Financial adviser shares top tips for child raising on a budget

Despite the soaring cost of living, there are plenty of ways savvy parents can cut costs and make frugal living fun. Check out these tips.

It’s often said that for a parent, the first year of a child’s life is the most stressful – and the most expensive. But it doesn’t have to be that way.

Despite the soaring cost of living, there are plenty of ways savvy mums and dads can cut costs and make frugal living fun.

Constantly thinking about money, said financial adviser Adele Martin, can be exhausting for stressed-out parents.

Sally Jooste with her five-month-old daughter Willow and Emily Gonzalez with her six-month-old daughter Camila at the Buggy Boot Camp. Picture: Tim Hunter.

However, there are key cost-cutting steps that can make all the difference and can even improve mental health.

These include buying second-hand clothing, furniture and gadgets, purchasing snacks in bulk, cooking meals in batches and opting for fruit and veggies that are in season.

“Embrace the slow cooker because you can use cheaper cuts of meat,” Ms Martin said.

“Plus there are always leftovers that you can put in the freezer so on those nights when you don’t have time to cook you can reach for these instead of expensive takeaway.

Adele Martin says key cost-cutting steps can make a huge difference and even improve mental health. Picture: Supplied

“Consider second-hand school uniforms — some schools have these in uniform shops or buy, swap and sell groups on Facebook.

“Buy snacks in bulk rather then expensive individual serves. For instance, instead of buying individual yoghurts buy a giant tub.

“I invested in a good bento style lunch box so things kept better when not in individual packets. It’s also better for the environment. Places like Costco are great for bulk buying.”

Ms Martin said if it had been a while since you looked at your bills, it was time to get proactive and call your insurance and electricity providers, telcos and banks to make sure you are getting the best deal.

The Buggy Bootcamp in Manly provides a positive space for new mothers to help improve their fitness. Picture: Tim Hunter

It comes as research reveals a major gap between expected costs and reality when it comes to raising children. The report from comparison service Choosi reveals that the average cost of a child per household is $12,000 per year and that over half of Aussie parents (56 per cent) feel that starting a family was more expensive than first expected.

The cost of childcare, education and food were among the most underestimated costs for parents, research found.

Wealth expert Kathryn Creasy said parents should set up a savings account and emergency fund to help with soaring costs.

“Saving is significant, but beyond having money for the costs you know you will incur, having an emergency fund that can be called upon when the unexpected occurs can make life much easier,” Ms Creasy said.

“So put something away for the proverbial ‘rainy day’.”

She also advised parents to bulk buy baby items, such as nappies, when they are on sale, and to use their local toy libraries, which cut down on wastage and expenses.

Setting up an informal bartering system with friends if they have kids of similar ages was also a good way to dramatically slash costs.

“If you cast your mind back to your childhood, we all wore hand-me-downs,” Ms Creasy said.

“There are very few things that you actually need to buy for children brand new.

“So you look at things like Facebook Marketplace and also swapping with close friends if you have children of similar ages.

“When things go on sale, stock up as there can be some really good sales. And if you can afford it, just stock up. Because you know you’re going to need and use them.”

HELPING NEW MUMS FORM SOCIAL CONNECTIONS

When former accountant Carly Steggles formed her all-female boot camp, she had a mission.

The owner and head trainer of Buggy Bootcamp wanted to provide a positive space for new mothers that would help them improve their fitness, form social connections and boost their mental health.

Set against a stunning beach background, Ms Steggles’ child-friendly morning fitness sessions help new mums get out and about during what can sometimes be a challenging time as they adjust to parenthood.

Carly Steggles, centre, the owner of Buggy Boot Camp, wants new mums to feel energised. Picture: Tim Hunter

Members can bring their babies along to the classes in their prams, meaning new mums can keep a watchful eye on their little ones while they do their squats and lunges.

Instead of a costly gym membership, participants have the flexibility of classes that are held at different times to allow for changing baby routines and the child-friendly set-up takes away the cost of childcare.

“When I set the business up ten-and-half years ago, I wanted to make it easy and accessible for new mums,” Ms Steggles said.

The trainer said she wanted to help new mums “get out and about and feel energised”.

The focus was not on achieving a so-called perfect body image, she said, but on helping new mothers feel good within themselves.

Originally published as Financial adviser shares top tips for child raising on a budget