Minimizing the Costs of Having Children
Buy Used
We buy a lot of used merchandise.
Although a product may have been loved by another family before does
not mean that it does not still have a useful life left. This really
keeps down on the high cost of buying new. It seems like the kiddos
are always outgrowing clothes, venturing into new sports, or
requesting new toys. I'm a huge fan of the bi-annual consignment
sales that are often provided by local churches and schools. I assess
the kiddos closets before I go, and I purchase only items I know
that they need. It's important to keep in mind the costs of new items
and make sure you are not overpaying. I also have no shame in haggling when I can. We have had great success
especially buying special occasion outfits, winter coats, boots, one-time or short use items. This is great for items you know will only
be used for a short period of time, such as season items, a holiday dress or fad
toys.
Buy New for Quality
As much as I buy used, I also
learned when to buy new. My girls are particularly rough on shoes so
I like to purchase new shoes. I think it is worth spending a little
more for quality items especially when they will be used every day. I
do, however, limit the number of these items. My girls would have a
dozen shoes each if I let them. They only require, however, one good
pair of sneakers at a time until they are outgrown or demolished.
When I buy new, I do like to shop around and compare prices online
and in-store. I try to get the best pricing and shop sales, use
coupons, and use websites that provide rewards or cash back.
Trade with Friends and Family
It is often the case that you
tend to enter stages of life at the same time as your family and
friends. We definitely made the mistake when our first child was born
in buying a lot of items that we really did not need. The problem
with a lot of baby and children's items is that they are used for a
very short period of time. If you are able to pass down items, trade,
or share items with family and friends, you can save a lot on these
typically single use or short use items – think baby swings, baby
tubs, clothes, etc. If you don't have this network of friends and
family, the consignment model is also an effective way to recoup some
of your costs.
Teach About Experiences
I'm a big fan of having family
experiences instead of buying tangible objects. Anyone who has come to
our home knows that I don't always succeed at this mission, but I try
especially on weekends to encourage experiences over things. I've
also found that our kiddos use their imagination and entertain
themselves longer when they are left to improvise without many toys,
gadgets, and gizmos. If you are looking for ways to save money on
experiences, check out Before Your Next Outing You Must Find Discounted Tickets.
Work Toward a Goal
I learned a valuable lesson when
I was a kid. I really wanted a new gaming system. Instead of getting
it for my birthday or a holiday, my parents told me I could have it
if I accumulated half of the money needed to purchase it on my own. I
did chores and worked small jobs for a long time until I accumulated
the money needed for the system (it took me over a year). It taught me several valuable
lessons. First, if you want something, you need to work for it and
earn it. Second, although I wanted something right away, I had to
wait for it and it had more value to me in waiting for it. Third, I
knew it was something I really wanted because I waited a long time
and still wanted it. Fourth, I was proud of myself because I earned
it. It is important for kids to have goals and to work toward
something. If it is something they want, make sure they want it
enough to work for it, and help them to understand the value of patience and money.
Volunteer
It is also important that
children learn about giving to others. We recently organized a litter
clean up in our neighborhood. My oldest was not thrilled with
spending our Saturday morning picking up trash. After a few minutes
of helping, she was excited to find the next piece of trash and put
it in the bag. It may be the small things in life, but seeing her
participate and be happy about it was really important to me. While I
want my children to be children, it is also important that they
respect the planet and learn how to help others.
Open a Bank Account
Whether your child is involved
with the management of their account or not, it is really important
to open a custodial account for each of your children. If you are
interested in college savings accounts, check out You Haven't Signed Up for 529 Yet? Do It Now! I also have savings accounts and investment accounts for my kiddos.
When they receive money for Christmas, their birthday, or otherwise
earn money, they need to save at least half of the gift in their account. This teaches them to save for the future. Also, I
know that we will not be able to help with all of their future
expenses so this provides a means for them to help their future selves as well, and I
know some day they will be very happy to have access to that money.
Look don't get me wrong, kids are expensive. But it is critical to keep those costs in check with your personal financial goals and it is important that children learn those valuable life lessons too.
Look don't get me wrong, kids are expensive. But it is critical to keep those costs in check with your personal financial goals and it is important that children learn those valuable life lessons too.
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