20 money saving tips for parents including how to get free childcare
RAISING a child is expensive business and experts claim it can cost up to £100,000 to bring a child up from birth to age 18.
There are ways for savvy mums and dads to cut the costs though, from relying on hand-me-downs to reusable nappies.
Having a baby and bringing up a child may generate plenty of happy memories but there is also a big bill attached.
The Child Poverty Action Group claims it can cost £71,611 for a couple to raise a child and £97,862 for a single parent.
This takes account of extra costs such as paying for food, clothes and if you need a car.
Parents may also have to reduce their working hours, which can reduce your family income.
The costs rise to £152,747 for couples and £185,413 for single parents when you include housing and actual childcare costs such as nursery.
Most parents would argue that the love and precious memories you get from a child far outweighs the cost.
But there are some ways to save money when bringing up your baby.
Here are some of our top tips.
Tax-free childcare accounts
You can fund your child's activities such as nursery, after-school clubs or holiday camps using tax-free childcare (TFC) accounts.
The government will pay £2 into a TFC account for every £8 you contribute.
These accounts replaced childcare vouchers in October 2018.
Children's savings
There are a range of children's savings accounts that let you put cash away for your loved ones.
Avoid buying brand new
It can be tempting to buy your child the latest gadget or to dress them up in the latest cute fashions.
She said: "Young children will grow out of clothes or get bored of toys within a few months so always buying new can be a waste of money."
She suggests using social media such as Facebook Marketplace to pickup bargains.
Gumtree, eBay and Preloved also list cheaper secondhand and sometimes new items such as toys and clothes.
This gives kids something new to play with each month.
Costs can vary but Whirli, for example, charges £9.99 per month for a sack of toys that can be swapped or even purchased at lower cost than the retail price.
She said: "Having your general finances in control makes a huge difference, as does making good buying decisions.
"I put £10 a fortnight away for school uniform purchases."
Cashback sites
See if you could be earning money back on all that spending you are doing on your children.
There are also apps such as My VIP Rewards that let users access cash back and large discounts off selected cinema deals and days out from just £3.99 per month.
It offers video tutorials on comic book drawing and learning to code.
Some videos are free or you can pay £123 a year for access to thousands of creative tutorials to keep your children entertained.
Plan your meals
You may feel like you spend too much time cooking, cleaning and carrying children around as a parent.
Will Lenehan, financial expert at OpenMoney, said planning weekly meals can save time and money.
Young person's railcard
Your child may get a bit more independent as they get older but they may still need financial support.
Help save yourself some money if your teen is regularly travelling by train.
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They could get a young person's railcard from age 16 that gives them, and possibly you, a third off fares.
It also lasts until age 25, when hopefully they can manage their own finances.
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