You likely know that raising kids can be expensive, and that cost will only increase as your child becomes a teen. Being able to anticipate these costs can help you prepare and try to reduce them as much as possible. The good news is there are ways of paying for these expenses.
Getting Your Finances in Order
Getting your finances in order can help you pay for the rising costs of housing, food, clothing, cars, and other expenses around raising your child. Make sure you have an emergency fund for unexpected costs. You can also create a savings plan for bigger expense, such as vehicles or tuition. One option is to take out a personal loan. You can use the personal loan for some of the more expensive items or just to help you get your finances in line with a more efficient budget going forward.
As your kids start to grow up, you will find your family’s needs begin to change. You may find you need more space. If younger kids shared a bedroom before, they may each want their own, especially if they like to have their friends over. Purchasing a larger home can be expensive, but you may have other options, such as putting an addition on your home or converting an unfinished space into an additional room.
Of course, teens will eat more than younger kids do, especially if they go through a growth spurt. You may notice your grocery bill start to creep up, and if you have sons, you may find that cost going up faster than for a girl. Still, you can mitigate these expenses by looking for coupons whenever possible. There are also websites and apps that will give you rebates for purchasing certain items. Take a little extra time in your planning and find snackable recipes for the whole family to avoid buying separate items for each member of the family, which can get costly quick. In some cases, you may find it is cheaper to buy a brand-name item with the rebate than to get the store brand equivalent.
Reducing What You Spend
Of course, just because some things cost more money doesn’t mean you need to pay for everything. You might pay for basic needs and have them pay for anything extra. Some of these extras might be birthday or holiday gifts, while you might have your teen earn money to pay for other things. In fact, it is an excellent idea to encourage your kids to earn some of their own funds. No matter their age, they can think of ways to earn some extra cash. They are also more likely to value things they have purchased with their own funds. Whether it’s babysitting, cleaning yards, or selling things they have made, there are plenty of opportunities for a hardworking teen.
You can also split items with your teen, since it does not need to be all one or the other paying for expenses. More costly things, such as a phone, overnight trip, or extra clothing can be split. Talk to them ahead of time how much you expect them to contribute and come up with a budget to start saving for the expense.