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How to Save Money While Raising Kids

An icon of a three-person family with a pink heart above their heads.

Did you know that it costs over $19,000 on average to raise a kid in Missouri? Multiply that by 18 and you’ve spent over $342,000! While the costs of raising a kid, let alone a whole family, continues to rise, you can implement smart changes into your lifestyle to help you save some money while raising kids.

Here are seven tips to save money while raising kids.

  • Don’t eat out. While going through the Chick-fil-A drive-thru on your way from work is fast and saves time, it adds up fast. It can easily cost $40 or more to feed a family of four when eating dinner out. How many meals would you have been able to make by spending that money on groceries instead? Limit eating out to special occasions when possible, so you can stretch your grocery bill that much more.
  • Grocery shop in bulk. If it seems like your kids are always eating, it’s because they probably are! Buying food in bulk from Costco in University City and Sam’s Club in St. Charles can save you money and trips to the grocery store. That newfound time saved from buying in bulk can be used to make your tasty meals at home.
  • Buy resale clothes. Kids can quickly outgrow clothes. Instead of spending $25 on a shirt they might only wear a few times, you might be able to buy 3 used shirts for the same price. Plus, shopping secondhand is becoming more and more trendy, so great styles are becoming available for a much better cost. If you have more than one kiddo, dress your younger one in the hand-me-downs. When they outgrow the outfit, sell it to a resale store and use that money to buy another outfit.
  • Invest in your house. This can look different in anyone’s situation. You might be able to buy a house that will go up in value because of the area you live in. You can make improvements to fix your home and sell it for more than you paid. You can live comfortably in a smaller home with room to grow. Plus, a smaller house has less furniture to buy and replace when damaged. There are many possibilities to make your home more cost effective for your family!
  • Utilize free entertainment. Spend your Saturday partaking in free activities for the family. The St. Louis Zoo has free admission thanks to generous donors. The St. Louis County Library has free cards for residents who live in St. Louis county, St. Louis City, and St. Charles county. There are so many parks in the area with great trails to hike or bike, such as Quail Ridge Park in Wentzville or Creve Coeur Park in St. Louis county. You’d be surprised how many great opportunities we have in St. Louis.
  • Swap kids with friends. Depending on your work status, consider alternating babysitting kids with your friends that have your own kids. Maybe you can watch all the kids on Tuesdays and your friend can watch them all on Wednesdays. This is much cheaper than the cost of paying a regular babysitter or nanny. Use the same idea for a date night too for a cheaper and more private time with your partner.
  • Carpool for sports. If your child plays sports, you have to drive them to a lot of practices and games. Carpool with nearby teammates and their families so you can all save money on gas. You’ll start to notice less stops at the gas station each week.
  • Plan ahead for the holidays. Christmas shopping is expensive. We know it’s coming every year, so we can budget like we know it’s coming too. When you create a Holiday Savings account with Alltru, you can automatically have a portion of your paycheck deposited into this account. When October comes around, the money is transferred to your checking or savings account so you can start your holiday shopping without the financial stress.

While these tips might seem small, the little changes you make to your lifestyle can add up to significant savings over time. The longer you stick with these habits, the easier they become. Kids are costly but they are truly worth every penny. By making mindful choices now, you’re setting your family up for long-term financial success.

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