Valentine’s Day, at its most basic, offers us a chance to show those we love how much we care about them.

Sure, saying we care with a diamond necklace is nice, but that isn’t always practical.  There is no need to break the bank to show our love on Valentine’s Day.

Instead, consider some of these humble methods, which can be effective for both your spouse and children.

Frugal Valentine’s Day Ideas

Show Your Love with Food

The old saying is that the way to a man’s heart is through his stomach, and that can be true for your children, too.  Why not have a fun, Valentine’s Day food day?

Here are some ideas:

-Serve a homemade, heart shaped pizza for dinner.

-Make heart shaped sugar cookies or another type of cookie.

-Make a heart shaped cake.  This is easier to do than it sounds.  Make a cake in one square shaped pan and one round pan.  When they are cooled, put the square shape cake on a serving platter with one of the corners pointing up in a diamond shape.  Then, cut the round cake in half, and use each half as the round part of the heart.  Frost the entire thing, and voila, you have a heart shaped cake.

-Make a candy cane heart.  If you have leftover candy canes from Christmas, simply face two together so they make a heart shape.  Either leave the wrapper on and use a hot glue gun to stick them together, or take off the wrapper and use some frosting to attach the two ends.

-Make heart shaped eggs in a nest.  Simply take a piece of toast or French toast, use a cookie cutter to cut a heart shape in the middle, and then cook an egg in the center.  On the side, serve the middle heart.

Show Your Love with Words

We are busy and often don’t tell those we love just how much they mean to us.  Take the time to write a letter to your spouse and/or your kids.  Talk about all the things they have accomplished in the last year and why you love them.

What traits make them special to you?  What do you appreciate that they do?

For a child, you could give the letter to him this year, or keep one each year and give them all to him when he is 18 or when he is expecting his own first child.

Give Your Loved One Coupons

Another frugal idea is to create a coupon book for your spouse.  Ideas might include:

-One free back rub

-One free romance movie viewing (especially if you are a guy who loathes watching romances with your wife)

-One free dinner of your choice, etc.

This same idea would also work for kids.  You could make the coupons a mix of special things to do and special things to eat:

-One trip bowling with mom

-One trip playing miniature golf with dad

-One free pass to the movies

-One candy bar of your choice, etc.

Make a Special Dinner at Home

If money is tight or you just don’t want to fight the crowds trying to dine out on Valentine’s Day, why not make a special meal at home?

Buy a treat food that you both enjoy such as a steak or seafood, and create a special meal.  If you have kids, enjoy your meal after the kids are in bed.

Set the atmosphere, too, by using a table cloth and candles.  Then enjoy the meal and your loved one’s company.  You get to eat what you want when you want, and there is no waiting in line as at a restaurant.

Finally

Valentine’s Day does not have to be an expensive, consumer holiday.

Scale it back to the basics and find small gestures throughout the day to show your spouse and your children how much you love them.  Chances are they will remember your small gestures and kind words longer than whatever present you could give them.

What is your favorite, frugal Valentine’s Day idea?

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Fun, Frugal Valentine’s Day Ideas for the Whole Family

The first saying was, “All kids really need is love.”  The second saying was, “God will provide.”

When you are young, your parents influence your thoughts, and what you hear and learn from them becomes your normal.

I did truly believe that all kids really need is love.  Now, my husband and I have three kids of our own, and while we love them plenty, that isn’t enough.  Unless you have a high paying corporate or professional job, more often the decision as to how many kids to have depends on what kind of financial situation you are willing to have.

Living Expenses Grow As The Kids Grow

As our kids grow, I am amazed at how much they can eat!

Our oldest child is nearly eight, and he can eat as much as my husband and I do.  Because we have food intolerances and prefer to feed our family a healthy plant based diet with meat at some meals, couponing doesn’t really work for us.  I am spending $500 to $600 a month for groceries.  The United States Department of Agriculture (USDA), each month shares the average amount people spend for food.  They break this average down into four levels, the lowest being “thrifty”, the highest being “liberal.”  Following a “thrifty” plan, our family of five’s food expenses should be approximately $677.50 per month.  If we followed the “liberal” food plan, our expenses would be $1,318.90. (USDA)

While love is important, it is not putting food on the table every month.

