can help you decide if this is the right cutback to make.
2 – Another major expense for newborns is obviously food. You could opt for store bought formula and spend additional money feeding baby, or you could weigh the options of saving money initially on infant food by choosing to breastfeed your child. This is a very personal decision which only you can make, saving money isn’t everything.
3 – I was the youngest child and naturally received the hand me down clothes from my older sister. This may work for multi-child families, or families with same sex kids, but what if this is your first or only child? Second-hand store, and buy and sell apps are an alternate to older sibling hand me downs. Another idea for lowering clothing costs is attending clothing swap parties with other parents of similar aged kids. Knowing your prices and buying used can help save you money on your children’s clothing costs.
4 – Child care costs can severely eat away at your employment earnings. Consider talking with your employer to telecommute, or you could venture into your own home based business (blogging has worked for many parents). This will not only allow you to care for your child and spend time together, but you’ll also save on daycare fees too. With the minimum wage hikes, saving on child care may become a bigger priority for parents (especially in Ontario) due to rising costs of daycare.
5 – Kids really don’t need every toy out there. In fact, a child’s development benefits from having unstructured play time. Offering opportunities for ‘free play” helps kids learn essential social skills, cope with stressful situations and develop crucial problem-solving skills. Next time you reach for that new toy in store or go to add one to your shopping cart, think art, nature, and dress up play instead.
Do you have any money saving ideas for raising kids to add to this list?