3 ways to offset the cost of a child

There is a lot on my mind with being a new mom. Diapers, clothing, toys, oh my. All of this costs money! Here are a few ways to buffer those costs.

  1. Buy a smaller house

On average a single family home costs about 300K, is 3 plus bedrooms, and about 2,500 sq. feet. My husband and I live in an 1800 sq. foot home and only plan on having one child. We have more than enough space and could downsize to save on cost.

  1. Buy an older car

The average cost of a new car is $32,000 and the average American takes out a $27,000 loan to buy it. It takes about 5 years to pay off a new car and you’ll be looking to buy a newer one a year after that.

What if you bucked the norm and did the following:

  • Bought a $16,000 used car
  • Took out a 3-year, $13,000 loan
  • Kept the car for 10 years before you purchase again

That used car could save you upwards of $80K over a 30-year period

  1. Buy a cheaper cell phone plan

On average, a cell phone bill will cost you $140 per month. Did you know that there are other options that can cost you as little as $20 dollars?

Don’t be afraid of all the numbers. You have the flexibility to make your own decisions. With a few smart choices, you can make raising a family much more affordable.

 

Robbie Young

Robbie Young

Robbie is the Director of Partner Relations at CUInsight.com. As Director of Partner Relations, Robbie works with professionals throughout the credit union industry to find new and innovative ways ... Web: www.cuinsight.com Details

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