As my children grow older, more and more I feel the pinch in the wallet when buying groceries.  True, God has provided, and we have never gone hungry, but getting ahead financially does get more difficult the more children that you have.

More Is Expected of Parents Today

Having kids is a serious financial consideration.

When my mom was growing up in the 1950s and 1960s, most high school students graduated from high school and began to work.  Some never graduated from high school and instead dropped out and began working.  In fact, in the late 1960s, only approximately 11% of those ages 25 or older had obtained a bachelor’s degree.  Now, as recently as 2009, nearly 30% of those ages 25 or older had obtained a bachelor’s degree.  (Wikipedia)

In my mom’s youth, parents weren’t expected to pay the tab for their child’s higher education, in part because most children never attended college.  Now, a college degree is becoming more and more important, and while some parents cannot afford to pay part or all of their child’s tuition, their children are often saddled with student loan debt.

We Are More Spoiled Than Previous Generations

Thanks to the rise in two income families, many of us experience luxuries that weren’t available to our parents such as yearly vacations to exotic locations, and even the daily use of technology such as iPhones for parents and cell phones for kids.

These expenses weren’t part of the financial scene 40 years ago.

Now, rather than viewing the extras in life as extras, we view them as necessities, which make our expenses climb.

Societal Changes Have Affected the Way We Raise Our Kids

When my mom was young, she and her brothers and sisters played outside, often unsupervised.  They roamed the neighborhood all day long riding bikes, going to the park and playing games.  Because most mothers were home, all of the moms, collectively as a group were able to keep tabs on the kids.

However, parents didn’t worry as much then about dangers that may arise.

Now, many families have two parents that work, so kids must go to afterschool programs.  If they are home after school, most parents don’t allow their children to roam the neighborhood and play freely.  Instead, children get their exercise by enrolling in various extracurricular sports teams, which cost money.

So, too, when a child has a birthday party now, instead of a simple affair at the child’s home, parents shell out several hundred dollars to have the party at a local play area or bowling alley or gym.

In many areas of life, societal changes have influenced what parents are expected to do (and pay) for their children.

Final Thoughts

I am glad that my grandparents had nine children.

While I, myself, only had one brother, I was always surrounded by many cousins my age, and even today I take great pleasure in being part of such a large extended family.

However, the simplistic thought that love is all a child needs I now recognize as false.

I love my three children and am so glad to have them.  However, by choosing to have more than the typical two kids most families have, we have given up some financial freedom.  Financially, we will probably continue to struggle while our kids are home with us.  We have had to say no to our son more times than we would like, and he is still learning why his friends can have things that we cannot financially afford.

Ultimately, the decision as to how many kids to have is a personal one.  Kids enrich their parents lives in many ways, and it is a pleasure to raise them (though admittedly a struggle sometimes too).  However, as much as I may not like it, there is no denying that finances do play a role in the decision of how many kids to have.

Do you think you should think about money when considering more kids?

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Financial Considerations When Deciding How Many Kids to Have

Children, by their very nature, are energetic and full of life.

They are the face of the future.

It is impossible to imagine them not growing to adulthood, but unfortunately, sometimes children do die before reaching adulthood.

Should you buy life insurance for your child?

To answer this, there are a few variables to consider.

Do you have enough money to pay for a funeral?

Funerals can run $5,000 to $10,000.  If your child died, would you be able to pay for the funeral or would it cause a financial hardship?  Being unable to afford a funeral would cause undue financial stress in addition to the immeasurable grief you would already be experiencing.

Would you be able to continue working if you lost a child?

Buying life insurance for a child is a hard subject to think about.

