It’s a common perception, reinforced by media and societal norms, that raising a child comes with a hefty price tag. Indeed, it can be costly, but it doesn’t have to break the bank. Certain expenses like childcare are inevitable, but becoming a parent has also led to unexpected savings. Dinner outings, for instance, have become a rarity since dining with a 16-month old feels akin to controlling a wild boar in a porcelain store.
The marketing industry capitalizes on parents’ desire to provide the best for their children, thus instigating a spending spree. Parents are continually exposed to advertising tactics that prey on this sentiment and persuade us to purchase endless items for our kids with the promise of aiding their development into well-rounded adults.
However, we can resist succumbing to this marketing frenzy. Here are three methods we’ve implemented to curb spending on our baby, opting instead to save for their college education.
AVOIDING EXTRACURRICULARS
New parents, in particular, are inundated with a barrage of extracurricular activities touted as essential for their child’s growth. Among the myriad options are music and art classes, gym sessions, and surprisingly, even soccer for 18-month-olds! For instance, I enrolled my son in a six-week music class that set me back by $90. Looking back, it was money ill-spent. Now, we are channeling that money into his college fund.
DINING OUT? REMEMBER THAT?
Pre-baby days saw frequent visits to restaurants – sometimes more than once a week. Today, managing to dine out once a month feels like a triumph. Navigating restaurant dining with an energetic toddler is no less than an uphill battle. The money saved on meals outside is now substantially contributing to our son’s college fund.
BIRTHDAYS ARE FORGETTABLE
Thrilled to be first-time parents, we hosted a grand birthday party for our son’s first milestone involving 75 of our closest family and friends. While it was a successful and joyous event, the reality is that it was more a celebration of surviving our first year as parents. However, such lavish celebrations are not going to be a trend. In the future, we plan to opt for smaller, intimate gatherings, or none at all, until our son is of an age to express specific birthday wishes. Given the cost of parties today which easily cross the $500 mark, I’d much rather put that money towards his college education, the ultimate gift for his future.
Are you channeling your funds towards your children’s college education? How do you manage to make such savings? Learn more from SmartAsset.com.
