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How to Not Go Broke Raising Your Kids: When to Splurge vs. When to Save

If we bought everything our kids begged us for, we’d literally have no money — let alone room in our house to move. Since we eventually have to pay for college, we’re taking advice from those in the know at Babble on how to make smart choices about items that deserve the splurge!

Spend Your Money On…

Electronics: When it comes to technology, brand names are the way to go because of warranties and durability. Devices like computers and phones from lesser-known companies can be unreliable — so unless you want to be a regular in the return line, buy what you know.

Gifts/Toys: You wouldn’t replace a diamond with a CZ (oh, the horror!) and your daughter doesn’t want a nameless doll instead of the American Girl she asked for. It’s ok to shell out extra dough for the few things, as kids say, they just can’t live without!

Save Your Money On…

Shoes: Our kids’ feet grow at warp speed so those back-to-school sneakers you bought a few months ago will be in the shoe cemetery in no time. While you should make sure they have good support, there is no reason to go crazy on expensive shoes…unless you’re constantly running from the paparazzi. (Suri, we’re looking at you.)

Socks/Underwear: Want to know where all those lost socks are? Yeah, we do too. So don’t bother spending money on them, and, while you’re at it, since there’s no such thing as accident-free, one-size-fits-all underpants, it pays to be thrifty when it comes to kids’ underwear, too.

Source: Babble

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05.2.2013 / 05:08 AM EDT by Jo Aaron
Related: Moms

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