It is impossible to determine how you would react emotionally to the death of your child until it happens.

However, do you think you may be incapacitated by the grief?  Would you be able to pick up every day and go to work, or would you simply have trouble getting out of bed?

A life insurance policy could afford you some freedom to deal with your grief and take some time off work.  If you have other children, they might need you home more often in the months after a child’s death.

Will you be able to survive financially on your own if you and your spouse separate or divorce?

Just as no one wants to imagine a child dying, you also don’t want to imagine getting a divorce because of a child’s death.  Yet, some studies argue that couples are more likely to divorce after the death of a child.

If that were to happen to you and your spouse, would you have enough money to survive on your own with your other children until you were able to resume a normal lifestyle?

Would you like to protect your child in the case of childhood diseases?

If you cover your child with a term life insurance policy and then they are later diagnosed with a disease or illness, you have afforded them a level of protection.  Someone who has had cancer or another disease as a child will find it very difficult to buy life insurance at a later date.  They will at least be covered by the life insurance policy you bought for them when they were children.

Not every parent will find it necessary to buy life insurance for their child, and thankfully, even if parents do purchase life insurance for their child, the chances of actually having to use it are very slim.  Still, don’t rule out the idea; consider all of the variables carefully before deciding if you should buy it or not.

What do you think of buying life insurance for a child?

Photo by Dawn Huczek

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Should You Buy Life Insurance for Your Child?

I gave this practice up a long time ago, but my cousin who is now 30 still types out a detailed wish list for her parents every year.

The modern wish list can now be found in the form of Toys ‘R Us’ new Wish List which is touted as “the ultimate toy registry—Perfect for Holidays and Birthdays.”

I admit I was originally appalled by the idea of a gift registry for children.

All I could think of was the greed these little kids might be feeling.  Do they really expect to get everything on their wish list?  Is this just yet another way to spoil our children with material items?  Will a wish list like this instill in them a sense of entitlement?  A sense that they deserve to receive every toy on the list, no matter how expensive?

Yet, the more I thought about it, the more it didn’t seem like such a bad idea.

Honestly, is it any different than the handwritten wish list I used to make every year?  I had many more items on that list than my parents’ could ever afford (and even if they could have afforded everything, they wouldn’t have bought it all for me).

Would today’s kids honestly expect to receive everything?

My son is routinely invited to birthday parties, and I have no idea what present to give.

What do you think of a child's birthday registry?

Just recently he was invited to a classmate’s party and suggested I get the boy the last Harry Potter book because the child had every Harry Potter book except the last one, or maybe it was the first one?  My son couldn’t remember.

Scratch that idea.

I ended up buying a small Lego car set because all 7 year old boys like Legos, right?  I just don’t know what this 7 year old boy likes.

It would have helped me if I had been able to print off a registry and pick a present from the list.

Likewise, friends and relatives often give presents that are not appropriate for a variety of reasons.  When I was in 4^th grade, my mom’s friend gave me Green Eggs and Ham for a birthday present.  Yes, this is a good book, and it would make a nice present, but I had mastered that book two years previously; it was essentially a wasted gift.  As much as we don’t like to think it is true, sometimes family members and friends don’t know our children as well as we would like.  A registry would help in a situation like this.

However, it is the parents’ responsibility to help the children choose appropriate gifts including fun play toys and educational materials in a variety of price ranges and to explain that they will not get every item on the list and should not expect to.

What is your opinion on gift registries for kids?  Do you like the idea, or do you find it ridiculous?

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Is a Child’s Gift Registry a Good Idea?

Parents who have this knowledge can help their children learn about the power of compound interest and its near magical effect on retirement savings.

What Are the Requirements for Opening a Roth IRA for a Child?

A child can open a Roth IRA if they have verifiable income.  Their income can be verified through W-2 records, or if they were a freelancer, so to speak, mowing lawns or babysitting, they must claim their income on a tax return.

