With the cost of living increasing for just about everything these days, it’s no surprise that the cost of raising a child is steadily climbing. The cost for such essentials as diapers, clothing and formula, if you are not breastfeeding, are at an all time high. If you choose to or are unable to stay home with your children, childcare costs are also soaring. More parents are now living paycheck to paycheck worrying about how they will pay for their children's' day to day needs. In short, many parents are looking for ways to save on the things they will most often need for their children. Knowing your options can definitely help save money and provide some piece of mind when the savings start rolling in.
In the first few weeks of life, your baby will need frequent diaper changes. If you choose to use disposable diapers, you may be shocked to see just how much they actually cost. At an average of eight to twelve diaper changes per child per day, the amount of diapers you will need to have on hand is more than many new parents expect.
When you have a baby, it is tempting to fill the closets and drawers to the brim with cute, brand new clothing items. While there is nothing wrong with this, it can quickly spiral out of control. Babies grow out of their clothes so quickly. In reality, they may only wear an outfit once before they outgrow them. Aside from the occasional spit up, baby clothes remain fairly clean and in good condition with regular washings. So why spend so much money on clothes when you can get gently used clothes for pennies on the dollar? Resale stores, consignment stores and garage sales are all great places to find gently used baby clothing. Websites like craigslist.com also offer an inexpensive option for finding babies’ and children’s clothing. If you are lucky, you might even find clothing and other baby items being given away in the FREE section of the site.
For many parents, childcare is another budget buster. Unfortunately, the reality is that not every parent wants to or has the ability to be a stay at home parent. If you find yourself in that large group, finding affordable childcare can seem almost impossible. Look into daycare cooperatives in your area. With just a little time contribution on the part of the participating parents, childcare can be cut down to very little or no cost. Consider enrolling in a dependent care flex spending plan if your employer offers it. This allows employees the ability to set aside pre-tax dollars towards daycare reimbursements. These options may not be for everyone. For those that choose to explore them it can greatly reduce the cost of child care expenses.
Cost of living expenses continue to rise, while the average income does not. Sometimes it’s the little things that we can do to help save a dollar. Save your pocket book and your sanity by trying a few of these tips!