Raising a family
The cost of children
When you start raising a family, you will discover that this is an expensive enterprise; Children cost, so one piece of advice heard from elder people is; get few kids. This seems a little drastic, but no need to say you should budget in advance, when planning for children. Cost will be food, furniture, clothes, daycare, toys etc, and space.
Moving to a larger dwelling may soon become important, you will find ideas under “When to buy and sell” on page 76. It may also be time for swapping the sports car with a family car, ideas for saving on this process is covered in “Purchase of transportation” on page 88.
Moreover, children are expensive, but there are ways to reduce costs. As each child grows up you will realize that they “grow out” of clothes as well as furniture at a fast
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Share discussions about saving on a supermarket trip, about deciding between different providers, quality and prices. You should also teach them how to use internet comparison sites, so they know how to find potential savings and avoid pitfalls such as fraudulent companies or companies with poor service.
In effect, open their eyes to the importance and reality of money and the virtues of saving.
Teach them how to save on electricity, heating & water and the importance to the green house effect. In addition they need to learn the importance of taking care of their belongings, making them last and avoiding waste, e.g. food. It might help to invent your own games and sayings (e.g. help avoiding that the polar bears drown by saving on electricity, heating and other resources).
When feasible, start giving them pocket money and teach them how to save to achieve their goals. If you are uncertain how much they should have, discuss what is appropriate with friends, colleagues, their playmates’ parents, etc.
Teach them the value of work by letting them earn some of the pocket money doing tasks at