In addition, some brokers also request that a legal guardian be on the Roth IRA with the child until the child is of age.  However, not all brokers require this.

How Much Can Your Child Contribute

The law stipulates that a minor can contribute either to the full legal maximum of $5,000 per year or up to the amount of income the child earned, whichever is LESS.  So, if your child earned $3,100 during the year, she can contribute up to $3,100.

Advantages of Opening a Roth IRA For Your Child

Opening a Roth IRA for a child is a great way to get them started on retirement savings.

There are many advantages to opening a Roth IRA for your child.

1. Educate your child financially.  Another personal finance blogger who is also a financial advisor, Jeff at Good Financial Cents, recently addressed a class of soon-to-be graduating college students.  Imagine his shock when he learned that none of the students he was addressing had heard of a Roth IRA.  These are students who will graduate within months and joining the working world, and they have never heard of a Roth IRA.  If you can teach your child early about retirement and the power of compound interest, your child will be in a much better position than most later in his life.  Each year, your child will be able to see the Roth IRA balance grow thanks to compounding interest and investment growth.
   
   
2. Help your child secure her financial future.  Consider this—a 20 year old who makes the maximum yearly Roth IRA contribution of $5,000 for one year ONLY “with a 6 percent return compounded annually , will end up with almost $75,000 by age 65—without ever putting in another dime,” according to Reuters.  In addition, she is eligible to withdraw up to $10,000 for her first home, penalty-free as well as take distributions to cover qualified education expenses.
   
   
3. Does not harm your child’s financial aid in college.  Many have worried that a Roth IRA opened in your teen’s name would affect the amount of financial aid he may qualify for when he goes to college.  However, that concern appears to be unfounded.  Mark Kantrowitz of FinAid.org was interviewed for Kiplinger’s and stated, “Retirement account balances – such as in Roth and traditional IRAs, 401(k)s and 403(b)s – aren’t reported as assets on the Free Application for Federal Student Aid (FAFSA), regardless of whether they’re owned by the student or the parent.”  The key is to not withdraw any of that money because distributions are counted as income, which can affect your college financial aid eligibility.

Disadvantages to Opening a Roth IRA

Overall, opening a Roth IRA is one of the best things that you can do for your child thanks to the power of compounding interest and time for investment growth.

Consider this—if a child opens a Roth IRA at age 17 and contributes $2,000 a year until she retires at 62 at a 5% return, she will have $335,370 in the Roth IRA although she only contributed $90,000 (State Farm Roth IRA Calculator).

However, this impressive multiplication of money is also the biggest drawback.

When your child is of age, she can do what she wants with the money.  Your child will have access to the money, and she could potentially withdraw it and spend it irresponsibly.  Of course, once our children are adults, we can only guide them and hope that they have learned about finances and will be responsible.

How to Motivate Your Child to Contribute to a Roth IRA

Many teenagers are only concerned with the present.

If they do work, they often want to spend the money they earn on cars, music, make up, and other immediate purchases.

However, there are a few ways you can help encourage your child to behave responsibly with money.

1. Show her the power of compound interest.  While Roth IRA calculators can show how the money can grow over the years, 45 years from now is a lifetime for most teenagers.  Instead, show them the power of interest in the short term.  Let her “invest” her money in the bank of mom and dad for a few months and give her a return of 5%.  Let her see how much more money she will have after a few months than if she had spent it.  Give her back the money with interest, and she may begin to appreciate compounding interest.
2. Match her savings.  Much like employers match employees’ retirement savings, for every dollar your child contributes to his Roth IRA, offer to match him.  If he contributes $1,000 to his Roth IRA, you submit another $1,000, so he is submitting $2,000 for the year.
3. Put the money in the Roth IRA for her.  The law stipulates that your child cannot contribute any more than she makes in a year to her Roth IRA.  However, the law doesn’t say the child has to be the one contributing.  If your child makes $3,000 in a year, you as the parent could put $3,000 into her Roth IRA if you had the money and the inclination, allowing her to use her money to spend, save for college, or another goal.

