Children are bundles of joy and bring so much love, but they can also bring financial burdens onto a family. You hear all the time how expensive they are, which deters some people from having children either for a while, or altogether. There are many ways to save money on raising a kid, but here are just 9 of them:
- Don’t Move: When many parents find out their having a baby, one of the first things they do is start searching for a new place to live. Hold that thought! Don’t start depleting our funds for a down payment or a security deposit just yet. Do you really need to move? Chances are, where you’re living right now is just fine, at least for the first couple of years. Your newborn doesn’t need their own room right away, so take some time to save up before you decide you need a change in scenery.
- Don’t Upgrade: Another thing new parents start considering is a new method of transportation. If your car was good enough to get you from point A to point B, you’re more than likely to have a good enough car for your child. This is, unless, you have a two seater or a motorcycle, then obviously things need to change. If you have a sedan, you’re just fine. You should only look into getting a new vehicle if you’ve got more kids than you have room in your car.
- Ask for Help: So many parents are overwhelmed yet too prideful to ask for help. Your family and friends are probably more than willing to help you out, whether it’s with babysitting, childcare, or even hand me downs. They can’t read your minds, so if you need assistance, let your loved ones know and watch the support pour in.
- Borrow: You don’t not need brand new things for your kid. Especially as a baby, they won’t know the difference between you going out to Babys R Us and you borrowing it from a neighbor. Borrow things like baby gates and high chairs, which can be really expensive and only used for a certain period of time. You can save a lot of money this way.
- Choose Public School: I recently watched a documentary on how aggressive it is in New York’s Upper East Side to get your toddler into a private daycare. It was absolutely ridiculous, especially when I started hearing tuition numbers I wouldn’t pay for college, let alone for nursery school. As a child who went to both public and private schools, I suggest choosing a public school. Tuition at such an early age will put you in debt, and you can get your child the A grade education you’re looking for with tutors and helping them with their education yourself or programs online.
- Don’t Spoil: I can say this because I was spoiled by my mom growing up. When you have a kid, don’t spoil them by giving them every single thing they want. Focus on the things they need and require to live a safe and healthy life. Friends and family will jump at the chance to spoil them with toys and games. Your child will go through those things so fast, your ROI is almost immediately 0 once you walk out the store with it. Just focus on providing the necessities for your kid.
- Go Green: A lot of child raising can be wasteful. Think of the amount of diapers people go through alone. I’ve heard from many moms that cloth diapers have saved them hundreds of dollars a month. Reusing items is the best way to save money, both in the short term and long term.
- Stay at Home: Many parents go from DINKS (dual income no kids) to both parents working and paying an enormous amount on childcare. If your budget can handle it, you should consider one parent staying home and the other parent bringing in the household income. Really sit down and consider the pros and cons to see if it’s doable. Childcare is not cheap, but who’s a better teacher and sitter than the child’s own parent?
- Bargain Shop: Babies products and supplies can be absolutely ridiculous in price, and that’s because companies know parents will go all out for their kids. Instead, shop around and bargain shop. I’m not saying be cheap, but don’t pay top dollar just because.