Wednesday, January 12, 2011

5 Tips to Save Dollars While Raising Your Children

5 Tips to save dollars while raising your children 

Raising a child is indeed a costly affair. Right from the birth of your child to paying for your child’s higher education, it is quite expensive. However, it is not as difficult to save money as it seems to be. Here are 5 tips which you can follow to save money while raising your children. It will help you manage your personal finances better and you can save amount for the child’s future.

My Children Are My Life!
  1. Buy certain items second hand
You need to purchase a variety of items when you wait to welcome your baby. It is advisable that you shop for second hand items such as, crib, stroller, toys, etc. However, while doing so, make sure you don’t compromise where safety in involved. For example, while buying a crib check whether or not it satisfies safety regulations. You should also purchase limited items. Do not clutter your home with items your baby won’t require or play with. So, make a list of necessary items, purchase them first and then buy others if your budget permits you to do so. You can also ask second hand items from your family and friends who don’t require them anymore.  
  1. Save money on clothing
Many parents spend a considerable amount on buying clothes for their children. Instead of looking for your baby’s clothes in branded shops, you can look for similar items in discount stores. If you have more than one child, then the younger one can wear some clothes of the older one that are on good condition.  
  1. Make your children share rooms
Allotting rooms for your children is one of the major decisions you’ve to make as it can be expensive. If you don’t have the required number of rooms for each and every child you have, you can ask your children to share rooms for the time being, instead of looking for a bigger house. If you have two daughters of near about same age, then they can easily share a room. Likewise, the brothers can share rooms, too. You can also remodel some portions of your house, if required. It’ll be a relatively cheaper alternative than looking for a comparatively bigger house.  
  1. Avoid buying items on impulse
Your child will always ask for new items if you fulfill their demands all the time. Moreover, they’ll become spoilt, too. So, be strict and restrict giving presents only on certain occasions such as, on your child’s birthday, during Christmas and New Year, etc. Apart from saving money, you’ll be able to teach your child how to appreciate the value of money.  
  1. Save on kid’s extracurricular activities
The parents may have to spend a lot on the children’s extracurricular activities. It is quite expensive to get your child involved in a number of activities. So, talk with your child and get him/her involved in 2-3 activities that he/she likes most instead of involving your little ones to 6-7 activities. Apart from saving a substantial amount of money, it’ll help your child to excel in the activities he/she really likes to do. If an activity requires purchasing equipments, you can always buy the used ones (which are of acceptable quality) from second hand shops.  

Last but not the least, teach your kids the value of money right from childhood. To do so, give pocket money to your children and ask them to save as much as they can. Also encourage your children to earn money. Sometimes, you can ask your children to clean the house and offer them $5-6 for the work. In this way, you can save money and your children will learn the value of money from childhood. In turn, it’ll help them manage their personal finances better in their future. 



Jennifer said...

We do most of the above, though sharing rooms was not an option with an 8 year old boy and a newborn girl. He'd never sleep for school!

Renovating a small mobile home was out, too, so we got a bigger, nicer house.

We get loads second hand (for free) toys clothes and more from the family kids.

However, car seats should NEVER be bought used. There's no way of telling if it's been in an accident - even a fender bender could stress parts of the seat and make it unsafe for future use!

Gina Alfani said...

Awesome post!

Beautiful children . . . gorgeous eyes :)

Thanks for following my blog Fabulous Frugalista. I'm a long time follower and love your blog!

Have a beautiful day . . . Gina