In Closing

As a parent, one of the best things you can do for your child’s future is to educate her about finances.

Teaching her about a Roth IRA and the power of compounding interest can change your child’s financial future and put her well ahead of her peer’s on the path to financial security.

Have you opened a Roth IRA for your child? Let us know about it.

This article is part of Roth IRA Movement day, created by Jeff Rose of Good Financial Cents.  Be sure to check out the other articles in Roth IRA Movement day (there are over 100 sites taking part).

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Opening a Roth IRA for a Child – Help Your Child Get Ahead in Retirement

The latest was a February 17^th announcement by the makers of Tylenol who recalled 574,000 bottles of infants’ Tylenol Oral Suspension.  The recall is due to the product’s simple dosing measuring system that may fail and fall in to the suspension.

Although McNeil, a subsidiary of Johnson and Johnson and the makers of the product, claim that there are no adverse medical effects that come from the failure, they also advise discontinuing the product’s use if the simple dosing system fails.

McNeil is offering a refund to anybody who experiences the problem.  Only seven lot numbers are affected and can be found by going to THIS WEBSITE:

http://www.tylenol.com/page2.jhtml?id=tylenol/news/subp_tylenol_recall_8.inc

But the Tylenol recall isn’t an isolated event any more.

In January of 2012, 2,000 tubes of Aveeno Baby Calming lotion were recalled due to excessive levels of bacteria in the product and in December of 2011, 12 million bottles of Motrin were recalled because the caplets were dissolving too slowly delaying pain relief.

In September of 2011, An Alabama pharmaceutical company issued a recall of multiple lots of birth control pills because of a packaging error.  Specifically, during the manufacturing process, the dosing was flipped 180 degrees putting the placebo or “dummy” pills in the blisters where the active bills should have been.  This could cause unwanted pregnancies which led to the recall.(http://www.cnn.com/2011/09/16/health/birth-control-recall/index.html)

J&J

Besides the Tylenol recall, there have been a good number lately.

Johnson and Johnson recently announced that they were replacing longtime CEO William Weldon with new CEO Alex Gorsky sighting a tarnished reputation due to the recall of their artificial hip implants, over the counter drugs, and safety concerns involving vaginal mesh products that have spurred thousands of lawsuits.  Other J&J recalls included a 2011 recall of insulin pump cartridges and 107 batches of surgical sutures due to potential sterility problems. (http://news.yahoo.com/timeline-johnson-johnsons-product-recalls-002110792.html)

Voluntary Recalls

Although the Food and Drug Administration may order the recall of certain products, often it’s in the best interest of the company to voluntarily recall products in order to show customers that they would rather lose money than risk patient safety.  Still, some companies attempt to mask the recalls in ways that are damaging to their brand.

In 2009, J&J hired contractors to go to each store and purchase the recalled Motrin according to the FDA. This proved to damage J&J’s reputation as work got out that they were trying to conceal the recall and potentially put patients who already purchased the product at risk.

Today, most companies have learned that making a public apology as well as making refunds easy is the best way to weather the reputational storm.

Finally

The FDA maintains a website designed to educate consumers on any active recalls.  This website includes recall information about food, drugs, animal health products, and medical devices.  If you hear of a recall concerning a product you were prescribed or consume regularly, go to THIS SITE (http://www.fda.gov/Safety/Recalls/default.htm) to get more information.

What do you think of all of these recent recalls? 

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What’s With All of The Recalls? Latest Infants Tylenol Recall and More

What is it?   Good question!

It’s a group of site, that have teamed up to help each and support each other.  It was originally a way to help get your Alexa ranking lower (lower means more are visiting your site) but the Yakezie has turned out to be much more.

There is truly a group of sites run by some wonderful people who are there to help answer blogging questions, give feedback, and really provide support.  Blogging seems like it’s all rock-star parties 24-7 but really it’s not (kidding about the 24-7, the rock-star parties only happen a few hours a day).

