How to Save Money When You Have Children

Every parent knows how rewarding it is to see their little ones grow. However, there is one reward that parenting does not provide—a financial reward. Here are a few ways you can save money and have a family.
Child holding adult's hand

We all know how expensive it can be to raise children, but often parents don’t realize the full extent of the costs. CNN reported that the cost of raising a child has risen by 40% in the past 10 years, and that figure is expected to keep rising.

Parents now spend an average of $227,000 on each child between birth and the age of 18. It’s a lot of money, but thankfully you don’t have to spend this much. Your child can still have an amazing childhood when you spend less money—and you don’t even have to make drastic changes.

Instead, small changes to you and your child’s lifestyle can save you large amounts of money. Here are six tips to help you save money if you have children.

Use childcare vouchers if you’re entitled to them

One of the biggest costs for parents is childcare, but for most parents it’s unavoidable. If you’re returning to work soon and you’re looking for childcare, speak to your employer to find out if you can get childcare vouchers. Lots of companies help new parents out with the costs of childcare, but they often don’t advertise this. Speak to your employer to find out what you’re entitled to; you could end up saving hundreds of dollars.

Plan meals in advance

After a long day, it can be tempting to pick up take-out food for the whole family, but this can add up and become a huge cost. Avoid the temptation by planning meals in advance; you’re less likely to buy take-out if you know exactly what you’re having for dinner, especially if it’s already in the fridge.

This can also help you to save money, because you’ll plan to use up all of the ingredients, and it can help your whole family to eat healthier. We recommend that you plan your meals one week in advance so that you don’t become overwhelmed.

Buy reusable items

Disposable items like paper towels are often cheap and convenient, but they can end up costing a lot over time. Once you get into the habit of reusing and cleaning reusable items such as kitchen towels, they are no less convenient and cheaper in the long run. For example, you can buy washable towels for about the same price as paper towels, and they can last for years if you wash them regularly.

If you’re equal parts daring and eco-conscious, switching to cloth diapers might be an option, too. While reusable diapers are less convenient than disposables—and require a bit more organization to take care of than their throwaway counterparts—they are more cost effective long term, and can have a huge effect on your carbon footprint.

Buy secondhand items

Children quickly grow out of their clothes, shoes, and toys, which means parents are regularly spending money on new items. You can halve these costs by buying secondhand items instead, and young children rarely mind this. Check out thrift stores and ask friends with older children; they may have exactly what you’re looking for at a lower price that you can give to your child instead of something that’s new and expensive.

However, make sure you buy car seats and cribs new; the safety regulations often change for these items, and you want to make sure you have the safest option.

Consider using a nanny share

A nanny is another huge cost for parents with young children, but it doesn’t have to be. A nanny share looks after different children in the same area; this way, they can look after all of the children together, or they can split their time between the families. This makes it much cheaper for the parents, and it gives your child the chance to socialize with other children.

Buy entertainment for your home, instead of spending more to go out

Family time is important, but you don’t need to go to a bowling alley or a restaurant to have fun together. You can have just as much fun at home—and you’ll save some serious money. Invest in some modern board games, or a projector so that you can watch movies together. You could even buy a fondue set and have Fondue Fridays. There are lots of ways to enjoy your family’s company without spending too much!

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from Simple.com, to external sites in the wilds of the internet; neither Simple nor our partner banks, The Bancorp Bank and BBVA Compass, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.