Help Mom Save Money This Mother's Day
According to the latest figures from the U.S. Department of Agriculture, it will cost the average family $226,620 to raise and care for a child to the age of 18. Instead of a bouquet of roses, Debt Matters presents a dozen ways to cut child rearing costs that just might save enough money to take Mom out to dinner.
Clothes make the man but can break the budget: Infants and toddlers grow too fast and care too little about what they wear to buy them expensive clothes. Young children live in jeans and t-shirts that can be purchased at discount stores and it is pointless to spend money on clothes that will just hang in their closets. Give older children a sense of responsibility to go with their sense of style by creating a clothing budget and offering to split any money left over.
Don't call them hand-me-downs, they're recycled: Most children today are conscious of recycling and being green. Reinvent backpacks, lunchboxes, furniture and more with patches, paint, contact paper and imagination.
Try them, don't by them: From toys and strollers to music players and video games, ask family and friends to give you any they don't want anymore. That way you can test it out or use it and, if you don't like it, you can give it back, donate it or throw it out and all without it costing a penny.
Stop eating away at your savings: Feeding a family is a major expense. Look for restaurants that offer to serve children for free when a parent buys a meal.
The lunch bunch: Surprise your family with inexpressive dollar store toys, sandwich bread cut into fun shapes and funny notes packed into lunches. Pass on the expensive snack packs by purchasing snacks in bulk and dividing them into small, reusable containers.
Save on vacations: Check travel web sites for hotels that offer deals on lodging and food for families. If you're traveling by car, pack your own snacks and drinks for the road. If you are flying, stop into a convenience store where you are staying and stock up for less than the hotel's vending machine charges.
Make it fun: Have a blind taste test night where store brand sodas, ketchup, frozen French fries, hamburger buns and ice cream compete with name brands. Your children may find that saving money can be very appetizing.
Party gift penny-pinching: Shop after-holiday sales and at discount stores for suitable birthday gifts for your children's friends and buy in bulk. Set aside a closet shelf or piece of luggage to store the gifts and then choose one when the party invitation arrives.
One-stop shopping: Discount stores today sell almost any gadget and toy children and teens want and for less than specialty stores.
Start traditions: Stop buying new holiday decorations. Instead, choose durable table linens and decorations that can be the backdrop to cherished memories and be used year after year.
Share the knowledge: Teach children about money and saving and get them involved with money saving activities from clipping coupons to do-it-yourself projects.
They come first: Having children will strain any budget. Take a hard look at where your money goes and it may be a matter of giving up the premium channels in exchange for daycare or after-school activity fees.