I thought PFM had been part of the challenge already, since I publish Free From Broke, which has been a member Yakezie site fo some time.  But I didn’t realize I needed to add separate sites into the challenge too (my bad).

So here is our little site, Parenting Family Money, sitting atop an Alexa ranking of about 583,000 as I write this.  I think we can get that below 200,000 in no time (our goal).

I’m looking forward to exposing Parenting Family Money to new readers as well as help promote a lot of great other sites as well here.

And now let’s take a look at some awesome articles you should check out:

Budgeting In the Fun Stuff | Exercise Caution While Automating Bill Payments – A guest post from One Cent at a Time.

Prairie Eco-Thrifter | Frugal Family Fun in the American Midwest

Sustainable Personal Finance | The Importance Of Having A Will

Invest It Wisely | How I Quit My Job, and What I Plan to Do Next

Wealth Informatics | Why do you give to charity and how to give smartly?

Bargain Babe | Crafts to make with old credit cards

Deadspin/Dadspin | Children’s Music Will Destroy Your Good Taste Forever; Or, How I Came To Like Kidz Bop – Hilarious article on the effect of kid’s music.

Parenting Squad | 10 Tips to Make Working From Home a Success

Couple Money | What Do New Parents Need to Know About Taxes?

Good Financial Cents | How to Buy Stocks for Your Kids

And here are carnivals Parenting Family Money has been in:

Carnival of Personal Finance #348, The Grammy Awards Edition
Yakezie Carnival, Zombie Apocalypse Edition | 101 Centavos
Carnival of Wealth #42 – June 12 2011 Edition — Personal Dividends – Money+Lifestyle
Festival of Frugality # 322 – February 7th, 2012 Edition
Chief Family Officer: Festival of Frugality #283: Coupon Facts Edition
Carnival Of Financial Camaraderie #19: The Super Edition | Newlyweds on a Budget
Carnival of Personal Finance #347, The Giants Edition | One Cent At A Time
Totally Money Blog Carnival – Most Expensive Weddings Edition – June 6th, 2011

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Yakezie Challenge and Links

However, good money habits don’t just develop spontaneously.

Children need to have instruction in financial literacy from the time they are small.  It is possible for you to teach younger children about money, building a solid financial foundation for them in the years that follow.

Teaching Toddlers

Even though it seems precipitate to teach a two or three year old about money, you can still lay a foundation for good financial lessons.  You can ease your toddler into the concept of money with the help of rewards systems. You can provide stickers for good behavior, and when they earn a certain number of stickers, they can redeem them for rewards.

A similar system can help your toddler become used to the idea of earning something that can, in turn, be exchanged for something else.

Preschool and Elementary School-Age Children

It’s important to start teaching your children financial literacy from early on.

As your child ages, he or she will naturally begin asking questions about money, and talking about how they can buy things on their own.

Children of four and five are often old enough to begin receiving an allowance.  They can grasp concepts related to physical money, so using cash is a great way to introduce them to the idea.

When your child receives an allowance (whether you pay them for chores, or just give them a set amount of money each week), help him or her divide it up into savings, charitable giving/church donations, and spending money.

That way, they can start managing money, and developing good habits.

There are some strategies that can be used to help elementary-age children stay focused on earning money, and properly managing it.

Here are some ideas that you can use to help your children learn financial literacy, and encourage them to save:

• Create charts: Create goal charts that encourage your children to save up for goals.  You can cut out a picture from a magazine, and color in squares or add stickers to the chart, to help your child see progress toward the goal, depending on how many weeks it will take to save up.
• Different jars or envelopes: Help your child visualize that money has different purposes by providing different jars or envelopes.  Your child can draw pictures to remind him or her what each jar is for.  A picture of a college or a car can help your child visualize long-term savings.  A picture of a church or a charity-related picture for the donation jar is helpful, as is a picture of a desired toy for the short-term or spending money jar.

