Statistics show that the average cost of raising a child in the U.S. up to the age of 17 is a colossal $233K. Quite frankly, then, any opportunity to reduce those costs is something every parent will rightly want to capitalize on.
However, no parent wants their money-saving strategies to impact their child’s quality of life. Here are five great ways to balance the two goals while simultaneously teaching your son or daughter a host of valuable life lessons.
Maintain Good Health
Some things in life are more important than money, and your child’s health certainly falls into that category. The fact that staying on top of various health issues will also save you from future medical bills is merely a bonus.
One of the key aspects is dentistry – your children’s dentist can ensure that their mouth develops as expected. From preventing plaque build-up to correcting alignment issues at the earliest stage, this will work wonders. Treating physical conditions at an early stage will deliver similar rewards.
Shop In The Sales
You want your child to have the best products in life, but toys and branded clothes can cost a fortune. Thankfully, a little strategic planning can secure a significant discount. For starters, using Black Friday and Cyber Monday to your advantage is key.
It will allow you to buy many of the products your child wants without spending a fortune. Meanwhile, if you have an attic to store them, why not use the end of line sales to buy next year’s clothes? This added sense of organization could save upwards of 70%!
Look For Free Activities
There’s nothing wrong with taking your child to a theme park or play center, but the costs will add up if you get into the habit of it. Therefore, opting for free activities that are equally enjoyable for youngsters should be top of the agenda. Combining this with fitness is ideal – cargo bikes are a great option when you have preschoolers.
Meanwhile, finding local treks and outdoor adventures like lake fishing can work wonders. Not only will it reduce your recreation bills, but it’ll also reduce their screen time.
Analyze Household Waste
Most parents think they run a fairly tight ship at home. In reality, most families are guilty of wasting money at home. Up to 40% of all food is wasted, which includes household food. Therefore, taking the time to review your weekly grocery shop is highly advised.
A variety of monthly services, such as cable TV and broadband packages, maybe excessive too. While your child deserves access to the right services, paying for more than you use is highly wasteful. Aside from saving money, kids will learn financial discipline.
Sell Anything You Can
Children grow up fast. It is undoubtedly one of the main reasons why you’ll spend huge sums of money during their formative years. However, many clothes, toys, and products will remain in great condition by the time your child has finished with them.
Rather than tossing them aside, try to sell them online or at a garage sale. Even if you claim back 10% of what was paid, that could generate thousands of dollars over the course of their childhood. Besides, it also prevents the items from going to landfills.