Released February 16, 2009
URBANA, Ill. - Children complicate budgets—because parents want to provide kids' "wants" as well as their needs, and because younger children usually have a limited understanding of their parents' financial constraints, said Karen Chan, a University of Illinois Extension consumer and family economics educator.
However, if money is tight, you have no choice but to economize at every level, she said. Here are ten tips for "raising kids on the cheap."
1. Learn to say no to the extras that children don't need. And don't feel guilty. It will help them learn the difference between needs and wants.
2. Shop garage sales, thrift shops, and discount stores. Great buys can be found on both clothing and toys.
3. Use coupons. Careful planning can really reduce your grocery bill.
4. Limit extracurricular activities.
5. Take advantage of free family community activities. Local parks and libraries are great sources of information.
6. Choose cell-phone plans carefully. Save money with a family plan or limit usage for children.
7. Trade babysitting services with other parents.
8. Consider store brands for diapers, formula, cleaning products, and frequently used household items.
9. Join a school carpool.
10. Plan joint celebrations such as birthday or graduation parties with other family members or friends.
For more tips on saving money in these tough financial times, visit the U of I Extension website http://www.ToughTimes.illinois.edu.
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http://www.aces.uiuc.edu/news/stories/news4665.html
Contacts: Karen Chan, (708) 352-0109, ext. 21, chank@illinois.edu
Phyllis Picklesimer, (217) 244-2827, p-pickle@uiuc.edu
