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Managing Childrearing Expenses Having kids is no joke, as the preceding paragraphs show. Then, of course, having children also gives a certain degree of fulfillment and inspiration to parents that money just cannot buy. These do not mean, though, that couples should have or not have children on a whim. The financial and emotional investments of having kids are huge and the stakes are high if you want to raise them to grow up as responsible adults. If you do decide to have kids or already have them, it’s important to learn how to manage the expenses that come along with them. There are ways to save on childcare that will not deprive your little angels of the necessary comforts of life. Here are some ideas: 1. Breastfeeding is best for baby—and the budget. There are various scientific studies that support the health benefits that mother’s milk gives to baby (e.g. boosts immunity, prevents diseases, and provides complete nutrition for the first six months). It also bonds the baby and the mother emotionally. But as far as the budget is concerned, breastmilk is the ultimate in zero costs. The mother naturally produces it after birth and there is no need to buy it, unlike formulas. There is also less need to buy bottles and sterilizers —unless you need to store your excess milk—further lessening expenses. 2. Try finding second-hand baby furniture from friends and relatives to save on costs. Perhaps they may even give it to your little one for free or for a very cheap price. There are also good deals on these items that you can find on eBay. Just make sure that you give it a very thorough cleaning before you use them. 3. If you have more than one child, you can let them share rooms and toys. This fosters sibling bonding while teaching them the valuable lesson of sharing. 4. Buy in bulk. As your family grows, it is cheaper to buy groceries and staple things that you need at home in larger quantities. This allows you to enjoy discounts. Using coupons will also help you save on grocery expenses.


Cooking at home, minimizing restaurant dinners, and brown-bagging lunches are also other ways to save on food costs. 5. If possible, put your children in one daycare center or school to save on transportation expenses and tuition. Schools usually offer sibling discounts if you enroll your kids with them. 6. Start saving for college. There are tax-advantaged accounts like Coverdell Savings that allow you to start putting money away for your child’s college costs. 7. Have a budget and stick to it. If you have not made and followed a budget before, now would be the best time to start doing so. As the kids grow, you are going to incur expenses left and right. Without a budget, it’s going to be more difficult for you to pinpoint exactly where your money went. 8. Save before having a child. Children’s expenses start even before your child is born. There are prenatal and labor expenses, for starters. You will find yourself in a much stable financial footing if you pay for all your childcarerelated expenses for your child’s first year at least in cash. This way, you don’t have to charge a lot to plastic and risk having too much debt.

Check out www.adamscapgroup.com for more Information on Ways to Get Out of Debt. Other related info you might be interested in: • • •

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Managing childrearing expenses