Save Money On Child Expenses - 5 Easy Ideas To Cut Costs

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The Impact Of Children

Nothing, and I mean nothing, has changed our lives for the better like the birth of our daughter. Something about being a parent brings new perspective to every part of your life. With that in mind, finding ways to save money on child expenses is never a bad idea.

Most of us, at some point, will wonder if we’re financially prepared. That’s a very normal question. The truth is, a child is going to impact and change your financial priorities. You may have to trim back some other categories to make room for new ones. Don’t let that stop you! The joy of your child will far outweigh those budget cuts!

All that being said, we’ve found 5 easy ways to save money on child related expenses:

Alternatives To Traditional Day Cares
Going Generic On Formula and Food
Taking It Easy On Clothing Purchases
Having A Firm Toy Budget Each Month
Sticking With One Brand Of Diaper

Let’s explore these ideas a little deeper.

Save Money On Child Expenses, Idea #1: Look At Alternatives To Traditional Day Care

When we first began to form a budget that took child related expenses into account, the largest line item by far was childcare. And one of the problems here is that you don’t necessarily get to be too picky.

There are only so many childcare providers in any given area, and if you want to keep it convenient to home or work, you may just have to take what you can get. You may, like us, get put on a waiting list everywhere you call and really just have to take the first available opening.

In our area, childcare for a baby could easily cost around $850 a month, and I’m well aware that in larger cities and communities it can cost far more.

Ouch.

So, we went with an in-home day care provider. The provider we chose worked around our schedule as teachers and actually didn’t charge us anything to hold our spots through the summer when we didn’t need childcare. That’s just about unheard of in my experience, but being a one-person operation, she had the flexibility to make that call.

The rates were also SIGNIFICANTLY lower. We saved hundreds every month compared to private day cares in our area.

If you can’t find a good, flexible in-home service, looking at church-based day cares might also be a good choice. We found them to typically be priced a little lower than private options.

Regardless, my suggestion would be to start asking anyone and everyone if they know any good alternatives to traditional, private day cares in your area. That’s how we found our in-home provider. A short conversation in passing could save you thousands!

Save Money On Child Expenses, Idea #2: Consider Going Generic On The Formula And Food

Stay with me here. I know your baby deserves the best of everything, but I’ve got a story about this one.

Our daughter developed an intolerance to dairy while she was still on formula. The doctor sent home a sample of a name brand formula for babies with this sensitivity. I pulled it up online to see how much it was, and I was blown away. Apparently she was moving from milk-based formula to gold-based formula. So I started looking at alternatives and doing some research.

Now read this carefully, I am not a doctor and I am not giving you medical advice. I’m just reporting what I read.

Apparently, all baby formula, regardless of who’s making it, is held to the same very high standards. Not very surprising if you think about it. We decided we’d like to try a soy-based, generic formula with our daughter. We double checked with her pediatrician, and got the all clear.

We’ve continued to buy generic brand toddler food as she’s grown. We always compare labels to check the nutrition and ingredients lists. It seems like nine times out of ten, there is little to no difference.

Again, you and your doctor should ultimately decide on your child’s diet. But, for my wife and I, going generic with our baby and toddler food has been a big money saver.

Save Money On Child Expenses, Idea #3: Take It Easy On The Clothes

If no one has told you yet, children grow FAST. Especially babies.

I know it seems obvious, but I bring it up because those baby and toddler clothes all look so cute, and they really aren’t that expensive. It’s so tempting to just grab a new outfit every time you walk into Target. But all those little purchases add up.

Plus, they don’t need all that. Our daughter spends 90% of her time in play clothes or pajamas. I’m willing to bet that if you have a little one, they do to.

With those thoughts in mind, go easy on the clothing purchases. They’ll outgrow the cute little outfits before they’ve worn them twice anyway!

Save Money On Child Expenses, Idea #4: Have A Firm Toy Budget Each Month

I’m a father to a beautiful little girl, and I’m a sucker for her beautiful little smile. But, that doesn’t mean I can give her a new toy every single day (though I certainly would!).

And the fact is, having too many toys isn’t a good thing anyway. Our daughter can spend a solid hour just playing with a few Fisher Price Little People. I mean just the people, not even the accessories. She could also kill an afternoon with a stack of board books.

Toys can get expensive too. And we have a lot of redundant pieces. For instance, why does every single doll need to come with a bottle? Now we’ve got a drawer of fake bottles that will never be touched.

Instead of creating a pile of toys that get discarded after a week to make room for the newest thing, set a firm toy budget each month and stick to it. Let your kids learn to get creative with what they have instead of constantly expecting something new. Everyone wins here!

Save Money On Child Expenses, Idea #5: Just Stay Name Brand On The Diapers

I know this seems counter productive to this post, but hear me out.

We wasted plenty of money shopping diapers. We ignored the advice of seasoned parents. I guess we thought we’d do it better. And we threw away diapers.

You really can’t cut corners here.

Once you find a brand of diapers that you like, just stick with it. You’ll go through the less expensive diapers faster anyway because they’ll be leaking all over your child’s clothes, and then you’ll be replacing those clothes too. Don’t bother. For us, it’s been Pamper’s all the way. Save yourself some time and money, and just spend $20-$25 extra a month to do the diaper thing right.

Conclusion

To wrap up, do your research to learn which of these ideas will work best for you.

Again, here are your five ideas to save money on child expenses:

Alternatives To Traditional Day Cares
Going Generic On Formula and Food
Taking It Easy On Clothing Purchases
Having A Firm Toy Budget Each Month
Sticking With One Brand Of Diaper

Find out about traditional childcare alternatives in your area by asking around, and talk to your child’s doctor about the possibility of generic brand formulas and toddler food. If you can put those things in place, they could be big savers!

Regardless of your money goals, you can “Bank on a Budget” to get you from where you are to where you want to be!

Just buy good diapers.

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Alex

Hello, my name is Alex! I'm a public school teacher who has achieved some big financial goals just by getting control of my money using some simple strategies like using a monthly budget. Now I'd like to share what I've learned with you. Welcome to "Bank on a Budget!"