How to Save More Money While Raising a Family | Cleveland Bradley County Teachers Federal Credit Union

Everyone knows that when you have children, it is often an expensive venture. In fact, the average American family will spend an astounding $230,000 to raise a child from birth to the age of 17. And with the recent burst of inflation, that number is almost $290,000.

Here are some tips from our Cleveland Bradley County Teachers Federal Credit Union team about how to save money when raising kids:

Prepare your food in advance and at home. With some planning and preparation, meal prep can be a simple and stress-free way to save a ton on food. In a world where the average American eats out about six times per week, there is a ton of money to be saved when you choose to eat at home. This also requires that you create recipe/ingredient lists, thus reducing surprise expenses that are unplanned throughout the month.

Avoid buying brand-new clothes. The saying “they grow up so fast” has never been more true than when seeing how quickly kids grow out of clothes. When you are looking to buy clothes for your kids, look for them in thrift shops and secondhand stores. There’s no need to spend $50 on a pair of shoes your child will grow out of in a couple months! Additionally, when your child grows out of the clothing, you could donate or sell back the lightly worn garments to make some money back or just give back to your local community.

Shop for gifts ahead of time. When shopping for gifts, there is no need to be frantic or rushed. Whether you are holiday shopping or birthday shopping, buying a gift well in advance can reduce the risk of spending impulsively. In addition to removing the potential overspending, this can also help you work the expenses into your existing monthly budget.

Loving your kids more does not mean spending an arm and a leg to support them! Saving costs here and there can help set you set them up for a more prosperous and supported future. At the end of the day, every penny counts.

If you need other money-saving tips, we are here to help! Contact us today to get information about the savings accounts and other banking services that we have to offer.