Thrift is back in style. Americans are saving more money than at any other time since 1993. Cutting your child-rearing expenses was the topic of a recent interview Rick did with KIOK-FM’s Brad Anderson.
With kids influencing $150 billion of their parents’ spending, mom and dad need creative thinking on how to save on child-related expenses.
1. Organize a babysitting exchange.
2. Working moms can “hire” stay-at-home moms to bargain shop.
3. Hold joint parties with friends who have children with birthdays in the same months.
4. Hold swap meets to exchange used toys, books, magazines, clothes, etc.
5. Go to the library for movies and electronic games as well as books.
6. Buy food or other items in bulk and split the costs among several families.
7. Buy used instead of new for big-ticket items like baby furniture, bicycles, and musical instruments.
8. Set up a network of families with kids in the same activities so they can buy and sell used items.
9. Set your thrift example first.
Money scripts are often shaped by childhood experiences. During tough economic times, children can develop fearful money scripts that may keep them from managing money successfully as adults. Tell kids the truth, but don’t be alarmist. Assure kids that the family will be okay. If you don’t panic, they won’t either.
Listen to the whole interview by clicking on “Listen” above.