How to save on kids’ stuff
Let’s face it: Kids can be expensive. The cost of raising a child for 18 years is about a quarter of a million dollars, according to the U.S. Department of Agriculture’s most recent study. That’s about $13,000 a year for a middle income family. But it doesn’t have to cost that much. There are ways you can save along the way.
Parents often overspend on kids even though they’re worried about spoiling them, according to a study by T.Rowe Price. Fifty-seven percent of parents say they spend too much on things their kids don’t need, while 46 percent have gone into debt to pay for something their kids wanted.
That’s one reason I started Just Between Friends Children’s Consignment in 1997 with my fellow frugal mom and co-founder, Daven Tackett. We wanted to help families save and make money on children’s items – clothing, toys, equipment, gear and much more. In fact, consignment is one of my top tricks and tips for parents to save money.
Say ‘yes’ to your kids more often
Shop consignment and resale: Children’s consignment events are one of the best deals around because you can buy gently used clothing, toys, electronics, books and furniture at a fraction of the cost of new. At the same time, you can sell your child’s old items and make money.
For a list of events, check out www.ConsignmentMommies. com. For estate, tag and auction sales nearby, visit www. estatesales.net/legacy/.
Clothing swap: Swapping clothes with other kids is a great way to get like-new things without spending any money. Parents bring about 15 articles of clothing or children’s items that are in good to great condition. Then, participants can take an item and leave an item. You can organize, advertise and find a clothing swap in your area at Meetup.
Retail clearance sales: Check out the clearance sales at stores like Target, Kohls and Walmart. Skip the new clothes in the front and head to the back of the store for the clearance racks. Stock up on items for next summer by buying a size or two larger. Combine that clearance price with coupons and specials when you sign up for store memberships and download their apps.
Thrift stores: If you have time to sift through the racks, you can find some great deals on clothing at thrift stores. They also have books, purses, jewelry and shoes for the kids. In addition, they’re great places for special occasion outfits like weddings, Halloween and other holidays when children may only wear something once.