2023 Author: Anita Thornton | [email protected]. Last modified: 2023-05-22 03:30
Your mother, your mother-in-law, your neighbor, your colleagues, your whole circle of friends and the cashier at the grocery store tell you: children are expensive! Fortunately, parents are never short of tips.
If you can get your beloved heiress to eat cauliflower, no obstacle is insurmountable… especially not do a budget trick or two to save a few dollars!
Think second hand
This trick is old as hell. Who has never inherited used clothes from a big sister or a cousin who suffered a sudden growth spurt? With the advent of social networks and sites selling and buying used goods, the second-hand economy is booming. It is now so easy to find, on a specialized Facebook page or even your circle of virtual friends, for example, a coveted item at a fraction of the price.
There are bargains for a host of expenses: clothes, furniture, toys, books and school supplies, etc. More and more parents are taking this economic and ecological avenue!
Think secondhand…again
Little Leopold has grown well? It's time to get rid of the nicely worn snowsuits, the bike that still has many kilometers ahead of it, the maternity jeans that have only been worn for a few months… and to replenish your wallet at the same time!
Again, take advantage of your network of acquaintances or classified ad sites to offer your used goods to parents who will give them new life.
Save Small, But Often
As the saying goes: small streams make great rivers. To accumulate some savings or build up this famous “safety cushion”, schedule automatic payments from your bank account to the savings product of your choice or even opt for payroll deduction. And the amount doesn't have to be astronomical: repetition and time will do their job and you'll see your savings grow.
Take advantage of the sharing economy
Enthusiastically adopted by young consumers, and increasingly widespread among the rest of the population, the sharing economy is transforming our consumption habits. On a smaller scale, many parents choose to pool their resources to stretch dollars. That's the idea behind communal cooking sessions, carpooling to lead children at school, the exchange of services between neighbours, etc. It could also be, quite simply, to offer to babysit the children of a couple of friends…will do the same to allow you a romantic date one of their four!
Plan ahead for big expenses
Major expenses, such as your toddler's future education, need to be planned ahead. With a specially adapted investment vehicle like the Registered Education Savings Plan (RESP), you have the help of governments in your efforts. For every dollar invested in a RESP, the government grants increase your savings by 30% to 60%. It is, moreover, a type of investment that is particularly advantageous for families with modest incomes or those with a large number of children, since they could be eligible for additional amounts.
Having children comes with expenses, that's for sure. By adopting good financial reflexes and integrating a few saving habits into the family picture, it is possible to be a parent and achieve save simultaneously.
Interested in saving with an RESP? Find out what the Kaleïdo RESP offers you MORE
Visit kaleido.caor contact usto discuss!
