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Are You the Family ATM?
If so, here’s how you can save big when it comes to your little ones.
Raising children means expanding your capacity for patience and love. Unfortunately, it also means expanding your budget. Most middle-income families with two kids in this country will spend an average of $11,500 annually on each child, according to the latest estimates from the U.S. Department of Agriculture. But there are ways to save when it comes to paying for your children’s schooling, clothes and activities. Here, tips from Ellie Kay, author of Living Rich for Less, on how to cut costs, by age and stage.
The Baby and Toddler Years
- Participate in clothing swaps with family or friends, within the community, or with a local moms group. Babies and toddlers outgrow their clothes long before they wear them out, so many of the items you’ll get will be as good as new.
- Find out if your employer offers a flexible spending account, and take advantage of it. An FSA allows you to put away pretax money to cover child-care expenses such as day care, nursery school and medical bills. By spending this income before you’re taxed on it, you save big.
The Elementary School Years
- Pay less for birthday parties by throwing one with a family who has a child who shares the same birthday month as your kid. The children may have a bigger gathering and more fun — at less cost to you.
- Organize a child-care co-op with families in your neighborhood in which you take turns babysitting one another’s kids. For every child you babysit, you get a point or a coupon for each half hour. Then spend the points or coupons you’ve earned when you need a member of the group to take care of your child. This gives you a ready-made network of trusted, available and “free” sitters.
- Regift. There’s no shame in giving away a lovely item that your child received as a gift but already has (or doesn’t need). Keep it in its original packaging and save yourself the time and money you would’ve spent buying a different gift.
- Trade services. If your neighbor gives piano lessons and you teach math, offer to tutor her child if she teaches yours piano. Whatever your talent is, whether it’s interior design or Web design, offer it up in exchange for a comparable service your child needs.
- Find out if your school district offers “dual enrollment.” This is when the district pays for your high schooler (sophomores and older) to attend a community college for both high school and college credit. Another option is for your child to earn college credits by taking advanced placement (AP) courses in high school. The more college credit your child accrues during high school, the earlier he or she can graduate college. This can result in a major savings on college tuition.
- Encourage your kids to loan their stuff out to friends (and vice versa). Teens get bored quickly with their own clothes, bikes and electronics. Let them swap with their friends temporarily, and they’ll spend less on new items.
The Middle School Years
The High School Years
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This information is basically a "no brainer". When I had my first child a close family friend gave us tons and tons of childrens clothing. Enough to last a few years.. I had another child and they are still wearing the clothing.. Much of which I "recycled" and have given back to her brother who has an infant. The clothing is STILL after 4 children in very, very good shape. I finally after 4 yrs. purchased some brand new clothing for my older son. I spent $200.00 at a PRIME OUTLET and got 4 pairs of jeans, 3 pairs of athletic pants & sweats and about 25 different shirts long/short sleeves from OSH COSH, CARTERS and THE CHILDRENS PLACE.. I saved even more by using my AAA card to get a FREE coupon book in the guest services dept..I even got STRIDE-RITE shoes for UNDER $20.00 !
Always always buy year end clearance for the next year. I buy kids clothes 2 sizes bigger than they are the current year!
This is really helpful I think I'm gonna look at how we spend our money a little closer and try some of these ideas!