Children are expensive.
Of course, they are cute, adorable and they change your life for the better. But, the cost of raising and looking after a child for average income families is around $235,000, without including college fees. Needless to say, if you have more than one child, the spending will be more significant – for single-parent families, this is even more of a burden as it is for dual-parent families. In other words, when you have children, you need to learn how to encourage money-saving attitudes in most things. Indeed, you can’t afford to go bankrupt. But at the same time, you still want your kid to have all the best chances in life. Consequently, you have no other choice than to embrace a money-conscious strategy.
#1. Start saving when they’re young
Most parents choose to start saving for college as soon or shortly after their child is born. While this might sound a little excessive, it’s often a good idea to open a children's savings account that lets you and even other contribute to the future of your child. You can also encourage family members to transfer into the saving account when they are running out of inspiration for gifts. This is especially useful for teenagers who might be more difficult to buy for!
#2. Get a health insurance cover for your kids
Do you know how often your child is going to fall or to injure themselves? The truth is nobody knows. Children are more likely to take risks and therefore to develop injuries. As a parent, you, of course, want to help them heal and regain their confidence. But you should also make sure that you’re not taking any chances with their health. You need health insurance cover for adventurous and sporty kids who can get hurt easily – such as a child who practice with their local football club or a little boy who is going everywhere on his bicycle.
#3. Eat more veggies and fewer biscuits
Of course, you want to be a wonderful parent, and consequently, you want to keep them happy. It’s a natural feeling when you do your grocery shopping to add a few treats because you know the kids will love it. Unfortunately, when you do this, you begin to develop a bad habit that can not only encourage your kids to develop a sugar addiction, but that also affects your wallet. Treats don’t come for free! You should get your kids used to eat more fruit and vegetables instead. Raw veggies and a dip can replace a plate of cookies as a snack!
#4. Teach them the art of boredom
It’s not uncommon for parents to think that they’re failing if their kids get bored. As a result, you might be tempted to buy more toys and entertainment activities than necessary. In reality, boredom is a good thing. It encourages your kid to develop their creativity and to appreciate their own company.
In the end, parents want the best for their children. However, you need to keep a tight budget. Wanting the best doesn’t mean buying them everything. On the contrary, you have to invest in their future and safety without spending money on unnecessary purchases.
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