Having a family and raising kids is expensive. Between child care, education, housing, and food, the cost of raising a child (or multiple) is pricier than ever—at an average of nearly $300,000 from birth to age 18, according to the USDA. The pandemic hasn’t made things any easier on parents either.
In a 2020 survey conducted by the American Academy of Pediatrics, 40 percent of the parents responded that their household finances had been negatively impacted by COVID between March and November 2020. Having to juggle at-home learning also proved to be a financial burden—a 2020 survey by Credit Karma found that 25% of parents surveyed had taken on debt to provide for their kids’ remote learning.
Looking at your family’s expenses and figuring out what to prioritize can help you spend less on recurring purchases and save more for times of financial uncertainty. Whether your household finances took a hit due to the pandemic, or you’re simply looking for new ways to save, here are some expert strategies to manage your family’s spending so you can have greater financial security in the long run.
1. Use what you already have, and only buy what you use.
Whether it’s food, clothes, or other items your family needs, try to take inventory of what you have—so you’re not wasting money buying multiples of things. Declutter your home and get rid of anything that your family doesn’t actually use.
“A lot of money can be saved if parents …….