Category: Save Money

Save Money

How to Manage the Cost of Having Children

There is no arguing with the fact that children are expensive. Many people do not think of the cost of children before they have them although some will save up first to make sure that they can manage. The costs can seem overwhelming if you think about how much a child costs for a lifetime, but these costs will be spread over a period of time and it is possible to make sure that they do not get too overwhelming as well.

It is wise to think before you have children about how you will manage. It is not just the cost of feeding, clothing and entertaining the child but also if one parent gives up work, there will be a cost associated with that as well. However, a child soon goes to school and it is possible for both parents to work again, possibly part time, to increase the income again. This means that saving up for a child could be wise, so that there is money to use while one parent is not in work.
It is important to make sure that you do not get into the habit of overspending on your child. You will need to make sure that you budget so that you do not overspend. It can be tempting to spoil them and buy all sorts of lovely and cute things, but they do not need that much and will grow out of clothes and toys very quickly so it can be wise to just but the basics. You may also be lucky enough to know lots of people that will want to buy you gifts and that may help you out with some of the costs as well.

If children get used to being bought lots of things, they will expect it. However, if you start off by not buying them lots then they will make do with what they have, still be happy but not expect it. You could always put money aside for them, if you want to give them things, which will mean that they will have some savings when they get older and it will get them used to saving up money which could be great for their future.
There will be times when costs are high, such as to pay for things like school uniform and holidays, but budgeting is key. Make sure that you are frugal generally, finding the best prices and not buying more than necessary. Then you will be able to afford those things when you want to.

If one parent is at home looking after the children, it may be possible for them to earn some extra money while they are there. Obviously looking after children is hard work and a full time job but it may be possible to squeeze in some work from home jobs as well. There are opportunities advertised online that you could look at, for example or you may even be able to do some work from your previous employer at home. It can be worth looking for things, even if you answer surveys to get money it could help to boost your income.

It is wise also to keep a budget all of the time. Make sure that you are aware of how much money is coming in and how much has to go out on bills. Then you will have the rest to spend and you will need to be careful. Parents will often make sacrifices for their children so you may have to cut back on buying things for yourself, eating and going out, doing home improvements and things like that. This may seem like it will be hard but having a child can really change your perspective on life and you may feel that you will be happy to give up these things so that you can have a child. It is also worth remembering that eventually the child will start earning their own money and you can choose to stop financially supporting them. Some parents do continue to support their children, but if you do not want to then you will need to teach them how to become financially independent from you and they should not need to rely on you once they start earning money of their own.