Last week I wrote a guest post on The Dog Ate My Wallet about financially preparing for a baby. It’s important to be financially prepared for a baby. But guess what? Babies? Get older!
I know this comes as a shock but sadly, it’s true. Babies become toddlers and preschoolers and so on. And with each stage of their lives comes new adventures, experiences and financial obligations. We know about the big expenses–driving, college, proms and school dances, field trips, cell phones…those kinds of expenses. We’re mentally, if not financially, prepared for those. What no one tells you about are those little expenses that slowly chip away at the funds in your wallet. Well, prepare to be prepared because I’m going to share some of those expenses with you. I don’t want you to have the sticker shock that I’ve had lately.
Kids’ shoes
Holy crap are these things expensive! My daughter’s first pair of shoes cost about $45 (fortunately, my grandmother paid for them), and the price really hasn’t dropped over the last 4 years she’s been wearing sneakers. Now, $45 doesn’t seem like a lot of money especially for good, quality supportive shoes that the kid will wear almost every day. But since their feet grow faster than the national debt, you have to buy these about every 3-4 months. Which adds up to a pretty penny over the course of a year, especially if you need to buy 2 pairs at a time (one for school, one for home).
How to curb the expense: I’ve come up with two ways. One, for her non-everyday shoes, I will purchase them at Target or Payless (last summer, I scored flip flops for $4!). Two, I will take her to a shoe store to have her foot measured and buy the shoes via Zappos. Much bigger variety, which often means more options at a lower price.
School pictures
School pictures are a scam. Sadly, it’s a scam that I’ve bought into. Figuratively and literally. It’s so hard to pass up those pictures of my daughter all dressed up and looking cute with the fancy, professional background. And of course, I have to buy them for the whole family as well. I can’t have anyone miss out on the adorableness of my little girl. But don’t be fooled like I was. The photographer tries to make you think you’re getting a good deal the more you buy but really, you wind up just spending more money that you probably don’t need to (although I have used her fall pictures as Christmas and Hanukkah presents).
How to curb the expense: Commit to buying only one picture rather than the whole package. It’s nice, as the child’s parents, to have documentation from every school year via professional pictures. But to placate the rest of the family, take some pictures on the first day of school and use either photo editing software or a website like Snapfish to order some pictures. Give those out in nice picture frames or in wallet sizes and for a fraction of the cost, you’ve made everyone happy.
Activities
Now I know that music lessons, sports, arts and crafts classes, Girl Scouts or Cub Scouts, and the rest of their ilk are not a necessity for raising a healthy, smart child. But most parents do try to engage their kids in at least one or two activities during the year, particularly the school year. Overall, the cost of joining the activities isn’t too bad, especially once they enter the higher grades and can participate in after school activities for free. But are they really free? Hell no. There may not be a joiner fee but there’s fees like uniforms and equipment, travel tournaments, tickets to games, plays and concerts, and a host of other hidden fees (not to mention the horror of having to hawk cookies, candy or whatever product the team/club is selling to raise money).
How to curb the expense: The easiest solution is to limit activities. The less activities there are, the less money coming out of your budget. This works a lot better with younger kids, like my daughter, who don’t have the exposure to as many activities as older kids. If you have a kid who is participates in a variety of clubs, teams, etc., talk to the coach or supervising teacher ahead of time to try to get a handle on the costs. Make those costs a line item in your budget for the duration of the season. I think this is one of those situations where I would just pay whatever I needed to for my kid, especially for the tickets. Because even if the kid won’t admit it, having mom and/or dad at games or plays or concerts is really, really important.
While I don’t agree with the estimates that say it costs $250,000 for a middle class family to raise a child through age 18, kids aren’t necessarily cheap. And they come with costs we don’t plan for when we’re expecting. Actually, that should be a book. “What To Expect After You’re Done Expecting”. Maybe I’ll write it.
The profits can help me afford the music lessons and swim meets I know are in my future.
Christopher @ This That and The MBA says
Ours are not at school age yet but they are certainly draining the ole wallet. When you go out shopping my wife has to buy them both the same adorable dress for easter oh yah we need shoes too and a hair thing and little sweaters to go over it. Ughhhh easter is coming up and I just see $$ on a holiday that usually is one of the cheaper holidays.
Christopher @ This That and The MBA recently posted…Smartphone 101: The art of teaching today’s youth, my cell phone can teach me what?
Jordann says
While I’m not anywhere near ready for the whole kid thing, I still found this post informative and will be storing it away for later reference.
Jordann recently posted…Budget Weddings Don’t Suck
Well Heeled Blog says
Kids only get more expensive as they get older. I know I did (sorry Mom & Dad). What I worry about is what I can’t control – having a kid with a lifelong disability that would render them incapable of taking care of themselves. No matter how good your health insurance or savings, that’s the kind of thing that can wipe out a family. It’s pretty sobering to think the responsibility you take on when you becomea parent.
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Kari@Small Budget Big Dreams says
Kids are sooo expensive. Having kids is expensive, raising kids is expensive, when your kids have kids it’s is expensive. I’m not sure how my parents did it. I guess they were just frugal and were good at saying “no” to crap we didn’t need.
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Jenniemarie @ anotherhousewife says
AMEN! Great tips for curbing the expense. We only allow our kids to play one sport at a time but with more than one playing it is still expensive. We budget for it because its a priority in our family.
Another expense I would add is birthday parties. Not their own but the ones they are invited to and the cost of the gifts that come with them. We limit the number of birthday parties they can go to. They have to pick whose birthday party is most important to them AND they have to buy their gift from their allowance or by doing extra chores.
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Christa says
Kids are definitely expensive — just the baby stuff I’m buying right now is adding up like crazy. I like your ideas for cutting back on the school-aged stuff. The photo savings is especially brilliant 😉
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Marianne says
We’re just hoping that our son won’t want to play hockey.. Neither of us are sporty so there’s a good chance he won’t be too in to it but it seems like that’s a prerequisite for boys around here. If he does want to play hockey I think we’ll try to find a non-competitive league or something where he can just play a bit for fun which should be a bit cheaper than the really competitive teams that have tournaments constantly.
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femmefrugality says
Great info! I have a lot to prepare for!
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Dannielle @ Odd Cents says
This is an eye opener. I need to be prepared for children because once they are here I can’t send them back.
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Nick says
Ours are 2.5 and .5 so it hasn’t been that bad. We have a huge family too (some who compete for “best grandparent” based on how much they spend on their grandkids for some reason…). So we’ve been really lucky to have very little expenses so far.
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