Since kids are so expensive to raise from birth to age 18, it’s important that we look for ways to cut costs in every aspect related to children. Lucky for us, it is possible to find savings in everything you do for and with them. I know that it may appear that you’re throwing down more and more money for all sorts of things. Just know that there are numerous expenses with children, but you can maximize your return on them by being smart and making good decisions. Let’s explore some general types of things that you can do to help earn money for your family.
Learn to Sew
You don’t have to become an award-winning seamstress to be able to benefit from learning to sew. Sewing small items and crafts can save you a lot of money and give you a great feeling of accomplishment. Some examples include curtains, valences, place mats, and Halloween costumes. Once people know you can sew, be prepared for the teachers to have your number on speed dial. There are a lot of local classes that you can take for low cost—maybe even through the library for free. Don’t neglect local colleges and rec centers that usually have beginner classes at night. If you can’t fathom finding the money or time for these classes, www.youtube.com is amazing for showing you how to sew whatever you can possibly think of. One of my favorite things that we did was that my daughter and I made aprons for her teachers. We used fabric that we had on hand and I looked at a YouTube tutorial. Don’t let yourself be overwhelmed. Being able to sew can save you a lot of money on gifts too. Most people would love a home-made gift. I basically taught myself to sew by buying the book Sewing for Dummies. It was a very well-worn copy and I also had to refer back to my sewing machine manual frequently as well. I chose something I wanted to do and basically learned as I went. I had some mistakes, but I did get better over time.
Cut it Yourself
Cutting your child’s hair yourself can save you bundles of $$ over time. Remember that when they’re young, they don’t care if they have a “designer” haircut. The kitchen table works well with your spouse holding their little heads and working the art of distraction. I have been cutting my daughters’ hair their entire lives. I’m lucky that they have long hair now, so it’s very easy to just trim the ends. I don’t have to do trendy styles with their hair. Instead of using the kitchen shears, I went to Ulta to find a pair of upgraded scissors that were around $35 that have taken me through many years. Since I know how to cut my husband’s hair, I imagine I would also cut my son’s hair (if I had one). Go back and check out my blog post “Finance Hacks for Your Hair” on 3/29/21 for more specific in-depth savings and tips on hair for all ages.
No Fast Food
Parent, ask a two-year-old if they know what McDonalds is and I’m sure you won’t be surprised with the answer. Toddlers are extremely aware of McDonald’s happy meals and all of the things that come with it. I know that it may be easy on the way to the park or on the run, but your bottom line takes a hit with these trips that add up. By packing lunches, you can earn up to $20 for a meal, depending on the size of your family. Not only will you spend less, but you’ll weigh less too. You can choose healthier meals and options for you and your family. Try to reserve these for those rare times where you are out and about longer than expected and didn’t plan ahead. See “Hacks for Fast Food and Dining In” on 4/22/21 for specific information and hacks relating to fast food. This can save you thousands of dollars per year. Game changer for your family so it shouldn’t be shrugged off or justified.
Save
With kids, you have to remember that it’s not just about spending less on items, it’s what you can do with the extra money that you’re not spending. Encourage your children to save at the earliest age possible. Model for them to put their money in their piggy banks (yes, they need one). Use the coins you have at the end of every day or that your child finds on the side of the road and throw it into the piggy bank. Every month, quarter, or even annually take the money out, count it with your child, and then deposit it into a savings plan for them. Instead of spending any gift money that your children get from family as gifts on “things”, put it aside for savings for your child. It could be for college, car, housing, wedding, down payment on a house, etc. For college savings, the 529 plans are a great way to save. Go to www.savingforcollege.com, choose your state and see what options you have. You can use accounts specifically for college savings, but you also have the option to choose mutual funds or money markets. At a bare minimum, open a high yield savings account. The following website gives you several options. https://www.bankrate.com/investing/best-investments/#savings Great read overall, but scroll down to “Here are the best investments of 2021:” to see some savings options. I have had a high yield savings account with American Express for many years. Any extra money is moved out of my checking account immediately where it basically makes 0% interest anyway. Explore www.americanexpress.com and click on high yield savings to open an account. **We’ll explore saving in more depth in a future blog post. We’ll discuss personal options as well as those for your children and family.
Plan Ahead for the Holidays
As with everything else, if you HAVE to buy something immediately or quickly, you don’t have a lot of negotiation power or time to shop for the best deals. Shopping throughout the year when deals appear will prevent you from paying top dollar during the holiday season. Some other benefits of shopping throughout the year is that you spread out your expenses over a 12-month period and you aren’t as stressed and busy during the peak time running around crazy. Memorial Day, Fourth of July, Labor Day, and even President’s Day are great times to snag a deal accompanied with big savings. Of course, you still need to set a budget. Make sure you review my blog “Gift Giving Hacks”, April 15, 2021 for specific deals on hacks to find deals and savings on gifts all year round.
Sell What You No Longer Need
Instead of just donating items, your first option should always be to sell your items. It may take a little more time and prep, but it can be well worth it. Garage sales, Ebay, Craigslist, consignment stores, and church sales are just a few options that you have to earn money for your family. You could raise several hundred dollars per year (per child) by doing this. You could sell clothes, toys, furniture, and everything in between. For many options, explore “Hacks for Gifts Received”, April 20, 2021 for specific places to be able to sell your items you no longer need.
As we know, children ARE EXPENSIVE. Just to remind you, it costs an average of $233, 610 to raise a child to 18. Who has an extra $233K lying around??? Uh, no one I know. Even though some of my hacks may seem like it’s only $1 here and $1 there, but over time and with consistency, it all adds up to reduce that daunting dollar amount. What is the expression?? How do you eat an elephant? One bite at a time. Don’t think of the $233K, but instead focus on the daily savings that you have control over.
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