As a nation, we love spending money on our children. According to a study from Aviva, first-time parents from the UK spend almost £492m preparing for a new baby. Whether you have a newborn baby or a teenager, children are the hearts and souls of our society.
It’s natural that British parents love to spend money on making them happy or giving them new experiences. If you are planning on doing this, you need to balance your budget so that you can stay in line with your spending but still give your children what they are looking for.
Apparel is the biggest slice of the online shopping pie, with many brands competing for the wallets of customers. Clothing for children is another hot area as many ecommerce companies are trying to create clothes that children want to wear. You probably need to make a budget for the types of clothes that you want to buy. Whether you have a boy or a girl, divide your children’s clothing requirements into recreational clothes and clothes that they need for special occasions. Go to discount clothing stores as well as search online for clothing if you are on a budget.
Whether your children love high fashion trainers or old world brogues, shoes are important as your child cannot leave the house without them. Children’s feet are always growing which means they will constantly need new shoes for the age that they are at. One top tip that you should follow is buy shoes in bulk so that you can get discounts passed onto you for your children. Keep costs low by using the Internet to compare prices with the high street.
3. Birthday Parties
This is one area where parents love to splurge. Whether it is a themed party or you are taking your child out for a fun meal, this is definitely something that you need to budget correctly to make sure that you don’t overspend.
There are many things to be paid for during birthday parties from the decorations, the cakes and gifts for your children. If you don’t have the money in your account to pay for birthday parties, you should start saving money from at least six months prior.
4. Buying Gifts for Christmas
According to statistics, Brits spent more than £114bn on online shopping last year, InternetRetailing.net found. Christmas is one time of the year where people feel pressure to spend money. Whether you go shopping online or you go to the high street, many people feel pressure to buy gifts especially for their children. If you want to make your children happy, you need to plan gift shopping ahead of time. Some parents start as early as July to save money to buy gifts for their kids. The key thing here is don’t go overboard. Buy one gift for Christmas per child to keep your costs low.
The toy industry in the UK is worth around £6.3bn, according to the Telegraph. This healthy figure is testament to the fact that people love spending money on their children and toys is an excellent way.
Toys stimulate growth and development for children by exposing them to new colours and new ways with interacting with the world.
Holidays geared towards children are becoming more popular especially with amusement parks offering fun days out for children. You can opt for weekend trips with your children within the UK to keep the budget low but it is also a good idea to expose your children to holidays outside of the country so they can learn more about the world. One top tip to follow is use package holidays to keep costs low.
7. Bicycles and Activity Gear
For every child, learning how to ride a bike is one of the most exciting parts of their childhood. It simply feels incredibly freeing – you can get around on your own!
For parents, it means looking for bicycles that are affordable that their children can use and maintain. Always search online for the best deals on bikes.
8. Music and Art Lessons
Unlocking the creativity of your child can be done through art, dance and music lessons. If your child seems excited and passionate about being creative, you should consider music or art lessons for them. These can be paid every week or they can also be done every month.
Try and get the best price for your child with the best teacher. If the teacher is enthusiastic, your kid is more likely to be!
9. Health Check Ups
One of the most important things to pay for when it comes to your child is their health. You should have an adequate health insurance policy set up to make sure that your children are happy, healthy and provided for in case they become ill.
it’s also a good idea to have a fully stocked first aid kit – from plasters to cough medicine, these things are bound to come in handy!
Video games and console games used to be some of the most popular options for gaming. The growth of smartphones has made gaming with children more vibrant. If your child loves games especially on their phone, you can look for a value for money phone that supports the operating systems that games thrive on. Smartphones for children are a good way of saving money for kids instead of buying expensive consoles that only get played every now and then. Consider this if your children are passionate about playing games all the time.
As you can see, it is important to create a separate budget for your children and their needs. If you incorporate their expenses into your personal expenses, this can create financial hardship and difficulty for you. Make a separate budget for them that you manage on its own and don’t feel pressured to include many things. For example, if you are planning a big Christmas celebration for your children, you don’t need to go on endless holidays with your kids because you know that during Christmas you are going to treat them. Pace yourself when it comes to your children so that your finances are safe, healthy and you are not put under strain.