Raising kids doesn’t have to leave you singing for your supper – via Shutterstock
A few weeks ago, MSN had an interesting article on how to cut the cost of raising kids in half. According to the U.S. Department of Agriculture, the cost of raising a child in 2013 is $241,080, not including the cost of pregnancy or college. That number is staggering, but it doesn’t have to be that way. We’ve rehashed the best tips from the article, so your kids won’t have to sing for their supper.
5 Ways to Cut the Cost of Raising Kids
- Buy Your Home: Property values are on the rise, so purchasing your home is an investment for the future. If your property taxes seem too high, call your county and ask how you can fight them. If you aren’t in a position to buy, negotiate lower rent with your landlord by offering to do work in exchange. Mow the lawn, repaint walls, make small repairs or do other odd jobs that don’t cost you anything but can save the property owner time and hassle.
- Free childcare: In 2011, only 25% of families relied on organized facilities for child care. The rest used stay or work at home parents, relatives, friends, school programs or low-cost babysitters. If you do not have access to free childcare, then pit providers against each other to get the best possible price.
- Baby’s Gotta Eat: Kids eat a lot of food. Save cash by buying generic, price matching, couponing, and buying in bulk. Cooking from scratch is cheaper than buying premade or prepackaged, and is also healthier.
- Getting Around: The best way to save on car buying is to buy used. Buying a car that’s only a year old can save 20%. If you really want the latest model, make dealers negotiate a new car with each other so you can save without hassle.
- Redecorating: According to the article, the higher the income, the more parents spent. Just because you have the money, doesn’t mean you have to spend it. When shopping for furniture, appliances and electronics, consider scratch and dent, refurbished or slightly used options. Kids will spill on, knock over and drop anyway – so why buy brand new? And when it comes to small repairs or maintenance, a little elbow grease can go a long way. Cancel the landscaper and mow or weed yourself, and watch YouTube videos on how to change an A/C filter or snake a drain.
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
I have two tips.
1. Buy kids clothes at the local thrift stores, Salvation Army, Goodwill, freecycle and garage sales. When they are really little they outgrow they clothes so fast it doesn’t pay to spend a ton of money on them when they won’t wear it long. The only exception to this is shoes. Always buy shoes new, especially when they are just learning how to walk.
2. Books. Look for library book sales as well as books at garage sales. When my kids were just trying to figure out what they liked and didn’t like the library sales were wonderful. Get an $8 book for 50 cents and, if they don’t like it I could donate it back and I don’t feel like I have wasted a ton of money.
@evie, I love these ideas! Thanks for sharing!
We did #1 and now I’m working on #5! I just subscribed to Family Handyman magazine 🙂
Awesome, @Julie! Congrats!
Breast feeding , using cheap diapers st daycare since they change the kids every hour no matter what and using diapers at night that don’t leak(save on laundry ).
We did try cloth diapers however the water & power bill went up enough for it to be not cost effective.
Garage sales are the best for clothes, movies & toys!
@Sam, That is interesting about the cloth diapers – I always hear they are cheaper. Good to know!
@Sam and @Megan We use cloth diapers and it does save us money in the long run, even considering utilities and detergent. It helps that we are using the diapers on our second.
A great way my parents saved money on my siblings and I was to help us earn our own money to pay for some of our own things. After I turned 14 I started paying for my own clothes. At 16 I bought my own car and paid for my own gas and maintenance. Looking back I am glad they did. I learned business skills at a young age and learned how to make money. I have never struggled to make good money since.
@Steven, this is GREAT advice. My parents did the same thing with me. If I wanted a new bike or to go to a movie, I had to work for it by mowing lawns or babysitting. It taught me the importance of budgeting and hard work! Thanks for sharing!