Saving Money One Child At A Time

  • 15 March 2015
  • FrugalFred

There's a lot of things that people (particularly parents) have to spend money on. For me, one of the largest expenses has been having children. We love them and are more than happy that we had them, but we certainly weren't prepared for just how much money we would need once they came along.

The first was the most expensive. We had to buy almost everything. Things like a cot, nappy bag, stroller and all the toys, not to mention all the other essentials that you need when you have a baby.

We did do a lot of due diligence though, we made sure we consulted with baby review websites, which can be quite helpful for expensive products or items you don't know much about. As an example, we bought a great double breast pump thanks to a recommendation from baby stuff. Breast pumps aren't something we know a lot about, so making sure we buy something that's going to work and do the job we need it to do, without costing a fortune, is something the review sites helped a lot with.

I guess the only saving grace when it comes to having children, is that the more you have, the cheaper each one becomes. The reason is that you don't have to buy most things more than once. We have had 4 kids now, and each one has used the same cot, the same highchair, the same stroller. So don't think that just because the first child cost you a few thousand dollars to prepare for, that the next one will as well.

The next thing we haven't been prepared for is just how much money a child costs as they grow. The current thing we are struggling with at the moment is paying for our kids sporting events. Who would have thought after school and weekend sports could be so expensive. We are currently paying more than $30 a week on it, and that doesn't include things like equipment, clothing and transportation costs.

It's good that the kids can get out and meet new people as well as get exercise, but I'm not sure we will be able to afford having 4 kids all playing sport at the same time. At some point we might just have to limit everyone to just the one type of activity, or find alternate ways to fund it.

The next major expense will likely be things like pocket money and giving the kids money to go and socalize with their mates. My partner and I need to discuss this soon to make sure we can continue to meet our financial commitments, but to also allow our children to experience the things in life that we feel that should have.