10 Useful Tips to Save Money While Raising Kids without Compromising
Raising kids is an expensive affair. Even few hundred dollars can evaporate like nothing in front of our eyes. It’s amazing how our little ones can turn our lives upside down. We could just be a mere spectator to outgoing cash. So, how do we save money while raising kids without compromising on their needs?
Consider Homemade Toys
First up, frugal living does not mean that you have to live in poverty. It’s all about making some smart choices. There are plenty of DIY videos out there that can help you make your own toys with paper, plastic, or some other homemade stuff. Believe it or not, some of the best toys in your kid’s closet could prove to be the free ones. So, homemade toys can make their playtime fun with no cost to your wallet.
Save Money on Diapers
Diapers are a necessity for our kids. For newborn and little older kids, you will have to spend a lot of money on diapers every single month. So, stockpiling is the way to go over here. Reserve some space somewhere in your house so that you can stockpile the diapers to get them at discounted rates. Jump on the Internet, and you will find plenty of coupons and deals on just about every diaper brand out there. Also, stockpiling will give you the luxury to purchase diapers only when they are sold at a discount.
Swapping books with other parents is surely a win-win situation. The logistics of a book swap may require some effort on your part, but it would be worth it. If your kid is an avid reader, you can get him/her hours of entertainment at a local library at the cost of the library card. So, there are many ways to expand your kid’s reading materials without compromising on his/her upbringing and without digging a hole in your wallet. You may also consider swapping your kid’s toys.
Save on Family Fuel Bills
Waste of electricity is a waste of money. Teach kids to turn off game consoles, TVs, and other electronic items when not in use, even if they were to play them later. Also, limit their time online. You will not only be saving on electricity, but you will also get them to play real games. The savings from the utility bill will definitely add up, a part of which can be used to reward them with little luxuries.
Ditch the Brands
Luxury brands come at a luxurious cost. They may not necessarily add more value than a low-cost item but may be worse on your wallet. Brand loyalty is fine if you can afford to cast a blind eye to your wallet. Don’t let the brands trick you into believing that the higher the cost, the better is the product. So, don’t overpay anyone. Everything adds up, so be a smart shopper. Make sure that you get what you pay for.
Save on Education Costs
Do you know how many scholarships go unclaimed every year? Believe it or not, thousands of scholarships go unclaimed every year. In the past, loads of parents cited that lack of knowledge and resources are the leading causes for not taking advantage of these scholarship programs. With the advent of Internet, this should not be a problem anymore. There are bunch loads of sites that can give one access to an endless number of scholarships available to students at the click of a mouse. So, it makes sense to take advantage of the technology to save on education cost.
Have a Proper Family Budget
It’s easy to stretch a budget when you don’t have one. Having a budget in mind helps one physiologically. A healthy family budget not only makes room for necessary items but also curbs all the undesirable expenses. Also, getting kids involved in budget planning can make them budget conscious as they would understand that there is a set spending limit on anything and everything.
Pay off your Debts Soon
Loads of parents out there attempt to save money for the child’s future while being in debt. This approach doesn’t really help. When a person has both debt and savings, a person is bound to overspend. He/she could be saving quite less than the actual capacity while spending more on debts. So, it helps to eradicate debt before one starts savings because debts generally cost more than what savings could potentially earn. There
Get Cheap Kids Clothing
Lots of money can go on clothing as kids have the uncanny ability to outgrow their clothes quite quickly. So, you will feel the need to get them new clothes sooner than you expect. Your best bet would be to grab cheap kids clothing from online outlets. There are online stores operated from big brands to sell their last season stock at rock bottom prices for the sake of clearance. Also, make it a habit to buy one size up, so that you don’t have to go shopping for them very often.
As you can see, spending less doesn’t have to make anyone’s life miserable. Some degree of planning and smart shopping can go a long way in helping you raise happy kids without compromising on their needs. That being said, you might have to grind a bit to give your kids the best of everything you can when the budget is tight. It’s a worthwhile shot for a worthwhile cause since we all want our kids to have a memorable childhood without being bothered about our tight finances.