Home Budgeting

Saving on the cost of kids

Here are some helpful tips on saving money adapted from Money magazine, May 2007.

• Have a "useful box" to which you add household packaging materials such as boxes, plastic trays, cylinders - and let the kids use their imagination to build structures.
• Join or set up a parents club where you can share babysitting hours, clothing, toys etc.
• Newspapers and magazines often have kids' sections with competitions for great prizes.
• For clothes and shoes use the 2nd hand stores such as Vinnies. The clothes and shoes are often good brands and in good condition.
• Don't take kids to the grocery store - you tend to buy more impulse items that way.
• Check the lost property boxes at school. It's amazing how often things are lost at school.
• Limit the number of out-of-school activities; chose local ones or car pool
• Have a precise budget for birthday and Christmas presents
• Use all sales to your advantage. Buy clothes one or two seasons ahead.
• Choose a holiday resort that offers free childcare and has cooking facilities. This keeps the costs for breakfast and snacks down.
• Teach the kids about money - they should know about savings and buying their own things from a very young age.
• Link a reward to effort when it comes to pocket money - that way they can control their own earnings
• Kids love to cook - help them make their own snacks and party treats.
• Entertaining your children in the school holidays need not be expensive. Most states have a cheap day to goto the movies. Take your own snacks and drinks.
• Most museums are free or don't cost much. Libraries have many great activites such as craft and story time.
• Buy nappies by the box when they are on special, usually every 2-3 weeks at major retailers and save around $10 a box.
• Visit a Lifeline Book Fair to buy books - they are usually held twice a year in each capital city. The books can be as cheap as 50c and you are helping out those in need.
• Get a family annual pass to one of the kids' favourite attractions so they can go as often as they like throughout the year. Normally after going twice, you have already saved money.
• Hand me downs - from any source!
• Send an email around to your work colleagues annoucing your pregnancy. You would be surprised what people have to either sell cheaply or even give away.
• Instead of expensive baby wipes buy face washers (preferably all the one colour) to use specifically for baby's bottom. Just wash out and re-use - and save the planet too!Have lots of nappy-off timeon sunny days. It's good for your baby's skin and for your pocket.
• Walk to the shops if you can. Save on petrol, provide an outing for bub and get fit at the same time.
• Don't buy baby specific brands. They are more expensive.
• Set up an account for your child from day one. For a weekly deposit of $10 you can present your child with almost $10 000 on their 18th birthday.
• Buy pre-mixed baby foods rarely. Do a bulk cook-up once a week and freeze the portions. Saves time, money and you can control your baby's nutrition.

If you want to get your kids learning about how to use money properly, have a look at PocketPal. It's a really good tool to get the kids started early. Imagine this small investment now and what it could become...think of it this way....your kids learn how to become financially sound, which leaves more cash for you to spend in your retirement!!!