Parenthood is expensive. To raise a kid with all the opportunities that they deserve, the costs can be astronomical. It’s no wonder that parents struggle to make ends meet, even with government help. Every parent, no matter how well off, needs to be smarter with their money. Every penny saved can go towards their future (and yours), which is why you should spare your pennies with these great budget tips:
Buy in Bulk
Buying in bulk is a great way to enjoy wholesale prices amongst all your friends. You can work out what you all need at the next parent committee meeting, for example, and help everyone get what they need from wholesalers like DHgate. Minimum orders aren’t massive, either, meaning you can buy a bulk of ten for other parents and save all around. Combine the wholesale prices with a DHgate coupon and bring that price down further so that all parents in your community can have the essential items for their families for less.
Become a Coupon Wizard
Coupons and discount codes are your secret weapon and can be used in so many more places than just a wholesaler. Try it with everything. If it’s a big enough company, then the chances that there are secret discounts out there and easy to find online are quite high. All you need is to look before checkout.
Always price compare as well. The discount code might make a “cheaper” option more expensive, or it might bring down the price down to the average. There are browser extensions that make it easy to find if there is a cheaper version for the same product. Use this, then check to see if there is a discount code to enjoy the most affordable version of the product you need.
Prep Food with the Family
Food waste is costly, so one of the best ways you can bond with your family and save money is by prepping food. You can prep ingredients (for example, a super yummy spaghetti sauce) or entire meals. Working together as a family, you can save a lot of time while bonding and teaching your kids key essential life skills.
Set a schedule for when you eat the food you’ve prepped or learn some preserving methods like jarring or canning to make your efforts last and not end up in the garbage.
DIY Toys and Activities
Kids are imaginative, and they don’t need the latest gadget to have fun no matter what they tell you. Find easy activities to do online. This could be by making their own toys, or just by creating new games to show their friends. It’s good to get kids off of electronics and using their imaginations and playing with other kids. While they’re having fun, you can breathe a sigh of relief that they’re not trying to guilt-trip you into buying yet another expensive game or console.
Get Outdoors More
As a family, the best budget-friendly way to spend time together and stay healthy is to get outside more. Go on walks, go swimming, or even bike rides. Check to see if there are membership deals to help you enjoy these activities and save or take advantage of any parks or paths near your home for an easy zero-cost day out.
Keep Birthdays Simple
If you’re concerned about the price, you could dread birthdays. Use free or low-cost activities for kids’ parties, such as organizing a sleepover with pizza and cake or spending the day at the beach. If your child has their heart set on a certain location, you might be able to save money by making a reservation during a low-demand period or organizing a collaborative party with another child and splitting the cost. Smaller guest lists need less planning and might help families save money.
Giving Secondhand a Chance
New children’s apparel and footwear purchases can be costly errors. Simple money-saving advice for families includes visiting thrift stores, yard sales, consignment shops, and having a clothing swap with another family. To purchase and sell stuff locally, you may also check out internet marketplaces. You can also see what people are offering on social media in your area’s local deals group. The clothing, shoes, toys, books, and other items your kids outgrow can all be sold at these same places.
Whether your children participate in sports or other extracurricular activities, buying used is another option to cut down on household expenses. If you’re unsure that your child will continue playing music in the long run, you might want to think about leasing musical equipment.
Plan Ahead from Holidays
If you’re considering how to save money while raising a family, start planning for the holidays early to prevent a late-year shopping rush. Have a spending limit for gifts, which is often between $400 and $600. Have a distinct savings account for these funds as well, and budget a certain sum of money to deposit into the account each pay period in order to meet your savings target.
Another approach to find savings while looking for ways to reduce household spending is to shop earlier in the year. If you prefer online shopping, you may be able to save money on gifts during the summer on some websites’ special deals.
Be wary if you intend to swipe a card for your holiday shopping. You might utilize your reward along with a cash back rewards debit card to reduce your family’s spending in the coming year. If you’re using credit to make purchases, keep in mind to create a budget to prevent overspending. To prevent paying interest, only spend what you can afford to pay for in whole.
Hack your Housing Costs
There are various family money-saving techniques that might help you cut these costs since housing is probably your family’s biggest expense. A programmable thermostat could be installed to save your heating and cooling expenses. Turn off the air conditioning when not in use or program the thermostat to automatically lower the temperature when you leave the house. Your monthly payment could be reduced by refinancing your mortgage for even greater potential savings.
If you want to reduce your family’s spending on living expenses, you can consider downsizing to a smaller home or rental—possibly after one or more children have left for college. You may also think about renting out a room on a vacation rental website as a way to make money from your home. Be sure it’s legal by checking your local housing regulations if you’re thinking about taking this path. Short-term rentals are subject to limitations in many cities, counties, and municipalities.
It’s not only for parents to learn how to conserve money while raising a family. Regular budget talks are another way to involve kids. You may discuss the fundamentals of spending and saving without going into all the specifics of your income or costs. When they are older and starting their own families, the lessons kids learn about money now may come in helpful.