Saving Money on Your Kids

Raising kids today is certainly not cheap. Parents today face many of the same child-related expenses that parents from previous generations have faced. These include the costs of clothing, food, toys and games, and even college education. Yet the costs of these expenses have greatly increased over time. You may be considering options to reduce your expenses and save money today. Some parents will compare house insurance and auto insurance through an online price comparison website to find extra cash, and others are cutting back on extra purchases and making an effort to live beneath their means. Here are some ways you can save money on kids today:

Buy Necessities and Save for Wanted Items:
When kids are younger, they often ask for everything from the latest toys to candy bars while in the checkout line at the grocery store. These little items can certainly add up over time. Yet they are small in comparison to the more expensive items that preteens and teens will ask for. Older kids want the latest electronics, the hottest styles, and more. Parents can save money by purchasing only necessities like only clothing that is needed, items needed for school, and so forth. For larger items or wanted items, kids can learn about delayed gratification by saving for them.

Teach Your Kids About Budgeting:
You can save your own pretty pennies to help kids get the items they want, like an expensive new pair of sneakers or the latest video game. However, you can also allow kids to earn their own money and save for those items they really want. They can be assigned chores and a set allowance, or they can earn money on their own through mowing yards, babysitting, and more. By allowing kids to purchase these extra items with their own money, the cost is no longer yours. Further, you will find that kids often will start spending money more wisely. It is common for kids to try to use parents as a living credit card, asking for everything their hearts desire. Yet when they have control over the budget, they often will make better decisions about what money is spent on.

Buy Consignment or Used Items:
We live in a very consumer-driven society. If you are like so many others, your bank account may strongly reflect this. While there are certain things we want and need in life, in many cases, you can get quality items without paying top dollar for them. Many people do purchase items, rarely use them, and offer them for sale over the internet or through consignment. In many cases, you can find quality and even almost-new items at a significant discount. This may include everything from toys and video games to clothing, shoes, and even furnishings and vehicles. This is a great way to really stretch your spending dollar.

Kids are expensive in part because they need so much stuff, but also because they want so much stuff that they often don't really need. These tips can help you to reduce your child-related expenses. You can apply these tips to your life today for immediate savings.


      - Daniel Kidd

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Daniel Kidd is guest writer/contributor