If there’s one thing that is guaranteed when it comes to raising kids it’s that they will cost you a pretty penny. But not every kids related expense should feel like it’s dragging you further into debt. Here’s our advice on where to splurge and save when it comes to your kids.
Don’t fall for the kid-sized things they don’t need
As much as they want their own dining table, bookcase and novelty bed all this kid-sized furniture is something they’ll either a) get sick of or b) grow out of. Since it’s not for the long term don’t bother spending mega bucks on unnecessary items (no matter how fun they look).
Teach your kids good money habits
Saving money gets a whole lot easier when you bring your kids in on the discussion. Rachel Smith from Cycling Rachel Smith shares how to teach your kids about money:
“The best solution is to explain to your kids the importance of making good choices. My parents and grandparents were all entrepreneurs who taught me the value of money and having cash savings at a very young age.
Here are my 5 Top Tips to help you raise your kids to learn good things about money, cash savings and spending so that your children are Underspent not overspent.
1. Don’t say – Do you think I’m made of money?
Instead, say We need to make choices about how much we spend and save.
2. Don’t say – Money doesn’t grow on trees.
Instead, say When we save money, our money grows.
3. Don’t say – It’s better to be happy than rich.
Instead, say We can be happy by saving some money and spend some money.
4. Don’t say – Money is the root of all evil.
Instead, say If we save some money we can use it for good things like a holiday.
5. Don’t say – That was a terrible mistake but we’ve made our bed, now we must lie in it.
Instead, say We may need to think about and then wait to buy some things we want.”
Follow Rachel on Twitter, Facebook or Linkedin.
Spend up on domestic help
Sometimes the best use of your money is in helping you breeze through the domestic chores so you can spend more time nurturing your children. Bec Bradshaw from The Everyday Organiser says:
“Today, households are incredibly busy and there is little free time in anyone’s schedule. If there was one item to spend money on for raising kids, it would be to outsource the household duties. Cleaners are incredibly flexible these days with household needs. You can ask a cleaner to pop in an hour or two every 1-2 weeks to help organize your home and free up your time. Or just do a deep clean once a month. Childhood is short. Spend time with your kids, even if it’s a free trip to the beach or kicking a ball in the park. After all, building relationships will provide the best quality of life, not the latest toy in the schoolyard.”
Follow Bec on Facebook and Instagram.
Safety is most important
When it comes to the baby essentials – we’re talking car seats, prams and high chairs – you’ll want to know the one you’ve purchased is safe. If spending a little extra on the baby equipment means your pram has extra wheel locks or the high chair isn’t on wobbly legs then you can rest easy whenever you put your bub in for a whirl.
Hopefully these tips will help you to prioritise your spending in next month’s budget!