Kids and Money: The First 5 Years is the Time to Save

Over time, kids can be costly. However, they don't have to cost as much as you might think. If you're on your game early, you could cut your costs significantly before they really start hitting your wallet hard.

Before your little ones head off to school and learn what every other kid in the neighborhood has, before they have to have certain clothes, before they want a car, before they want, want, want, you have an option. This option is called the first five years. And if you play your cards right and know where to focus your saving efforts, you may be able to reduce your child rearing costs considerably.

Clothing

Letting my four-year-old pick out his clothes yesterday, reinforced my already strong belief that kids just don't care a whole lot about what they wear before they hit a certain age. The clashing colors of his blue shark pajama top, paired with his grey monster truck sweatpants had me wondering if he was headed for the golf course. And since kids grow like weeds, sometimes you barely have a chance to put them in an outfit twice before they've outgrown it.

Personally, I find that garage sales and resale shops can be a great way to save big money on kids' clothing before their noses start turning skyward at the mention of the word 'Ëœresale'. However, if you have an aversion to clothing from unknown sources, we've had plenty of success with hand-me-downs and trade-outs with family, friends, and co-workers.

Food

Before my son is old enough to fully comprehend all those commercials hocking their kid-directed food stuffs, and way before he's able to badger me for the car keys to make a run to the local fast food joint, I'm doing everything I can to make his meals not only nutritious but cheap too.

I find it particularly interesting that while many adults can't fathom selecting a non-name brand product, a three-year-old finds absolutely nothing wrong with the package something arrives in, instead choosing to focus upon the taste of the product itself.

See, we can indeed learn something from our children! And if my son doesn't care about the brand, why should I spend an extra dollar or two? I know the time will come soon enough when that colorful maze on the back of the cereal box or the pull-back racing car inside will make all the difference in the world to him, but until then, I'm saving when I can.

Birthdays and Holidays

Recognizing the fact that often much of the hullaballoo built around kids' birthdays and holidays is largely on behalf of other adults, I still don't get it. I've watched family members toss hundreds of dollars away of huge parties and events that their kids could care less about.

I know that my son would be just as happy with a couple of friends playing in the backyard sandbox or going to the local playland for $6 a head and then having ice cream and cake at home. I'm therefore willing to save my money for when I know such things won't cut it anymore and I'll be left shelling out hundreds of bucks for pricier party atmospheres and events.

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Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.