21 Ways for Parents to Save Money - The Irish Twins Momma (2024)

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Before we decided to have kids I was trying to estimate the cost to figure out if we could afford to have a child and provide it the necessities it needs. I was often worried about finances during my pregnancies. I was researching all the time ways to save money as a parent so that is why I am sharing this with you today.

Based on the most recent data from theConsumer Expenditures Survey, in 2015, a family will spend approximately $12,980 annually per child, married-couple family. Middle-income, married-couple parents of a child born in 2015 may expect to spend $233,610 ($284,570 if projected inflation costs are factored in*) for food, shelter, and other necessities to raise a child through age 17. This does not include the cost of a college education.

Crazy right? That is why I am providing you with 21 ways that parents can save money because as you can see it is a huge financial investment raising a child in today’s society.

21 Ways for Parents to Save Money - The Irish Twins Momma (1)

  1. Stock up on diapers when you are pregnant so you are able to shop for the best deals. Alternatively, you could use cloth diapers that will save you more.
  2. Cook more at home instead of going out to eat. You can be creative! Breakfast for dinner is always a hit here in the Irish Twins Momma’s home.
  3. Go Generic! I have saved so much money going generic on so many items. Just switching toilet paper and cutting out back significantly on paper towels and beauty supplies have been a budget saver! We started using Norwex kitchen towels, body cloths, and window cloths that have allowed us to help make this happen. Yes, they are a bit pricey, but they are an investment that can produce hundreds in savings.
  4. Meal Planning and save you HUNDREDS! I didn’t do this for a while and a huge mistake. I wasted so much food and now I am so much more conscious of it. I now do a weekly planner to keep us on budget.
  5. Stop buying bottled water. Seriously! Invest in a filtration system and you will save so much yearly that it is astonishing!
  6. Consolidate Debt21 Ways for Parents to Save Money - The Irish Twins Momma (2)
  7. Use the library and save on movies and books.
  8. Watch electricity consumption. If you are not in a room turn off the lights and fans. If a light goes out to opt for LED. They last longer and use less energy consumption.
  9. Walk or ride your bike whenever possible.
  10. Avoid bank fees. Sometimes you just have to switch bank so you don’t have to pay the monthly maintenance fees which are continuing to rise yearly.
  11. Never pay annual credit card fees. Check out CreditCards.com to compare them side by side and find one that best fit your needs or opt to stop using them altogether.
  12. Cancel any unnecessary memberships. I am prone to this because I love gym memberships and audiobooks, but I have canceled my gym membership to save us hundreds yearly. I can’t cancel my audiobooks membership because it is a form of selfcare for myself.
  13. Buy in bulk for non-perishable items that you will need. For example, buying in bulk on paper towels, toilet paper, and tissues can save you hundreds. I know I am on the board of if Costco, Bj’s Wholesale, and Sam’s club are worth it because you shouldn’t have to pay to shop somewhere just to save money. However, now online at Walmart or Amazon, you can have the big bulky items shipped to your home and still save.
  14. Stop using paper and plastic products. Instead, use dishes that are ceramic or glass, as well as, cups. Not only will you be saving your budget since they are reusable, but you will be saving the planet.21 Ways for Parents to Save Money - The Irish Twins Momma (3)
  15. Sign up for customer rewards programs. I love usingIbotta if they don’t have a reward card themselves like Lidl, Cartwheel for Target, or Giant Grocery Story.
  16. Stop buying individually priced snacks when you can buy a large package and separate into reusable snack bags. If you keep track of how many snack bags you use in a year you would be surprised. I bought these two years ago and we still use them. They come in handy even when traveling because they are dishwasher safe.
  17. Print coupons or check out Krazy Coupon Lady to print some too. Then go to the store to purchase and save!
  18. If shopping online I highly recommend Rakuten (Formerly Ebates)! If there are coupon codes Rakuten knows about it and will apply them to your orders when shopping online. It has saved us hundreds yearly. I don’t know why I didn’t start using it earlier. When they don’t off cashback on something I always double-check RetailMeNot to see if I can save anymore.
  19. Plan in advance for holidays and events.
  20. Plan for major purchases by building a savings account. Put away just as little as $10 a paycheck and you will be shocked how much you will have saved by the end of the year.
  21. Overspending on kids and childcare. Your children do not need every toy or electronic item. They only need food, water, a house, clothing, and magnificent parents that are willingly helping them grow and be outstanding citizens in society. Childcare is outrageously priced, but you can save by finding an in-home daycare or looking on Care.com for a nanny. Public daycare will always be more expensive in most cases.

I truly hope all these tips help you as much as they have helped me over the past few years. I still continue to use them daily. Please do not forget to pin this post or share it with others so they can save too.

