Food & Receipts

Tips for Saving Money While Raising a Toddler: Don’t Blame Your Child for Overspending

Raising a young child can be expensive, but don't let it become a burden by blaming frivolous spending.

19 January, 2024

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When a family has 2 spouses and suddenly adds a baby, of course the expenses will naturally increase. Even the expenses for food, diapers, clothes, and baby items are more than those for an average adult. Moreover, with the love for their child, many parents may save money for themselves but do not want to skimp on buying things for their child, fearing that their child will feel deprived.

However, in difficult times, there are things for children that you don’t need to buy, and you can still save money.

Learn ways to save so that you don’t use your child as an excuse for your own financial difficulties and then complain to your child all day that you spend money because of them.

Tip 1: Set a budget

Creating a spending plan will help you see clearly what expenses are necessary and what expenses can be cut. Therefore, clarify income and fixed expenses, which are the essential expenses such as electricity, water, rent, food costs, service charges for the apartment… With this plan, you will be able to adjust based on the reality of your family to see what can be cut.

Tip 2: Not everything other children need, your child needs too

You can completely refer to other household’s shopping for their children, such as milk, diapers, cribs, toys… However, for your child, you can go in a different direction. There are things that can be borrowed from acquaintances without affecting the child’s upbringing, such as baby clothes, which many mothers use very little and are still in great condition. Instead of buying a crib, you can improvise with a thin blanket to save space and expenses. There are many things that other households use but you may not need.

Tip 3: Always compare when shopping

Compare prices, functions, and types of goods to make the most reasonable decision based on your finances and the functional needs of an item. This habit helps you make more sensible shopping decisions. Also, pay attention to promotions, discounts, and make use of discount vouchers, coupon codes to save costs.

Tip 4: Rational consumption, avoid waste

Whether buying groceries or buying things for your child, you should be rational and avoid buying excessive things that will end up being wasteful. Taking care of a child will naturally increase your expenses, but it doesn’t mean that you have the right to be extravagant just because of your child. Provide good things for your child, but don’t waste money in the name of your child. For example, when you need to buy food for your child, buy an appropriate amount and feed them properly, instead of overfeeding them, which is neither scientific nor cost-effective and may harm their health.

Tip 5: Many products for children can be made at home and don’t need to be purchased

Therefore, in the midst of the economic uncertainty, raising a child will make you spend more and work harder, but it doesn’t mean you can’t save money. You can’t say “raising a child is impossible without spending money.” Instead, think about the fact that you only need to spend on what is truly necessary and save a portion for the future stages of your child’s development.