Raising children is costly!! There is no denying it…. One weeekend outing to the movies with 3 kids can easily set you back over $100! This is okay once in a while, but if you are on a budget like most parents, entertaining your kids without breaking the bank is a MUST! We put together a list of 6 ways to minimize your costs while maximizing your memories….and your kids will LOVE you for it!!!!
1.) Free activities
Do your research – Every weekend there are several free and fun events that you can attend (street fairs, farmers markets etc…) If none of these interest your children, consider taking them to a park, for a log bike ride, or you can even organize a volleyball match among friends and family members.
Here is a list of a few spring/summer outings to consider:
• Local parks/splashpads
• Local library
• Family fishing – Urban Fishing Festival
• Centreville Amusement Park (Centre Island)
• Lionels Petting Zoo (York Region)
• Beaches Jazz Festival
• High Park Zoo
2.) Car Pooling/Team up with friends
Gas is pricey!! Partner up with your family/friends and share in on the savings. Car pool to the movies, lunch outings and even school. If you can make it work, you may also want to cut down on the cost of child-care and split babysitting or after-school programs.
3.) Hand-me-downs and clothing swaps
Children grow quickly and yet, clothing is one of the items that parents tend to splurge on. Instead of buying a new wardrobe every 6 months, organize a clothing swap! Trading clothes among a group of friends or neighbours works out so well for both the kids and your wallet!! Clean out those closets and swap away!
You may even consider consignment/second-hand stores to sell your clothes (some will pay you right on the spot for your goods). Other online avenues like Kijiji or Facebook Groups are other sources for purchasing or selling clothing and toys.
4.) Money Management
This is all about smart decisions and budgeting accordingly. Live within your means – starting with necessities. Prior to making purchasing decisions, get organized! Lists, lists lists! We cannot stress enough the importance of lists! Going grocery shopping? Make a list! Back to camp shopping? You guessed it – make a list! Being organized will help you avoid straying to purchases that are unnecessary. Impulse buying is the culprit!
Here are a few money management practices to incorporate into your lives:
• Bulk shop
• Budget for major expenses
• Start an emergency fund – that you only dip into for emergencies
• Limit those Starbucks coffees/eating out
• Directly transfer 1/3 of your income into your savings account
5.) Set Priorities
Sometimes we get lost in the moment. That extra cute outfit, the best toy, another family vacation – we all want to provide the most for our children. Take a step back and set priorities in writing. Do you work a lot and only have very limited time with your children each night? Forget that cute outfit, and take your child for an ice cream after work. If you have limited spending money for food, you may want to consider buying quality food in bulk so that you are not in a compromising position. Seek the best option in relation to your priorities and spend time and money accordingly.
6.) Savings
We all know how tempting it is to buy that extra toy, gadget or adorable jacket, but imagine how much money you could save for your child’s future, if you put that money in a fund and let it grow! There are several financial options that optimize savings available to parents for their children. This will not only help with budgeting, but will also aid in smart spending. The next time your child “NEEDS” that new toy or outfit, consider if the money would be better off in a savings account. We can’t expect our young children to think and plan for their future, so it is up to us to make these responsible decisions for them!
Having children and making memories do not need to break your bank account. You can live, love and laugh and still be money conscious.