Sincerely,

21 Ways for Parents to Save Money - The Irish Twins Momma (4)

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Comments

  1. Valerie Fowler

    We already do several of these now, or have in the past {e.g., cloth diapers}. Honestly, most of them are so easy, I can’t believe people are NOT doing them. Thank you so much for sharing. ❤️

    Reply

  2. Diane

    Excellent tips! Some of these money saving tips we so easily ignore when they are so easy to do.

    Reply

  3. Champion

    Hello there! This is my first comment here, so I just wanted to give a quick shout out and say I genuinely enjoy reading your articles. Thanks.

    Reply

  4. Kelsie Rudnick

    I am so guilty of #21. I constantly see a toy I think my son will like and get it for him. Now, with me being out of work I have been a lot more selective of what I am and am not buying. Turns out my son is perfectly happy with what he has

    Reply

    • The Irish Twin's Momma

      That is me too! It is such a bad habit we have.

      Reply

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21 Ways for Parents to Save Money - The Irish Twins Momma (2024)

FAQs

How parents can save money? ›

You can keep on buying used clothing for kids in school, either from consignment shops, people you know, or Facebook groups, for example. And if you're able to avoid moving up to a huge house just because you have kids, you'll save on housing costs, too.

How can I save money to have kids? ›

6 smart ways to save money for kids
  1. Here's an understatement: Kids are expensive. According to the Brookings Institution,1 it could now cost an average of $310,605 to raise a little one to age 18. ...
  2. Feed your brain. ...
  3. Savings account. ...
  4. CD. ...
  5. Custodial account. ...
  6. Traditional brokerage account. ...
  7. 529 plan accounts. ...
  8. Roth IRA for Kids.

How do you save when you have a family? ›

Check out these money-saving tips for families:
  1. Focus on food costs. ...
  2. Keep birthdays simple. ...
  3. Give secondhand a chance. ...
  4. Choose frugal fun. ...
  5. Plan ahead for the holidays. ...
  6. Hack your housing costs. ...
  7. Talk budgeting and saving with your kids.
Feb 16, 2024

How to invest $1000 for a child? ›

How to invest $1,000 for a child? To invest $1,000 for a child's future, consider opening a brokerage account or a custodial account, or look into a 529 college savings plan with gifting options.

What is the best investment to start for a baby? ›

The best investment accounts for kids
  1. Best for education: 529 savings plan. ...
  2. Best for versatility: Uniform Gifts to Minors Act (UGMA) Accounts. ...
  3. Best for retirement: Custodial Roth IRA. ...
  4. Best for teaching how to save: Custodial savings accounts. ...
  5. Best for teaching how to invest: Custodial brokerage account.
Feb 26, 2024

Do kids get cheaper as they age? ›

The annual cost of raising a child increases as the child gets older.

What is the cheapest way to have a baby? ›

What is the cheapest way to give birth? The cheapest way to give birth is usually at home. With a home birth, you aren't paying the enormous hospital fees, but there are also more risks involved. Delivering at a birthing center can also be cheaper than a hospital birth.

How to be frugal with a baby? ›

Top money saving tips for having a baby.
  1. Don't be afraid to buy as you go. ...
  2. Second-hand is your friend. ...
  3. Breastfeeding is cheaper than bottle-feeding. ...
  4. Re-usable is more expensive up front, but cheaper long-term. ...
  5. Babies don't need toys. ...
  6. Avoid big nappy brands. ...
  7. Use Nappy Price Comparison Sites.

How to save $1000 quickly? ›

Dave Ramsey's 9 Ways To Save Your First $1,000 Fast
  1. Cancel Subscriptions. ...
  2. Bring Your Own Lunch. ...
  3. Avoid Coffee Out. ...
  4. Re-Sell Old Items. ...
  5. Shop at Cheaper Grocery Stores With Rewards Programs. ...
  6. Buy Generic. ...
  7. Join a Carpool. ...
  8. Pick Up a Side Hustle.
Dec 28, 2023

How can parents encourage their kids to save money? ›

Set Savings Goals

To a kid, being told to save—without explaining why—may seem pointless. Helping children define a savings goal can be a better way to get them motivated. If they know what it is they want to save for, help them break down their goals into manageable bites.

How can I save money when I live with my parents? ›

If your parents don't charge you anything themselves, dedicate a fair portion of your income to a savings account. This will help you develop budgeting habits with each paycheck and also allow you to save a little more cash to help with your eventual move. Take the time to do your share in other ways, too.

How can I be financially independent from my parents? ›

5 Ways to Become Financially Independent From Your Parents
  1. Create and Stick to a Budget. Regardless of how much you earn, a budget helps ensure you avoid overspending. ...
  2. Open a Bank Account. ...
  3. Start an Emergency Savings Fund. ...
  4. Establish Good Credit. ...
  5. Pay Rent Now.

Can my parents control how I spend my money? ›

As a general rule, the law says that your parents are responsible for managing your money, such as money you inherit. But when it comes to money you earn from a job, you can decide what to do with it: your parents can't force you to save it or spend it in a certain way.

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