The United States Department of Agriculture (USDA) published an analysis in 2017 stating that the annual cost of raising one child is approximately $233,610 for a two-parent, middle-income family. It means that bringing up one child can cost nearly a quarter of a million dollars. And, while the more children you have, the lower your family costs will be, this number can significantly impact the quality of your life.
Fortunately, there are several ways to cut the costs of raising children; all you need to do is use your imagination and our helpful suggestions. In the article below, you’ll find a list of six budget tips for families with kids. They include tracking your spendings and cutting them when possible, saving money with coupons, applying for benefits and support, looking for discounts on baby products, using free child care services, and more. Check it out!
Track Your Spending
The first step to improving your family budget is establishing what you’re currently spending on raising your child. You can do this by writing down every purchase you make or using a budgeting app or spreadsheet. Either way, you’ll need to add up all your expenses and determine how much you’re spending each month on your kid.
Save Money With Coupons
One of the easiest ways to save money on children’s products is to use coupons. In fact, coupons and discount codes aren’t just limited to baby products; there are also coupons for stuff like clothing, food, toys, and many more. All you need to do is visit a few online sites such as Tripplo to get them.
You can also get a coupon book from a store or a magazine and specialized websites. There are plenty of online platforms out there that share discount codes with the readers.
Consider Cutting Back on Expenses
If you’re spending more money than you need to raise your child, it’s time to cut back. Depending on your income level, you may be able to reduce your spending by changing your lifestyle a bit. For example, if you have a baby, you may want to consider getting a smaller house, selling one of your cars, or eating out less. Choose something that seems okay for your family.
Apply for Benefits
Depending on your income level and family size, you may be eligible for benefits such as Medicaid and WIC (Nutrition Program for Women, Infants, and Children). These programs can help you save money on your baby’s future medical costs and nutritional needs.
Collect Free Baby Stuff
There are several ways to collect free baby stuff. For instance, you can get free samples of diapers and wipes from manufacturers and free baby samples from hospitals and health clinics. You can also browse through Facebook groups and websites such as Craigslist and Freecycle. When collecting free baby stuff, make sure that it’s unused and in good condition before you accept it.
You can also ask your friends or colleagues whether they have some baby stuff to give away — people with kids usually don’t throw things like clothes or toys away.
Some hospitals also give away free breastfeeding products to new mothers. These can range from breast pumps and nursing pads to bras and other breastfeeding products that new mothers may need.
Also, the Human Milk Banking Association of North America (HMBANA) provides pasteurized donor milk to mothers who are struggling with breastfeeding or who have children with medical conditions that prevent them from breastfeeding.
Take Advantage of Free Child Care Services
Another way to save money on raising kids is to take advantage of free child care services. For example, some hospitals offer free child care services for new mothers and their babies. Also, some libraries and community centres offer free child care services for children aged 0-12. To find out more about free child care services in your area, search online.
If you’re a working parent, you may want to consider taking advantage of free child care services such as the Child Care Assistance Program (CCAP) and the Child Care Subsidy Program (CCSP). These programs can help you save money on child care while ensuring that your children get the best care possible.
Final Thoughts
Raising children is one of the most rewarding experiences in life. However, it’s also an expensive one. Fortunately, you can cut your expenses on bringing up kids using the tips above.
You can save money on your child’s future medical costs and nutritional needs by applying for Medicaid and WIC. You can also collect free baby stuff from hospitals, health clinics, Facebook groups, and websites such as Craigslist and Freecycle. Alternatively, you can cut down on your expenses or start saving money by using coupons and discount codes.
Whichever option you choose, keep in mind that raising your child should never be a burden. When you feel like you could use some help, do not be afraid to ask for it. You might be surprised how many people you can find willing to offer you a helping hand.
