RAISING KIDS may be the most expensive thing you'll ever do. The older they get, the more expensive it becomes. This is said to be especially true between the ages of 15-17. Take these strategies into consideration to help reduce some of your expenses.
LIVING ARRANGEMENT
It may not be absolutely necessary for you to move into a larger house when you have children. If things are manageable, why move? It would be advisable for you to figure out how to use the space you already have. Vice-versa, if you are maintaining an extremely large house, it may be wise to move to a smaller one when children come into the picture. You may need to save on the mortgage you pay for school fees.
FOOD
Try to limit your fast food intake. Budget the amount of money you want to spend on fast food per week. When grocery shopping, compare the costs of products that are the same except for the brand, and purchase the least expensive. You can also buy non-perishables in bulk at a wholesale store.
TRANSPORTATION
If you want a new car, take your priorities into consideration and purchase one within your means. If you want a new model of a particular car, you could always look into purchasing one second hand. Remember, finance and repair charges, insurance and fuel expenses have to be taken into consideration, and may vary based on the kind of vehicle. Shop around for different quotations for car prices and insurance costs.
SHOPPING FOR CLOTHES
When your baby has outgrown his or her clothes, do not throw them away. You may have more children and would save a great by re-using baby clothes that are still in good condition. When you are shopping for baby clothes, try sticking to neutral colours that can work for both genders. The same can apply to siblings who are close in age. Of course, new clothes should be given to your children, but all their clothes do not have to be new, for example, if a sister's outgrown dress is still adorable and in good condition, feel free to hand it down.
EDUCATION AND MISCELLANEOUS COST
Explore the option of investing some money in your child's name. When the money has matured, you may use it to cover college tuition or even help to purchase his or her first car. You will also need to take into account entertainment activities for the children. If they want to go to summer camp, look for one that is cost efficient and in the country rather than overseas. Allow them to join clubs, e.g.. video clubs or dance clubs, with a flat rate that you can afford.
True, children are priceless even though they are expensive. But while forking out all that cash to ensure their comfort and education, do not do it half-heartedly. Do it instead with a smile. Think about all they will have to do for you when everyone gets older!
To further discuss investing and the many options we have available, contact DB&G at info@mydbg.com or toll free at 1-888-CALL DBG.
