Children can be a wonderful experience, but unfortunately in this bad economy they cost so much! Although children can bring much joy, they are also a bundle of childbearing expenses; there are many ways though to reduce these expenses. If you follow the advice written in this article, you both you and your children will be much better off. Unfortunately in today’s modern culture parents have the unfortunate ideas that they must bestow wonderful things upon their children, unfortunately this modern materialistic conception is being tested by today’s very trying economic time. Much time the magic and realistic words, “We can’t afford it,” Will help your children to grow up to be financially responsible adults. Frankly this country will need more of these types of people if this country is to survive.
-Reduce if not eliminate any thing, in addition to your children, that eat: such as additional children, spouses, pets, and plants.
-Do not permit your children to watch Saturday morning cartoons; although you can sleep in, they are being bombarded with commercials for toys, cereals, and videos that were advertised on these programs; that way you will not end up having to finance a federal deficit, which the government can’t handle let alone you.
-Agree to a babysitting cooperative with other parents. In today’s economy a babysitter can be a larger cost than the night on the town expense. A possible solution to this is for you to form a babysitting cooperative with other parents where they trade the chore of baby sitting with each other; of course you what to get to know the other company’s reputation well or obtain references if possible to make sure that they dependable baby sitters.
-Do not transfer a lot of money to your children’s name. Although this can result in tax savings, can you afford the massive of money that you’ve taken out of your vault? Secondly, if you fall on tough financial times and need money are you going to ask your little child for a loan? Third, what if your child goes to college and falls in love with a cult leader, then this cult leader uses this money to buy a Rolls-Royce; this can and has happened.
-Live in a town with a good school system rather than spending extra money on a private school.
-Remove expensive furniture and knick-knacks where children occupy frequently. For some reason children have a radar where they aim to innocently destroy these expensive articles.
-Don’t overwhelm your budget by buying expensive toys and clothes for your children. These indulgences unfortunately send your children bad messages about money spending habits, rather you should be more concerned about saving money for their future.
-Obtain hand me down toys from friends and relatives. If you advertise to others, either by word of mouth or on craigslist, you will end up with a bundle of these; many parents don’t sell their toys they merely keep them.
-Purchase toys pre-owned. Explore yard sells and of course the Internet.
-Purchase toys that will last. Some toys are easily destroys within a few days from merely children’s handling them, on the other hand it is wiser to buy those that last for generations, you can even possibly resale them after their use is expired.
-Compare the cost of cloth diapers to disposables, many times using disposable diapers are more expensive than using a diaper expense.
-Buy a swing set second handed. Most families outgrow a swing set before it wears out, therefore why not purchase that good swing set at a very low price.
-Put together your own swing set. Rather than purchasing a new one why not build your own or you may be able to obtain on for nothing by merely obtaining one if you dismantle it and move it to your backyard.
-If you are going to have more than one child in this trying economy, buy unisex clothing in case the next one is of the opposite gender.
-Following the above statement, if you plan to have more than one child make sure that you purchase quality clothing. You need not spend a lot, but well constructed and durable clothing will last much longer for future children that you present to this world.
-Obtain hand me down clothes for your children from friends and relatives; you may do them the favor of freeing up clothing space.
-If your school and or community have clothing exchanges for children then take advantage of them; your child will outgrow these any way so why not buy used?
-Avoid purchasing expensive dress clothing for young children, rather buy practical less expensive clothing and purchase a savings bond.
Use shirt cardboard and other card boards for children’s crafts, this can save you from purchasing the rather expensive alternative of new.
-From your office bring home scrap paper so your kids can color on the other side.
-Make homemade ice cream cones for your children for when the ice cream man comes into the neighborhood. This will lower your cost of buying them from the ice cream man.
-Don’t waste your money on elaborate birthday parties for your children.
-Always realize that whatever writing implements that you give to your toddler will end up picturing your walls, woodwork, and furniture. Therefore make sure that every writing instrument that your toddler gets his or her grabby hand contains water soluble ink.
-Use your children’s creativity by them making cards and gifts rather than becoming impoverished by buying them; actually the homemade is more personable and preferable.
-Rather than purchasing your children’s Halloween costumes, make them at home; today these costumes can cost as much as clothing, they actually can be much more fun and then store bought ones.
-Let your older children make their own costumes, it will allow them to use their own imagination, and you will be saving money plus.
-Save barber expenses by cutting your children’s hair yourself.
-Do not fail to take advantage of child care tax credit. Many working parents, because of their ignorance or possibly unwillingness to do the necessary record keeping fail to use this tax credit, take advantage of this direct reduction from your tax bill.
-Child care credit is available for part time workers or job seekers. You and your spouse do not have to be full time workers to have your child care payments qualify for the child care credit. If both spouses work this credit is available.
-If your employer offer a dependent care assistance program (DCAP), figure whether the dependent care credit or the exclusion from through the DCAP will save you more tax dollars. Generally speaking, most of the time the DCAP benefits higher-income employees, while using the credit is profitable for lower income employees.
-Child care credit is available for outside home expenses that go beyond day care, specifically payments to a nursery and kindergarten are eligible for credit, unfortunately anything beyond kindergarten is not allowable, unless some of these payments are payable for child care. Yes Uncle Sam does subsidize the cost of launching your child into the educational care system.
-Do not, I repeat do not give your children an excessive allowance merely to keep up with their friends; if their friends receive more, kindly respond to them, we cannot afford it!
-Make your children report where they spend their allowances, if they become wise spenders; in the long run you will not have to ask for money.
-One way your children can make money on the side is for them to become responsible babysitters.
-As long as this doesn’t interfere with their studies, part time jobs during the school year can help your child valuable work skills and at the same time help meet the high cost of raising and of being a kid.
-Encourage your high school and college age children to apply for summer and/or Christmas jobs. Through this they will develop financial and career responsibility which they will take with them for the rest of their lives and also their earned money takes some of the heat off of Dad and Mom.-If your adult children are living at home, make sure that they pay room and board, because of the tough economic times many adult children are living at home with their parents, if they are employed they should be paying for this privilege.
-If you are planning to travel with your children, be sure to select motels/hotels where children stay free.
-Buy a book such as 1001 Ways To Cut Your Expenses by Jonathan Pond to help them reduce their living expenses.
-Invite their grandparents often because their grandparents always bring presents and will baby sit for free.