The Secret to Saving Money with Kids

You may not realize just how costly children are until they become part of your monthly expenses. Many first-time parents are hit with a financial obstacle when their little one enters the world, so understanding how to continue saving when you have kids is the key. Here are some practical tips to help you out when the time comes for you to start a family.
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Start a Savings Account Early

Kids expenses will add up as they get older. To make the larger expenses easier on your budget when your kids get older, start a savings account for your children early. Even small additions to the account early will add up over time. Our Accumulate Savings Calculator can show you how consistent investments over many years can be an effective savings strategy to accumulate wealth.

Cut Down on Unnecessary Subscriptions and Memberships 

Take a moment to review all the things you pay for monthly, including streaming services, online gaming services, cable packages, gym memberships, music streaming and more. Our Personal Finance tool can help you track your subscriptions and expenses so you can better see where your money is really going. There’s a good chance you’re paying for something each month and not really getting your money’s worth because you don’t use it enough. Now’s a good time to cancel a few monthly payments and save lots of money in the long run. 

Have a Plan While at the Grocery Store 

Little kids are pros at seeing something at the store, deciding they want it and then begging you for it for the rest of day. While it’s not always possible to go to the store without your kids, it is possible to arrive with an organized plan and stick to it. The more prepared you are, the more money you’ll end up saving. Do some couponing beforehand, figure out your budget, plan out meals for the week and stick to your list as you shop. 

Sell Items You No Longer Need

Facebook Marketplace has made selling items you’re wanting to get rid of a breeze. If you’re expecting a little one, it’s a good idea to deep clean and organize your home anyways, so once you go through your belongings, consider trying to sell them before you give them away. This is a great way to make sure you’re not filling your home with unnecessary items before the baby arrives. 

Carpool When Possible

With kids comes lots of activities, which means constant driving to practice, school, rehearsal, playdates, games and more. Work together with other parents by setting up a carpooling schedule to save lots of money on gas as well as save you time.  

Skip the Air Travel

Family vacations, while exciting, fun and memorable, can be expensive. Flying is a common default choice since it’s convenient and faster, but the cost of flying with your whole family adds up quickly. When you drive, not only are you skipping out on paying for luggage, but you’ll already have a vehicle in the location you’re going. This eliminates the need to pay for a rental car or driving service while on vacation. 

Revisit Your Budget Frequently

As one would expect, the budget you have with one child will be completely different from the budget you have with four kids. As your family continues to grow and change, so will your expenses so it’s important to continue adjusting your budget as time goes on. Let our Personal Financial Management tool help you with your budgeting and expense tracking and even create goals.
We hope these helpful tips will be financially beneficial to you and your growing family. To learn more about the banking services we offer, visit AbbyBank and we’d be happy to be part of your financial journey.