By Daniel Rodriguez | Dr. Budgets
This month I have compiled five ways to save money on kids that you can start thinking about after you get pregnant. In full disclosure, my wife and I don’t have kids yet, so this list is the result of suggestions from readers, clients, family, and friends. I found these tips very helpful…I hope you do too!
Travel. One of our readers wrote that he and his wife moved up a few of their trips before their kids turned two, thus saving them money on airfare. Airlines typically offer parents of children under 2 years of age the opportunity to hold the child on their lap. According to a USA today article tickets for lap babies are generally free or require payment of airline fees and taxes only on domestic flights, though a small ticket fee is commonly included on international flights. In addition, some airlines, such as Southwest, give a ticket discount to infants traveling in a FAA-approved child restraint, such as a car seat, while other airlines, such as United, offer complementary bassinets for use on international flights with an infant under 6 months of age. So, see how many destinations on your wish list you can visit before your child turns two. Then, to balance out your travel budget, take a break for a few years.
Costco. A friend of mine saved a bunch of money on diapers and baby wipes by buying them at Costco. She also mentioned that you can purchase high quality baby formula at a discount. These tips alone can save you hundreds (if not thousands!) of dollars per year. Another tip from a friend was to use reusable diapers instead of disposable ones. Laundry will be more expensive because of the extra loads (pun intended!), but you are likely to save money by doing this. These are all things you can think about while you are pregnant to prepare for the increase in expenses after junior is born. Bonus Tip: Since my dog is basically my “baby” right now, I thought I should mention that I save about 50% on the cost of dog food for my boxer by buying it at Costco. Just some food for thought.
Babysitting Co-Op. This one takes more effort, but with the high cost of daycare, the savings here could be huge! As soon as you get pregnant you should start thinking about who can watch your baby. Is there a family member who would love to help out once per week? Who do you know and trust who also has kids who you could form a baby co-op with? Click here to learn about babysitting co-ops. Lots of parents spend thousands of dollars per year on babysitting and daycare. Think about what you can do to avoid or reduce this expense.
Pre-Birth Shopping. This tip came in from another friend of mine. He told me that it is very easy to overspend on your soon to be born child (especially your first!), but it is unnecessary. Friends and family who are overjoyed with your news will often shower you with gifts for your baby. So you will want to wait until the gifts stop rolling in, then go out and buy what is missing.
Buying Toys. You often see kids with so many toys, but if you observe them carefully they are typically only playing with a handful of them. So think about the concept of less is more. Having fewer toys may actually benefit your kids. If your child receives a new toy consider having them get rid of an old toy. You could also set up a toy exchange with other parents. This exchange can also work with clothes because often kids grow out of their clothes so fast they don’t get very many wears out of them. As your kids get a little older and they start asking for things at the store, tell them it will “go on the list,” then refer back to this list later for gift ideas. Check out my blog post later this month for more on this.
So those are my five ways to save money on kids that you can start thinking about after you get pregnant. If you have any tips that you would like to share, please do so in the comments section below.