3 Tips to Save Money as a Parent

Being a parent can come with a great deal of responsibility, including the need to pay out for the items that your child and family need. However, not all of these payments could be deemed as essential. While we all want our children to have all of their heart’s desires, this isn’t necessarily the best way to raise a child. Likewise, it can be good practice to teach them how to avoid spending those extra dollars, if it can be helped.

Fix it Yourself

Within reason, some items might be able to be fixed at home. While electrical and gas related products, as well as vehicles, should possibly be left to the hands of qualified professionals, other items might be within the realm of possibility. An example of this can be a set of spectacles. Rather than paying money in both fuel and services each time your frames are out of line, you could instead research how to fix your own glasses, as well as your child’s, from the comfort of your home. Of course, extensive damage may still require a trip to the eye doctor, but smaller bends can then be rectified with no fuss needed.

Say No

Although it can be tempting to try to say yes to everything your child asks for, it can actually be good for them to hear ‘no’ as well. This may cause upset in the now, but can have a positive effect on both your wallet and their growth as a person. Not only will they learn that all items come with a cost attached, but this can also help with emotional regulation, particularly in terms of disappointment. Failure to say no could cause them to have problems managing their own money in the future, give you problems with debt in the now, and even contribute towards depression or anxiety.

Learn to Thrift Shop

While your children may not necessarily be thrilled about using second-hand goods or clothes, your bank balance will be. Learning the best ways to find bargains in thrift stores could help you to get a bit more for your money, or allow you to invest the rest into savings. Generally, items in these stores will have been checked for any damage, but it can always be a good idea to give them a once-over yourself too. You might find that you save tens, if not hundreds, of dollars by sourcing items this way. It can be a good idea to wash items prior to use or wear, just to be sure that they are clean. With children’s everchanging fashion and style ideas, this could allow them to experiment with their clothing choices, without seeing you waste copious amounts of money.

Saving money as a parent may take a bit more thought than when you lived independently, but it certainly is possible. Not only will this help you to steer clear of debt now, but it can also help them to learn some great money habits for the future.