The Kidsbooks reviews perfectly summarizes the customers perception of one of the largest online kids book selling companies in the world, it features parameters used by the customers to judge them. The United States Department of Agriculture (USDA) in 2017 released an analysis of what it costs to raise a child in the US and all the children’s expenses involved, including children’s clothes and accessories. According to the figures released, it costs as much as $243,610 for an average family to raise a child to the age of 18. The USDA bases this estimate on the Bureau of Labor Statistics’s survey. The top three expenses the USDA names in ascending order are Children/Education (16%), food (18%), housing (29%).
Considering this figure, one can see that this is a huge figure, and parents respond that it’s worth the cost to train children. However, raising a child does not need to be that cumbersome; there are different ways to reduce children’s expenses. You can raise your children in the best possible way and still have enough money to save. Reducing children’s expense is a combination of discipline and long term planning. Here’re some tips to help you out.
Child care constitutes a great expense for parents, especially new parents. Thank God it often tends to decrease as the child grows old and may completely go away when the child completes college. In the olden days reducing children’s expense means reducing the overall children-related costs. This cost differs from family to family, but here are some of the best ways to reduce your household children’s expenses.
Decide to be a stay at home parent
Create a system that affords you the opportunity to stay at home with your kids. This will help you cut down some of the expenses associated with child care. You might also need to consider other cost-cutting measures like cutting down our overall spending. Adopting this system may affect your work unless you choose to be a work at home parent. Working from home will not completely eliminate child costs but can reduce them drastically. Working from home can help you save money in different ways seeing that you’ll not need to commute or buy work clothes.
Buy used clothes
While putting up this post, we had the privilege of interviewing a couple of families to hear from them the practical steps they take to reducing their children’s expenses. Most of them reveal that sometimes they choose to buy used clothes rather than buying new clothes. This helps them to save more.
One of the areas most parents spend much is in buying extra snacks for their children. Limit the rate at which you buy snacks for them and ensure they eat all their meals.
Make kids to earn their own pocket money
Once your children are of age, encourage them to get part-time jobs, this will position them to start earning their own money and paying their bills. It will, in turn, reduce the cost burden on you while you focus on other important family issues. You can also encourage them to learn high-paying in-demand skills; this will position them to be highly sought after and make enough money to support the family in every way possible.
There are other ways to help reduce children’s expenses, but we believe that if you adopt the ones shared in this post, it’ll help you a great deal.