9 Brilliant Money Saving Tips for Young Families
Having young kids is a sweet time of giggles, hugs, and first times. But it can also be a minefield with your finances.
Suddenly, you realize that what experts say might actually be true:
According to a U.S. Department of Agriculture study in 2017, (and adjusted for inflation) a middle-income married couple with two children can expect to spend roughly $306,924 to raise a child born in November 2023. And this doesn’t account for college expenses. (Creditkarma.com)
This number might scare you (it does me). But it’s also the average. This means that there’s a lot of leeway in how much money you spend on your kids.
If you have infants, toddlers, and young elementary school kids, these money saving tips are golden! They prove that raising kids can be a lot less complicated (and expensive) than we make it out to be.
Best Money Saving Tips for Young Families
1. Keep Birthdays Simple
If you had told me before having kids that they would be constantly invited to professional painting, cake decorating, and big-box parties with 30 other kids, I would have said you were crazy.
Alas, these are common. And incredibly expensive.
Plus, they often give kids the expectation that their birthdays should include a big expensive bash every year. It’s a cycle that’s hard to break.
Keep the emphasis on making memories, not spending money.
Low-cost birthday gatherings also provide lots of fun:
- Go sledding
- Play board games
- Spend a day at the beach
- Do a driveway movie
- Have a sleepover or a “fake sleepover”
- Have a nerf gun or water balloon war at the park
- Make something (bracelets, dog beds, etc.)
If you have your heart set on a specific birthday outing, check out the tips below to make it more affordable:
2. Invest in Memberships to Save
If you visit museums or zoos regularly, invest in memberships. Pool passes also save money in the summer, if you know you’ll go often.
The same can be done for digital apps you use. If you’ve consistently used something every month, see if there’s a cheaper option to pay for 6 months or a year ahead.
3. Buy Second Hand or Free
One thing I’ve been surprised by as a parent is just how easy it is to find amazing kids stuff for cheap. You can find incredibly good quality shoes, clothes, cloth diapers, and toys for very little money.
Look in:
- Consignment stores or sales
- Buy nothing Facebook groups
- Garage sales
- Thrift stores
- Facebook Marketplace
- Ask a mom who has a child a little older than yours. I’ve given away (& received) TONS of kids stuff over the years. I’d prefer giving to someone I know who will use it, and I’m happy to declutter my home at the same time.
4. Embrace Leftover Night
A year ago, I realized that I was throwing away a ridiculous amount of food at the end of each week. When I brought up my concern to my hubby, he said “why not try a leftover night?”
Since then, we’ve embraced it. Not only does it cut down on food waste, but it turned out to be a HUGE win for me. It’s one fewer night I need to cook, and it makes cleaning out the fridge easier too.
5. Be Intentional About Where (& How) You Grocery Shop
Where you shop makes a massive difference in how much you spend with a growing family.
- Check out Sam’s Club or Costco for the best rates on bulk items. Bulk shopping can save you a pretty penny when you need large quantities.
- Try discount stores like Aldi. You won’t get fancy service, but the food is often the same quality.
6. Take Full Advantage of Your Library
Library resources are FREE. And many local libraries offer more than you realize.
- Kids story time
- free event passes
- movie nights
- crafts
- Lego competitions
- Chess Club
– there’s far more than books and movies!
7. Make a Side Income
This one is not easy, particularly when your kids are young. But if you’re struggling to make ends meet, making money on the side can be a HUGE booster for your family.
Think of it this way: earning at a side hustle will be a drastically more effective way to save money than cutting a few $1 coupons.
8. Get Creative With Basic Costs
When you have more mouths to feed, you might suddenly find food costs to be through the roof (I know I have!). Save money by switching to more vegetarian-based meals, and using cheaper foods. Beans, lentils, rice, and frozen veggies (that you can hide in soups) are great.
Here are a few more tips:
- Kids love meals like tacos, pizza, and pasta – all of which can be made cheaply at home.
- Garden if you can. Even small patches of things can be a grocery budget booster.
- Try reusing more in your household. Dive into cloth napkins, reusable water bottles, cloth diapers, and more.
9. Get Creative With Gifts
When asking others for gifts, ask for things that will save you money in the future, and are also good for your family.
- Memberships (to the zoo and other experiences)
- Subscriptions (for learning apps)
- Restaurant gift cards for special outings with family
- Consumable gifts (like homemade granola or your child’s favorite meal)
When giving gifts to others, make them something instead. Or spend less on a gift and then attach a batch of cookies with it.
Pro Tip: For your child’s friends, you might need to limit the number of parties. For a while, my daughter was attending a party every weekend. Buying that many gifts was expensive, so we started to only attend parties of good friends.
Here are other great ways to keep gift-giving within your budget:
- Give them three $5 bills, and they’ll feel rich with bills
- Make a kit from the Dollar Tree or Five Below. This could be a craft kit, camping kit, nail kit, etc.
- Get a family gift, like a board game or activities everyone can do together
- Give an experience gift (spa day at home)
- Put together movie night buckets or bags (microwave popcorn, candy, coupon for “Stacy’s movie pick”)
- Give a book with a few dollar bills hidden within the pages. It’s a great surprise for later!
What’s Next?
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