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It Costs $245k To Raise A Child? 18 Ways Modern Parents Overspend You Should Avoid

It Costs $245k To Raise A Child? 18 Ways Modern Parents Overspend You Should Avoid

Children are great: they’re your little bundles of joy. But raising kids can really add up — to around $245,000! That’s a serious amount of cash. So before you start planning vacations and buying books, give this list a read. Here are 18 great ways to save money on your kids without skimping on anything.

1. Breastfeed if you can.

Breastfeeding is generally considered to be better for babies, especially within the first six months. It’s easier for tiny tummies to digest breast milk rather than formula. However, that’s not the only reason you should consider breastfeeding. According to one cost breakdown, feeding your baby formula will run you over $1,700, while breastfeeding is, of course, free. That being said, some women have to buy pumps to help accommodate their busy schedules.

2. Buy baby necessities online.

Sometimes, sites like Amazon have better deals on baby essentials like diapers. Many also allow you to buy in bulk, so you don’t have to keep going to the store and buying more of the product.

3. Clip coupons.

Using coupons is an underrated tactic in saving money. Your local newspaper likely carries lots of coupons, especially on Sundays. Check online as well for coupons to places from the grocery store to drugstores to children’s clothing shops.

4. Vacation close to home.

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    Chances are, your child will not remember much about the vacations that you take him or her on during the first decade or so of life. Sure, there will be snippets of memory, but not much else. While your child is still very young, consider taking vacations close to home. It’s a shame to spend a ton of money on a plane ticket, accommodations, and entertainment to another country when camping in a neighboring state would provide just as much fun for your kid. Save the extravagant vacations for later.

    5. Buy used books.

    This goes for baby books as well as textbooks for that first semester of college. Secondhand books are often incredibly cheap and readily available online and at community centers such as libraries. For example, currently on Amazon the popular children’s book Guess How Much I Love You is available new for $7.55 or used for as little as $0.01. Yes, for one cent.

    6. Join community sports teams.

    Kids love playing sports, and should be encouraged to do so. However, many teams require sign up fees, as well as fees for uniforms, team photos, and more. Many community teams, however, are totally free and can be just as much fun.

    7. Save old books, clothes, and toys.

    I’m the youngest in my family, and with two older brothers, I got lots of Hot Wheels and action figures to play with as my siblings got older. I loved them, and this meant my parents didn’t have to spend as much on toys for me growing up, since they’d already bought them for my brothers. Saving your first child’s belongings (as long as they’re in good condition) will save you money with any more children that come along in the future.

    8. Build backyard entertainment.

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      Sandboxes are a ton of fun, and your child will probably love having one so close. Additionally, a good sprinkler setup is tons of fun in the summer, as is a small inflatable pool (which you can buy here for the low cost of $17). In a pinch, having a good backyard play area will save money on vacations and trips to costly entertainment parks. The Six Flags water parks cost up to $59.99 for general admission, with kids’ tickets being $39.99.

      9. Customize your child’s birthday parties yourself.

      My parents were awesome at this: my mom always made my cakes herself, and they would make things like treasure hunts, water balloon fights, and even a makeshift pirate plank walk over an inflatable pool one year. Before you spend potentially hundreds at a venue like Chuck E. Cheese’s, consider making your child’s birthday cheaper and more special by doing it yourself.

      10. Shop at secondhand or consignment stores.

      Often, secondhand or consignment stores have trendy clothing that’s in perfect condition with fractions of the prices if you were to buy the same items from the original seller. Plato’s Closet is one such secondhand store, with stores expanding all across the country.

      11. Sell your old stuff.

      If you’re done having kids and they’ve got a whole bunch of stuff laying around that they’re not using, try selling it. There are tons of websites and stores out there for selling books, clothes, and even furniture like cribs. You could even have a yard sale. Just put a couple of signs up around your neighborhood and dedicate half a Saturday to selling.

      12. Tutor when you can.

      If your child is having trouble learning something in school, help him or her out if you have the expertise and time. Tutors can cost anywhere from $15 to $75 an hour, so save some money by teaching your child yourself. Often, even if you’re a little rusty on 4th grade math or 7th grade biology, you’ll be able to pick it up again quickly in order to help out.

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      13. Have your kids pitch in.

      Little things add up. For example, car washes cost anywhere from $6 to $20 depending on your area and the level of wash. Maid services cost, on average, between $175 and $225. Adding these tasks to your children’s chore list (and helping out yourself) can save you some major bucks. If you’re looking to add some more incentive, try making it into a game or contest. Your children (and you) will be happier.

      14. Research your babysitters.

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        While it’s important that you feel confident that the person watching your child is competent and responsible, it’s also important to make sure you’re getting a good rate. On average, babysitters make around $10 an hour. I’ve worked as a babysitter for years, and when I first started, I worked for a family that was friends with my mom. Because I was young, and because I was a family friend, I made less money but was just as responsible as someone that family could have hired from the Internet. Ask around to see if any of your friends have responsible teenagers looking to make a few extra bucks.

        15. Carpool.

        Gasoline prices are, on average, $3.52 per gallon. That can really add up when you’re taking your kids to school, piano lessons, soccer practice, and everywhere else. Consider finding one or two other families who take their kids to the same school or community sports team and arrange a carpool. This way, everyone takes turns and you save time and money.

        16. Cook more.

        Eating out is great, and it’s an important part of teaching your children good manners and appropriate restaurant behavior. That being said, going grocery shopping saves you a ton of money on food costs. It’s also a valuable money and cooking lesson for your kids. Bring them into the kitchen to help out. Not only will this send them a good message, but it will also create some great memories.

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        17. Have family movie nights.

        The average cost of a movie ticket in the U.S. is $7.96. Add in extras like popcorn, candy, and drinks, and you’re looking at quite a hefty bill. Instead, gather the family in the living room for a night of rented or streamed entertainment. Even refreshments are cheaper when you make them at home.

        18. Buy books and toys rather than electronics.

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          In today’s technology-focused culture, children from babies to preteens are being given their parents’ electronics to play with. While this might seem like a good way to entertain your child while, perhaps, waiting for a table at a restaurant, it’s actually bad for them and more costly. Research has shown that the devices encourage passivity, and they also blur the lines for children as to what is and is not a toy. With iPads starting at $499, consider buying your child books and toys. They’re cheaper and better for their development.

          Featured photo credit: Kevin Dooley via flickr.com

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          Last Updated on March 4, 2019

          How to Use Credit Cards While Staying Out of Debt

          How to Use Credit Cards While Staying Out of Debt

          Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

          I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

          Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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          Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

          Do Not Treat Credit Cards as Your Funding Sources

          Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

          I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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          I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

          If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

          Make Sure to Always Pay Off Balances in Full Each Month

          The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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          Using Credit Cards with Rewards

          Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

          You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

          I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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          So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

          What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

          Featured photo credit: Artem Bali via unsplash.com

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