4 Secrets to Spending less on Unnecessary Children’s Products

Investopedia estimates it will cost the average family with a child born in the last decade $310,605 to raise them – at least until the age of seventeen. Let’s be honest. It could easily be much higher if you figure in unexpected medical expenses, rising food costs and other goods. And that doesn’t even take into account saving up for college or their final year of high school.

(Read about alternatives to college here.)

So, what’s a cash-strapped parent to do? While not the only solution, using targeted, intentional strategies for spending less on unnecessary products is a start.

1. Have Kids Put Down Their Devices & Turn Off the TV

Remember when all parents had to do was turn off the TV? Reducing screen time is all the more crucial for families today. Those seemingly innocuous shows and videos often accompany something more nefarious: ads for toys and goods small children suddenly think they want. The next thing you know, your 3-year-old is begging for a Mario Kart 8 Deluxe.

Unfortunately, it’s more difficult to establish ground rules when little ones have access to tablets and devices that they operate better than their parents. Don’t let them talk you into another hour of Paw Patrol! The discipline you teach them now will help them develop better financial control as they grow older and are tempted by much more expensive products.

2. Model Money Values You Want Your Kids to Absorb

Now that you’ve won back vital face-time with your kiddo, explore some of the neat things you can do with them that also teach smart budgeting. Remember – our children are paying attention even when we think they aren’t. Parents can sprinkle in subtle lessons so that even the youngest ones will develop a basic financial education. Some places to start:

• Negotiate with kids. Tie their allowance to specific chores to teach them about monetary goal setting.
• Learn to say no if you struggle with that. They will respect you for demonstrating what financial boundaries look like.
• Have them help you compare price tags at the grocery store. They might not love every moment of it, but the lesson about smart spending will eventually sink in.
• Teach them about bargain hunting as they get older and gain more financial independence. Your teenager will be savvier when they start shopping using their own cash on their prepaid debit card.

3. Question Extracurricular Expenses in Advance

While you’re at it, try not to cave to the pricey demands of every youth group and sports team your offspring are on. Today’s families pack in a lot more extracurriculars than in yesteryear, and those activities can come with unexpected price tags. Parents may feel pressure to expenditures not in their budget.

Find out in advance about costs associated with uniforms, social events and out-of-town travel – and whether there are ways around some of those expenses. Use your power of negotiation where you can, and say no when the household budget demands it.

4. Embrace Second Hand Shopping (Especially if You’re a Single Parent)

Married couples can struggle financially as much as anyone, but raising kids solo has led a lot of single parents to embrace a specific type of shop: second hand ones. There’s no shame in it. Even wealthier families support consignment boutiques – which is a fancy way to say used-clothing store – to avoid the trap of over-indulgence.

The Salvation Army alone has 250 thrift stores throughout the Midwest, including many here in Illinois. One tip for thriftier shopping: be intentional. Know what you’re looking for, have patience, and put in a little extra time to unearth hidden gems when you can. Low-cost items you might find:

• Gently used clothing
• Furniture in decent condition
• Donated school supplies
• Well-functioning laptops for your kids
• Cool toys (buy in moderation!)
• Other home goods

Expand your search both on and offline, from Facebook Marketplace and eBay to hand-me-downs from your older siblings’ kids. Buying necessities for a fraction of the price of their regular price can drastically reduce spending on brand-new items that children may quickly outgrow anyway.

Save Time Using Convenient Financial Services at Nearby Currency Exchange

In addition to prepaid debit cards and other financial assistance, Community Currency Exchanges (CCEAs) support busy families by helping them with urgent auto needs on the spot.

Stop overspending on kids’ stuff, and start using smart services at your nearby CCEA location!