Organising your family's finances and creating workable family budgets can sometimes feel like an endless task. And with so many extra expenses there always seems to be something which catches us out. To help you manage your money, expert Alvin Hall has some invaluable advice and practical money saving tips.
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Much of the overspending on babies is more about the parents' ego than the actual needs of the child. Then, as children grow older, pester power kicks in.
Both the needs and wants of a child can put extra pressure on a family's budget. These savings tips will help you to balance your budget and save money. And in some cases your child will learn a useful lesson about money.
Top money saving tips:
- Plan and set a budget for the everyday items you will need to buy for your child. Buy items when they are marked down.
- Try not to buy too many special occasion items, especially clothing, that may be used only once or twice before the child outgrows them.
- Buy in bulk those items that you will use most frequently. This can be a huge saving compared to picking up small packages of the item every time you need them.
- For birthdays and Christmas, encourage relatives and friends to pool their money to help pay for a really expensive item, like a pram for a baby or a piece of electronic equipment for an older child.
- Consider buying good quality used toys, especially when the child is young. It's the fun of playing with the item that will be important to the child, not whether it is brand new.
- Accept hand-me-down clothing and toys from relatives and friends. Often these are barely used, good quality items that friends and family kept because their child quickly outgrew them.
- Don't assume that the most expensive item is always the best. Many consumer websites evaluate and rate items as "best buy" and "best value for money". Analyse the specific needs of your child and do your comparative research before making the purchase.
- Avoid blowing the family's budget on a birthday party for your child. You don't have to buy into the trend of creating an over-the-top, ‘impress the neighbours' party. Focus on the single thing that will make it fun for your child and keep it simple.
- Make your child choose one item from among several he or she really wants. Few of us can afford to have everything our heart desires. By teaching your children to make choices, you help them learn to set priorities and determine what, relatively, is more important to their happiness.
- If your child receives pocket money or gifts of money from relatives or family friends, have them save part of the money to purchase items they really want. This not only reduces the amount you will have to pay out, it also teaches your child about setting goals and deferred gratification.
