7 budgeting tips for parents

Keep a budget, use cashback programmes or never go shopping hungry: these are money-saving tips that we all know and many of us already implement. But are there also money-saving tips that can be implemented by parents in particular? Of course there are, here they are: the 9 best money-saving tips for parents.

1. Save on your initial equipment

If the first child is on the way and you don't yet have any furnishings for the baby's room, expectant parents can expect high costs of an average of €3000 – that's for sure. However, in this situation, you should ask family and friends who have already raised children: Can items such as a changing table or baby bed perhaps be borrowed? If not, then you can also buy these items second-hand at flea markets or in Facebook groups; after all, you won't need them for a long time.

Once you've finished planning for the baby, you can of course also resell these items/furniture/clothing and earn a little extra money.

2. Creative babysitting solutions

Many people are lucky enough to have grandma and grandpa living around the corner who are happy to have their grandchild around. However, there are also couples who don't have the option of using a babysitter. But even in a situation like this, you don't always have to spend money on babysitting: have you ever thought of setting up a babysitting group?

Why not take it in turns with a couple you know to look after each other's children? One weekend you (and your partner) take the children of the other couple, the next weekend it's your friends' turn. This not only saves you money, but also ensures that the child is in good hands.

3. Make use of comparison sites

Do you often go shopping in supermarkets and drugstores without comparing prices first?  For example, if you are looking for Pampers, you can immediately see the price difference between different providers: with one provider, you pay €0.18 per item, with the other €0.24 per item. Every little helps.

4. Avoid brand name products

Traditional brands like Hipp, Pampers and NUK come at a price. But the cheaper versions of drugstore and supermarket store brands can keep up in terms of quality. Of course, this applies not only to baby and children's products, but also to products that you use every day. From teas to shampoo to cleaning products, Stiftung Warentest shows that no-name products are in a neck-and-neck race with the big ones.

5. Find free activities to keep them busy

Whether they are five, ten or thirteen years old, children and teenagers need to be kept busy. Use coupons to get cheaper entry to theme parks and check when museums, for example, offer free entry (usually one specific day per week).

You can also plan activities for your family yourself: how about a scavenger hunt through your hometown or a bike ride followed by a picnic? Or maybe a cosy evening with non-alcoholic cocktails with your teenagers? There are so many ways to keep the whole family busy (for free)!

6. Compare insurance premiums

Another money-saving tip for parents that can save a lot of money: review your car, accident, liability, home, life and pension insurance. A family with several children can rack up high premiums from various insurance companies. Create an overview of all your annual premiums and then check the cheapest providers. This will certainly add up to another small sum over the year that you can save.

7. Invest on behalf of your child

Children cannot yet provide for their financial future, that is entirely in the hands of their parents. You can, for example, opt for a safe option and open a building society contract or a savings account for your child to set aside money each month. However, we can no longer speak of significant returns in today's world. That's why more and more parents are investing money for their children – long-term and broadly diversified in ETFs. We explain in detail here why this is so important.

Be aware that investing involves risks and you can lose some of your investments.