7 Family Budgeting Tips All Parents Should Know
The average American 2-child household will spend $12,980 per child per year. You can expect your kids to be with you for a minimum of 18 years, so that amount will add up immensely.
If you know how to budget family expenses, though, you can cut the costs down. That’d probably be lifesaving for your family and allow you to put more money elsewhere, such as your kids’ college funds or buying property.
How can you get started? Read on for some family budgeting advice.
1. Shop Secondhand When Possible
How much does a child cost to raise? A lot! But, you can eliminate some of those expenses by shopping secondhand for some items.
Gently used clothing, shoes, and sports equipment are more affordable than brand-new. You can also get one-time-use items like Halloween costumes from thrift stores or yard sales. Besides all that, you can even get books, toys, and instruments secondhand.
2. Dedicate Time to Meal Prepping
One of the best family budgeting tips is to start meal prepping. It saves you time because your meals will already be planned and put together. And, it reduces spending because you won’t have to rely on takeout or overspend at the grocery store.
3. Choose Affordable Entertainment Options
If you’re new to parent budgeting, you might be bad at it still. It’s tempting to spend all your money giving your kids the best entertainment possible, but it’s not necessary. They’ll be happy with a free trip to the local park or a movie night in bed with their parents.
4. Compare Grocery Store Deals
It’s no surprise if one of your biggest expenses is groceries. The bigger your family is, the more you’ll have to spend on food. Plus, the kids always ask for some extra snacks or juices.
Try to reduce your grocery bill by comparing deals from different stores. Check out their weekly or monthly flyers and see who has the better prices.
5. Look Ahead Toward the Future
While budgeting for the present, don’t forget about the future. Consider setting aside money for things like retirement or a child protection rider from https://paradigmlife.net/blog/child-protection-rider/. Doing so can ensure you or your kids are taken care of in the years to come.
6. Sell Whatever You’re Not Using
An overlooked family budgeting hack is to get rid of whatever your family doesn’t need or use. Not only does it reduce clutter, but you’ll get some money back on it, too. Old toys, books, and electronics are just a few items to consider.
7. Talk About It With Your Kids
Parent budgeting isn’t something to keep to yourself. Instead, as your children grow older, share it with them. Talk about the basics of saving, budgeting, and money.
By doing so, you can help prepare them for raising a family of their own someday.
Get Better at Family Budgeting
Families are expensive! You can’t stop spending money on your kids, but you can reduce the amount you’re spending. Remember this family budgeting guide, and apply it to your life to see a difference.
If you need additional budgeting tips, you can find more on our website.
