Raising children can be financially taxing on the part of parents. Buying clothes, kids toys, food and other items can be quite expensive. It’s good if you have excess money but in times where we face economic problems, it’s best if we learn how to use our money wisely and to save money on the cost of children.
A magazine once published that it costs more than $6,700 to raise a child during his or her first year. It’s pretty amazing, isn’t it? So here are six ways in which you can save money on the cost of raising children:
6 Ways to Save Money on the Cost of Children:
1. Try so save on formula.
The use of formula is usually the most expensive aspect of having a baby. Parents usually think that using the more expensive brand of formula is a wiser move. Did you know that generic formula milk has almost the same ingredients as the branded one? It is also regulated by the FDA and costs 30% less than the branded formula. So think twice next time.
2. Save Money on diapers.
Another baby essential that uses up a big amount of money is your baby’s diapers. Parents think that branded diapers are of better quality (which they usually do). But there are other cheaper brands which are actually of good quality. If you’re using the expensive diaper, why not try to convert and see the difference? You can save up to 40 percent of your money.
3. Be wise when it comes to buying your baby’s gear.
Baby gear such as strollers, car seats, high chairs, among many others may add up. Remember that each of these baby items usually cost more than $100. So instead of buying a brand new stroller for your baby, why not borrow your sister’s old stroller? Hand me downs are a practical choice. Another good thing about them is that if you’re baby doesn’t like them (or you don’t), you can simply return them without wasting your money.
4. Save Money on baby’s clothes.
Try to avoid buying brand new clothes for your baby, unless really necessary. Try to limit them only to the basic clothing. You can ask for hand me downs from your friends and relatives who used to have kids. In fact, you might even get gifts from them so you can have a lot of clothes for your baby. It’s very simple to save money on baby’s clothes!
5. Buy only a few toys.
Keep your baby’s toys and books limited. Remember, you can easily ask for second-hand toys and books from people you know. Your baby will just play with them or even easily destroy them so you can actually save on clutter and money!
As you can see, there are a few different ways you can save on the cost of your children. Be creative, go used, and think about saving whenever possible.