How to Save Money When You Have Kids

If you have a bunch of kids at home making you struggle financially and wonder how to save money, read on to unleash the secrets of financial management.

Though kids are god’s blessings and the best gifts to mankind, managing them is a hard task at hand and to do so while keeping track of your finances is all the more difficult. With children around, the expenses are sure to go in for a toss and it might get tough to make ends meet. And as the number of kids living under one roof multiplies, the daily expenses like food, medicine, electricity, education etc. multiplies manifold and so does your financial worries. To add to that, fulfilling the innumerable demands of the children can bring you on the verge of a financial breakdown.

To secure your as well as your family’s future, you need to cut down on your expenses and try to grow your savings account gradually. It might seem a distant dream to achieve with the amount of expenditure you are handling currently but trying the below mentioned, easy to follow tips can definitely make a significant amount of difference to your account’s balance sheet.

  • Bulk shopping: When shopping for a big family, it is always wise to buy your grocery in abundance especially the non perishable goods like packed food, cold drinks, chips etc. because buying in wholesale allows you to avail discounts available at major grocery stores and as these goods are consumed constantly by the kids, buying them at lower discounted rates is the best thing to do. As the consumption of everything is high in a big family, there is no question of any wastage of such goods. There are also, various deals offered by the stores on such items such as buy one, get one free etc and availing those offers will prove highly profitable when you have to shop in bulk.
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  • Buy second hand or used stuff: As kids are very capricious and moody, their demands and preferences keep changing especially when it comes to clothes or toys and with more kids at a place, it is a more frequent phenomenon. Shopping for them from a resale shop can be quite a bargain as they sell barely worn clothes or used toys at reasonably low prices. Yard sales, dollar shops, thrift stores etc are some of the places where you can find cheaper clothing, toys and other kids’ items and that too in good condition. Online shopping websites like ebay, craigslist etc. also provide this second hand buying facility. Apart from regular clothing or toys, you can also buy kids’ furniture, books and the likes.
  • Library membership: For older kids, opt for a library membership or magazine subscription to cut down on the cost of buying books. As the requirement for books on different subjects keeps on changing, it is wiser to get a library membership for your children to allow them access to a wide range of books at minimal expenditure. Some libraries also offer free classes like yoga classes, music classes etc to its members which will be an added benefit. Moreover, there are plenty of music or movie albums available in the library and that can help you save on your entertainment bill too.
  •  College scholarships: Saving a lot on your education expenses is the provision of college scholarships. Almost all colleges offer scholarships to the meritorious children or to those in need of financial aid. Enquiring the authorities about the same will help ease off your financial pressure to a great extent.
  • Promote sharing and exchange: With children of different age groups in a family, it is always beneficial to encourage them to share their things between themselves. The elder ones should be taught to hand over their used clothes, books or toys to their younger siblings as this will not only educate them about how to save money but also, promote emotional bonding.
  • Entertainment or meal trips: Eating out or going to the movies should be a limited affair as it adds unnecessary bucks to your already shrinking budget. Treating them is essential but only on certain special occasions like birthdays, academic achievements etc. This will make them realize the importance of such events in addition to saving your money. Restaurant deals or freebies offered by various eating outlets are an added advantage to cut down on the food bill. Do go for family outings or picnics to nearby parks or beaches to spend quality time with each other without digging a hole in your pocket.
  • More hands to work: More children do not necessarily mean more expenses. On a positive note, having more children can actually, help you build your finances as the older children can share your responsibilities and make money by taking part time jobs after school. There are numerous options available for school kids to try their hands at such as working at a grocery store, delivering a pizza, giving tuitions etc that can help them earn their pocket money and lessen the financial liabilities. Encouraging and involving your kids into money making and money saving activities will make them independent apart from contributing to the family income.
  • Sell the old stuff: Just as you saved money by buying second hand stuff, similarly you can add money to your account by selling your kids’ used stuff like toys, video games or other gaming equipment, stroller, car seats etc. You can find buyers online on the same websites (Ebay, Craigslist) that can get you a fairly good deal for your unwanted things.

With these money saving techniques at your disposal, you will surely be able to manage both your kids as well as your finances resourcefully. Kids might be considered expensive in the present world but if you learn how to save money while providing all the facilities to your most deserving children, raising them will be a fun task. Thoughtful and careful financial management will ensure that your family income grows along with your family tree.

Lois Center-Shabazz
author of, Live Rich Save Money! Budget Diary
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author of, Live Rich Save Money! 68 Powerful Ways to Save Money, Now and Forever
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