It’s no secret that raising children is expensive. From childcare, activities and food to clothing and all the incidentals, costs add up fast for families. In fact, it is estimated that the cost of raising a child from birth to 18 can be in the region of $223k. The cost of raising a foster child will depend on how long the child is with you, but some foster parents care for children long-term, even beyond the age of 18. Despite the expense of raising children, with savvy saving and smart spending, parents, guardians, and foster parents can reduce expenses without sacrificing quality of care. This article explores practical tips to cut costs when raising kids.
Shop Smart Essentials
Providing necessities like food and clothing essentials represents a significant expense for families. Take advantage of store promotions, shop discount retailers and opt for generic brands to trim regular spending. Make a grocery list before shopping and plan out weekly meals to only buy what you need, saving money while avoiding food waste.
Access Allowances, Benefits and Tax Relief
Research what benefits and allowances you qualify for to utilize savings. Options like Child Benefit payments, Childcare Vouchers, Healthy Start Vouchers, Tax-Free Childcare and Universal Credit provide vital support for thousands. Enroll in every program your family is eligible for to maximize savings of hundreds or thousands annually. Foster families are entitled to foster care pay to help cover the costs of caring for foster children. Speak to your agency to learn more.
Discover Free Activities
Kids clubs, local events, libraries, and parks offer no-cost entertainment options. Before paying for activities, search your area for free classes, concerts, museums and other family fun. Libraries also provide entertainment and learning opportunities galore through books, music, events and more at no cost.
Buy Quality Second-Hand
Shop smart by purchasing gently used kids clothing, toys and baby items at a fraction of retail prices from charity shops, online resell platforms and community groups. As children quickly outgrow items, second-hand shopping makes practical sense, allowing you to save significantly while still getting quality goods. Even better, join a local Buy Nothing group to try and get toys, clothing, and more at no cost.
Learn About Child Discounts
Many businesses offer child ticket discounts or family packages without widely advertising them. Hotels, transportation companies, activity providers and shops may offer lower prices specially for kids that you have to ask about. Enquire with managers to uncover savings opportunities.
Maximize Loyalty Programs
Supermarket loyalty schemes, pharmacy reward plans, retail store credits and entertainment memberships allow you to rack up points and tangible savings on brands your family would buy anyway. Take five minutes to sign-up and then reap the savings over the long-term through exclusive offers and built-up credits.
Embrace Resource Sharing
Developing relationships with other local parents can allow you to borrow and share expensive baby and kid items. This could include exchanging toys, gear, clothing or equipment like prams, bouncers, games and bicycles between families as your children’s needs evolve. Kids often use such items only for short windows, so sharing makes practical sense.
Raising kids necessitates spending. Yet families can reduce expenses through discounts, assistance programs, free entertainment, secondhand shopping and more. Getting strategic with savings allows parents to enjoy special moments with children despite high costs of living. Every penny counts when budgets run tight, so put these practical money-saving tips to work to help cut costs when raising kids
