What Are Some Money Saving Tips for a Family With 5 (or more) Young Children?
Thanks for asking!
First of all, I decided to stay home after our first set of twins. I wanted to stay home if possible and the price of day care is expensive. Therefore, I was able to limit some expenses such as my professional wardrobe, eating business lunches, etc. But that was years ago.
Now, we try to stay on a budget. I recently started couponing and this has made a huge dent in our grocery bill. Not to mention, it has allowed me to have PLENTY of food on reserve. This allows us to avoid 'running' out of an item and then having to pay non sale prices.
We use our tax return to pay for our family vacation, pre school expenses, and activities for the kids. We do limit the activities our kids are in due to cost. We only do one sport per season and at this point, we do not do winter sports.
I try to shop for the kids first at Once Upon a Child which is a local 'second time around' type of store. I additionally shopped on ebay for 'lots' of clothes when the kids were smaller. Luckily, the kids attend a school with uniforms and this helps out on clothing costs. We are also fortunate to receive hand me downs from neighbors.
We eat out maybe one time per month. Making meals is cheaper anyhow. This is even cheaper with my couponing. We also always pack our lunches for school as they are $3.00/child if you buy.
We only see movies in theaters when they hit the budget $1.50 theater.
We play outside!
I hope this gives you a few ideas. Best of luck!
One great thing that has worked for us, (although we only have two children), is toy sharing. Some toys remain favorites, but a lot of them get played with for a few days and that's it. Every couple of months or so I box all those up and pass them to friends with children of a similar age, and they do the same in return.
Having a large family necessitates wise spending decisions. Here are some tips and suggestions on how to save money without having to feel the stress of the budget slashes. read more
When my kids were young and would write their "Dear Santa" letters, I told them to only ask for 2 things and a surprise. I told them that if they asked for more than 2, Santa would think they were greedy and may not bring them what they asked for. Their surprise gifts were always age appropriate board games. These surprise gifts were also shared and often I and their grandparents would play too which became quality family time. (Of course I also played match box cars and whatever they were into at the time with them), but the board games were lifesavers. They're fairly inexpensive and with 5 children they will enjoy playing together.
When they received monentary gifts from relatives, I would let them keep half to save up for something they wanted and put the other half in their savings account. This came is real handy as they approached their teen years and gave them pride to be able to make a purchase with their own money from savings. It also made them think twice if an item was worth spending their money on. (It's easy to spend someone's elses' money).
When packing their lunches for school, buy large bags of chips and put them in ziplock bags for each individual child. The bags can be used 2-3 times if the child remembers to keep them clean and bring them home.
Lastly, when wearing hand me downs, make sure that the youngest occasionaly gets something new so he/she won't grow up feeling slighted. This will save you money in the long run as far as maintaining his/her self worth.
I don't have lots of children, I have one, but I have picked up a tip for large families about holidays. We like going on camping holidays where you hire a caravan, as we love being in the outdoors, in a countryside location, and there are always other children for my daughter to play with.
For us it still tends to work out quite expensive, but we've noticed that there are lots of families with lots of kids on the campsite. That's because per person, hiring a caravan works out quite well when there are lots of you. And staying in a tent is even cheaper. It's a great holiday and the kids have lots of room to run around.
I think a great way to try and save money is hand-me-down clothes. Perfect way of saving money. Your kids are probably going to use their infant and toddler clothes less a month in each size, so recycle their clothes.
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