1 Money Saving Tips for Every Stage of Childhood Stacey Bradford Author, The Wall Street Journal, Financial Guidebook for New Parents Family Finance Blogger,

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Presentation transcript:

1 Money Saving Tips for Every Stage of Childhood Stacey Bradford Author, The Wall Street Journal, Financial Guidebook for New Parents Family Finance Blogger, CBS MoneyWatch July 21, 2010 © 2010 Stacey Bradford

2 Kids are Expensive  The average family spends $11,650 to $13,530 raising their child during his first year  By the time that child reaches 18, parents will spend upwards of $280,000  A second kid simply doubles your expenses since there are few economies of scale Source: U.S. Department of Agriculture © 2010 Stacey Bradford

3 The Parent Trap  If you aren’t careful, you could end up spending a lot more than government estimates  New parents spend $6,000 on infant gear alone*  Spend freely throughout childhood and you’ll wonder why the college fund seems so skimpy *Source: Baby Bargains © 2010 Stacey Bradford

4 Money Saving Tips: Pregnancy and Baby’s First Year 1.Don’t Forget to Register Savings: hundreds of dollars 2.Borrow Baby Gear from Friends Savings: $40 to several hundred dollars 3.Buy Used Baby Gear Savings: 50% or more © 2010 Stacey Bradford

5 Money Saving Tips: Pregnancy and Baby’s First Year 4. Snag Formula from Your Pediatrician Savings: $50 or more 5. Avoid Unnecessary Stuff Savings: $20+ per item 6. Clip (and Use) Coupons Savings: $60+ (if you’re vigilant) © 2010 Stacey Bradford

6 Money Saving Tips: Pregnancy and Baby’s First Year 7. Buy Generic Products Savings: 25 to 50% 8. Buy items in Bulk Savings: at least 10% 9.Start a Babysitting Swap with Friends Savings: $10+ an hour © 2010 Stacey Bradford

7 Money Saving Tips: Pregnancy and Baby’s First Year 10. Schedule More Playdates Savings: up to $40 a session When Should You Skimp or Splurge? Skimp on a stroller and a high chair. Splurge on a car seat and a breast pump. © 2010 Stacey Bradford

8 Money Saving Tips: Toddler Years 1. Delay Preschool Savings: thousands 2. Rotate Your Kids’ Toys Savings: $10+ per toy 3. Make Your Own Toys Savings: $10+ per toy © 2010 Stacey Bradford

9 Money Saving Tips: Toddler Years 4. Shop the Sales Savings: 20 to 50% 5. Attend Free Readings and Other Events Savings: $20+ per week 6. Don’t Wait Too Long to Potty-Train Savings: nearly $20 per week © 2010 Stacey Bradford

10 Money Saving Tips: Toddler Years 7. Don’t Buy Toddler Foods Savings: up to 50% 8. Accept Hand-Me-Downs Savings: $10 to 15 per item 9. Consider Consignment Shops Savings: 50% or more © 2010 Stacey Bradford

11 Money Saving Tips: Toddler Years 10. Restaurants: Kids-Eat-Free Night Savings: $10+ per meal When should you skimp or splurge? Skimp on a toddler bed and bike helmet. Splurge on organic foods and classic toys. © 2010 Stacey Bradford

12 Money Saving Tips: Elementary School Years 1. Don’t Overschedule Your Child Savings: $200+ per season 2. Gymnastics? Ask for Sibling Discounts Savings: $10 to 15 per session 3. Buy the Smallest School Picture Package Savings: $20 per photo session © 2010 Stacey Bradford

13 Money Saving Tips: Elementary School Years 4. Cell Phones: Get a Family Plan Savings: $30+ per month 5. Go for Semiprivate Lessons Savings: up to 50% 6. Pack Lunch Savings: 25% or more © 2010 Stacey Bradford

14 Money Saving Tips: Elementary School Years 7. Bring Snacks…Everywhere Savings: $2+ per snack 8. Implement an Allowance Savings: as much as you budget 9. Share a Hotel Room Savings: $150+ per night © 2010 Stacey Bradford

15 The information contained herein represents the opinions of the presenter and does not necessarily reflect the opinions of MetLife. All content herein is the express property of Stacey Bradford and may not be copied, replicated, or disseminated without the express written consent of the author. © 2010 Stacey Bradford L [exp0711][All States]