Raising children can strain even the most carefully crafted budget. Between housing, food, medical bills, and an ever-growing toy box full of princess dresses, saving money can feel impossible. We won’t lie to you: building up savings while raising a family is hard.
But it’s not impossible. Having a family and raising kids is expensive. Between child care, education, housing, and food, the cost of raising a child (or multiple) is pricier than ever, at an average of nearly $300,000 from birth to age 18, according to the USDA. The pandemic hasn’t made things any easier on parents either.
Looking at your family’s expenses and figuring out what to prioritize can help you spend less on recurring purchases and save more for times of financial uncertainty. Whether your household finances took a hit due to the pandemic, or you’re simply looking for new ways to save, here are some expert strategies to manage your family’s spending so you can have greater financial security in the long run.
Meal planning
This is what could make the most difference to your monthly spending. It requires a bit of forward planning, but you can save a fortune if you can decide on the meals for the week ahead. Once you have a weekly meal plan, you can make detailed lists of the ingredients you will need to make each meal. This means you’re so much more focused when you shop. Make a plan, make a list and then stick to it when you shop.
Don’t veer from your list and start browsing the clothing aisles and the household accessories aisles. Buy only what’s on your list and you’ll be in control of your spending. Once you have all the items you need for the week’s meals, it also means that you avoid popping into the more expensive corner shops during the week to buy last-minute ingredients.
Use what you already have, and only buy what you use
Whether it’s food, clothes, or other items your family needs, try to take inventory of what you have—so you’re not wasting money buying multiples of things. Declutter your home and get rid of anything that your family doesn’t actually use.
Try to stick to items your family actually needs to cut down on your expenses. Narrow your list down to items you want versus items you need, and be realistic with your lists. Financial advisors suggest relying on family and friends for favors when you need them and asking for hand-me-downs, you can even swap items if someone has kids your age, to save money on things your kids might outgrow quickly.
Shop secondhand and use hand-me-downs
Children grow out of their clothes fast and the costs add up quickly. Since those clothes soon going to run out of use, experts recommend buying second-hand clothes or cheaper clothes from thrift stores during the growing age of children. If you want to outfit your child in brand-new clothes sometimes, you could wait for special occasions, like birthday parties or holiday photos. Otherwise, you really don’t buy everything new and you can save quite a lot of money.
