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Financial Tips for Parents to Consider

Posted on 12. Feb, 2014 by in Financial Planning

Adding a new baby to a family can be a very exciting and happy time in life. It can also be very taxing because the cost of raising a child continues to increase year after year. You have to provide funds for food, clothing, toys, extracurricular activities, medical insurance, and the list goes on and on. The U.S. Department of Agriculture says to raise a child to 18 years of age that is born into a middle class family after 2009, on average will cost $222,360. That doesn’t even include a college fund. Luckily, there are many financial tips for parents to whittle down on some child expenses.

Getting all of the gadgets for a new baby is a huge expense. One of the most impactful financial tips for parents is to buy used items and also not to buy absolutely every baby/kid product.It makes more sense to buy used because children grow out of clothes and toys so quickly. Make it known to your family and friends that you are comfortable with receiving hand-me-downs. Also garage sales and consignment stores can be a gold mine for gently used children items. Keep in mind that a lot of items can be almost as good as new if you wash all used clothes and disinfect all toys.

It is common this day and age for both parents to be working. Care for your child can take a huge lump out of your paycheck. Choose daycare centers over a nanny. They tend to be cheaper, however it can be difficult to find a facility that shares your same thoughts on raising your child. A great option to explore is to find a neighbor or family willing to babysit or team up with another working neighbor and set up a nanny share system.

With more mouths to feed your grocery bill is bound to go up. Coupon clipping and buying generic brands can save you some cash with your packaged goods. What about the fresh produce? An immense savings for produce is to start your own garden. You would be surprised at how much this can help your budget.

These are just a few financial tips for parents. There are many more such as decreasing holiday spending, taking advantage of free entertainment, and combining errands.

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