Being a parent is hard work, rewarding and fun! However, you might also find that it can make a pretty big impact on your wallet. Whether your child is a newborn, toddler, pre-schooler or in grade school, there’s usually an expense that you need to pay for — expected or not.
Yet there are many ways you can be savvy with your cash without having to dip into your savings every holiday or new school year. There are so many easy things you can do to save money, so you can spend it on the essentials, or even put some money aside for a family trip of a lifetime. Here are some hints and tips you can think about using.
Cut Recreational Expenses
To make room for essential costs, such as diapers, baby wipes and shampoo — or even one-off items — then you’ll need to reduce your recreational expenses. For instance, you don’t need to spend so much on your TV subscription services or cable TV; you can do this for very little money, or even for free.
You could also see if you can cut back on your cell phone costs: the average bill from one of the big carriers is more than $4,000 a year. So have a look at some of the cheaper plans that are available and think about switching to one of them.
Do it Yourself
Don’t pay a professional to do something for you if you can do it yourself. This could include, for instance, taking your own birthday party photos instead of getting a photographer, or making a birthday cake rather than buying one.
Do Coupon Clipping
As well as checking out the local newspaper, have a look online and use it as a great resource for coupons. You can find a Lowes coupon to save on items and, while you might not think that a saving of just 5% or 10% is significant, these will all add up over time. You could end up saving yourself hundreds.
Buy in Bulk
Once you know what products you use and what your child likes, you should buy such items in bulk. This means you will be able to pay less per unit. It might seem a lot more expensive upfront, but it will work out cheaper in the long term.
Save Early for College
The time to start saving for putting your child through college is when they’re still young. It will be expensive, so start putting away some money every week as soon as you can. Even just $10 or $20 a week will have an effect.
Keep Entertainment Simple
You don’t need to spend a lot to entertain your child. Most, especially young ones, can be kept busy without expensive gadgets. You could give them a plain box for them to decorate with coloring pens, get them to use their imagination and be creative, or just give them a ball to play with. What your child will want most of all is your time and presence.