Rachel Cruze Weighs in on Money Hacks To Save After Having Kids
Written by
Nicole Symon
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Molly Sullivan
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It’s no secret that raising children is expensive these days. The Brookings Institution estimates that a middle-income family with two children spends over $300,000 to raise one child born in 2015 through age 17.
Because these expenses are so high, people have come up with lots of money-saving hacks geared toward parents. But will these hacks actually help you save money after having kids?
In a recent YouTube video, personal finance influencer Rachel Cruze broke down some of the top hacks and whether she thinks they’re effective.
Open a College Fund and Ask For Contributions Instead of Traditional Gifts
The idea behind this move is to avoid receiving lots of toys and baby clothes that your children will outgrow quickly, while still allowing people to give your kids gifts. Cruze’s opinion, though, is that this hack “is a little tacky.”
It involves sharing an online link to the college fund so friends and family can conveniently contribute to your child’s college savings. Cruze said, “It just feels funny to me — sending out links.” The approach she prefers is to allow anyone who wants to gift your child cash to do so, and then you can set that aside in a 529 account or other dedicated savings account for your child’s future.
Participate in Babysitting Swaps
A babysitting swap is when two or more families agree to exchange child care services. For example, one couple may watch the other family’s children on the first Saturday of the month so they can go out, and then they swap the next weekend. The idea is to avoid costly babysitting fees while still getting some time off.
With the average hourly rate for babysitting just one child over $20 an hour in some areas, these babysitting swaps can save families plenty of money.
Cruze said she loves this hack: “We’ve done this before, and it’s so great.”
Keep Character Stickers in Your Kitchen
Kids’ snacks that feature their favorite characters can be significantly more expensive than the generic versions. This hack suggests buying the latter to save money and adding your kids’ favorite characters to products at home with stickers. That way, you still get the effect of the fun versions without the higher price tag.
Cruze’s view is that it may be a little bit more work, but if having products with their favorite characters is something your kids are excited about then go for it.
Stuff Your Car Seat When Traveling by Plane
Many airlines, including Delta and American Airlines, allow you to check a car seat for free when you’re traveling with a child. So, this hack suggests packing some extra items in with your car seat to save space in the rest of your luggage and, hopefully, save on baggage fees. Since checked bags often cost $35 or more, this could help you save quite a bit, especially if you travel often.
Cruze has used this hack herself. “We would throw some stuff in there 100% to save room, so I love that tip.”
Do a School Supply Audit
The cost of school supplies adds up fast, especially when you have to buy new items at the start of every school year. This money-saving tip is to do a school supply audit at the end of every year, comparing what your child still has to what they need for next year. Then, set aside the supplies you already have so they’re ready for the start of the school year and make a narrower list of what you still need to buy. Cruze gives this hack a yes, too.
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