How to avoid overspending when it comes to kids
It’s no secret that babies and children are costly little creatures, which can easily become a runaway train. Obviously, the unparalleled love and joy they bring with them are worth so much more, however, it is still important to acknowledge spending can creep up and it is crucial to keep a tight rein on it. Here’s how:
Make sure you’re not missing out on money
Whether it is looking up VA disability compensation rates, grants for studying full time when you have children, or benefits to help with childcare or housing; the first thing to do is research whether or not you are getting all that you are entitled to.
Before you start figuring out ways of saving money – depending on your circumstances – you could receive extra money for dependents. So, don’t miss out on the opportunity to investigate whether you could give your finances a boost, first of all. As often when we are so busy with kids, we can’t see the wood for the trees with all of our running around and we could be missing a trick.
Plan ahead
Every stage of having kids from their birth to graduation brings with it a new phase that requires some form of preparation. Therefore, you need to be one step ahead at all times. In many countries, this starts with financial planning for the cost of the child’s birth itself, which varies in price around the world.
There is always something that they need or, as they get older, that they want. Be it replacing clothes as they grow out of old ones, needing new books or toys for the next phase of their development, or costs around food, school or Christmas presents, preparation will help to manage finances.
If you can plan in advance then you can take advantage of sales and price cutting events like Black Friday or Boxing Day sales. You could even contact friends and family who are having a clear out or reach out through social media pages for swaps or sales of children’s items and ask if they have any second hand that you can take off their hands.
Avoid using gifts as treats or bribes
It’s an easy trap to fall into to give our children the option of a gift to get them to take to the potty, revise for their test or clean their room. However, it sets bad habits around good behaviour only happening because of the promise of a treat and not the act of making a conscious choice themselves to do the right thing.
Not only that but although it might be a quick fix to get them to comply there and then, it sets the bar for you to buy them a gift every single time they do something you want them to.
So, it is much better to ride the storm and try to teach them the long game – or, to simply give them something such as an extra ten minutes playing, watching TV, a trip to the park, their favourite meal – or anything that is either free or doesn’t cost much.
