Children can be expensive, with many estimates showing that raising a child in a middle-class two-income family can cost upwards of hundreds of thousands of dollars, and that's just until they’re 18. Regardless of whether your kids are newborns or just taking their first steps, it's important to start saving now for both your and your child’s future.
Mulberry Unlimited is a great place to start when it comes to saving money. When you purchase product protection for your items, you're ensuring your covered no matter what might happen, saving you thousands down the line in potential repair or replacement costs. Mulberry Unlimited lets you cover all your products under the same protection plan for less than the monthly price of your favorite streaming service.
Let's take a look at more of the best ways to save money for kids so you are set up for success.
1. Set up a budget
If you don’t already have a budget, it’s time to sit down and create one. It’s impossible to properly save money without knowing where you can potentially cut back on spending. For example, take your net household income and subtract it from your net household expenses (rent/mortgage, utility bills, daycare, diapers, etc). This gives you the remainder of what you have left over in the month to save or spend on other items. If there isn’t any left over, we recommend looking at every aspect of your spending to see if there are places you can cut down.
2. Get product protection
The expensive purchases you make like tech, furniture, and appliances are going to be tested once your kids are old enough to get into them. That's why it’s important to protect the thousands you’ve invested in these items with an extended warranty.
A lot of stores have protection plans you can purchase through them, but they often come with fine-print and won’t actually cover your item when you need it. Mulberry offers protection plans for a fraction of the price while still fully covering your items. And with Mulberry Unlimited, you can protect all your items under the same protection plan for even easier returns and replacements.
3. Discount diapers
Diapers are a major expense in the first few years of your child’s life. They are necessary but oh so costly. We recommend considering the following tips to save on diapers:
- Limit spending on newborn diapers. Your baby will likely grow out of them fast, so only one box is necessary.
- Find a subscription box that offers you a discount and auto-ship.
- Buy diapers in bulk to save per diaper, especially at big box stores like Costco.
4. Save on gas
How to save money on gas is on everyone’s mind, but especially parents that are taking kids back and forth from school, practices, daycare, friend’s houses, and more. We have a few tips that can help you save money on gas:
- Use gas station comparison apps−these apps help you save by looking at different fuel costs at different pumps all in one screen. If a fill up station that’s on your way is cheaper, it’s wise in the long run to fill up there.
- Try paying with cash. Some gas stations offer discounts for customers paying with cash. This is because they have to pay a card processing fee and some are happy to pass on the savings to their customer.
- Get gas gift cards at a discount. Some stores like Sam's Club, Walmart, and Costco offer gift cards cheaper than face-value.
- Gas rewards programs. Some gas stations offer these rewards programs as great ways to reward customers for their loyalty.
5. Rewards programs
Another clever way to save money is by joining a rewards program. These programs are often free to join, and can help you save or get free items with purchases you already make. Getting digital coupons or cashback rewards when you go grocery shopping or buy new clothing for your kids is a huge way to help you save.
We’re partial to the free Mulberry browser extension, which can help get you cashback deals at your favorite places to shop online. Cash in those rewards coins for Visa or Amazon gift cards.
6. Buy in bulk
Your growing family means you'll need even more of everyday items like toilet paper, paper towels, laundry detergent, and more. Although bulk stores usually cost a little up-front, it’s important to remember that the savings you get over time usually far outweigh this cost. Paper goods and non-perishables are some of the best items to buy in bulk, and can really help your family save in the long run.
Saving money as a parent can feel impossible. Kids are costly, and really, you’re doing your best. Give yourself some grace and start adding in a few of these tips, and you’ll be on the path to saving in no time.
And remember, subscribe to Mulberry Unlimited to get product protection for all your purchases under the same plan. With unlimited coverage and unlimited claims, the savings will pile up every time you run into issues with any of your products. It's the perfect way to get started with saving as a new parent.