 As your child gets older, reaching the age of eight or nine, you can start adding lessons about debit and credit cards, and how banks keep your money for you, and how debit cards work.

Throughout, though, your best bet is to teach by example.

From the time your children are young, have discussions about money at home, and include them in age-appropriate councils about finances.

Make decisions about money as a family so that your child can see how to talk about money, and see your example of good financial habits.

Janet writes for Credit, Eh a blog about personal finance and responsible credit use.

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Financial Literacy: What to Teach Younger Children

It will be fun to watch it with the kids too.  Though I suspect their interest will wane pretty quickly.  That’s OK, the little ones are still young (our oldest daughter isn’t that interested in it).

Do you get the whole family involved in the SuperBowl?  Do you hold a big party?  How do you get everyone excited?

I haven’t done a roundup in some time.

So let’s take a look at some super articles and carnivals:

Harvard Business Review | The Trouble With Bright Kids – Heidi Grant Halvorson – Very interesting article about the long-term messages sent to kids that have gifted intelligence.

CNN Living | What teachers really want to tell parents – CNN.com – Another interesting read, this one talking about the role parents play in their children’s education.

Good Financial Cents | The Top 67+ Family Finance Articles to Live Your Life to The Fullest

How To Be A Dad | Baby Sleep Positions: “The Roundhouse Kick”

Matt About Money | An Irrational Financial Act

Freakonomics Blog | The Worst Mistake I Ever Made: An Economists’ Parenting Quorum

GalTime | Is The Division of Labor In Your House More Equal?

Frugal Zeitgeist | Kicking Adult Child Out of the Home

After the Alter | Eat This, Not That…In Baby Land

And Carnivals Parenting Family money has taken part in:

Carnival of Personal Finance #346 | thejennypincher.com
Totally Money Blog Carnival – #52 | Canadian Personal Finance
Yakezie Carnival – Winter Wonderings
TotallyMoney Blog Carnival #43: The Movember Edition – TotallyMoney
Fall Festival 2011 and Winter Festival 2011 | Afford Anything
Carnival of Personal Finance #323 – Better Late than Never Edition | Sustainable Personal Finance
Festival of Frugality #294 Blog Carnival | Budgeting In the Fun Stuff
Canadian Finance Carnival #50 – Canadian Finance Blog
Debt Free by Thirty: Yakezie Carnival: The Wonderful Wizard of Oz Edition
Carnival of Personal Finance #321 – The Fraud Edition — Narrow Bridge Finance
Fesival of Frugality 292nd Edition
Yakezie Carnival: Easter Sunday Edition
The Yakezie Carnival: The M&M Edition

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Superbowl Weekend and Links

But there are other expenses—not on the magnitude of college—that are also worthy of budgets all there own.

If you have children who are at least in middle school, you already have an idea of at least some of them.

But if your kids are only a few years old or younger, you’ll need to start preparing for some of them right now, because the day for most or all of them is coming up fast!

Braces

Most kids it seems need braces.  I don’t know if it’s because kids are being born with more crooked teeth than they were a generation ago, or if our collective tolerance for teeth that are anything less than perfect has reached an all time low.

What ever the cause, braces cost a fortune!

According to Answers.com, braces normally cost between $4,000 and $6,000, but can run as high as $10,000.  I suspect the highest range is for the designer varieties, like the clear or colored versions that didn’t exist when I was a kid.  But like all professions these days, up-sell is the name of the game.

If you have two children, it’s likely that at least one of them will need braces; if you have three, assume two will need them.  What ever the need, an expense this large and predictable cries out for a budget.

Vacations

Vacations get expensive fast when you have kids!

If you’re new to parenting, or don’t have any but plan to, you may be unaware that airlines don’t offer discount pricing for children.

In the airline industry, a seat is a seat, and whether it’s occupied by a six foot adult or two foot toddler matters not.

If you’re used to traveling by air, you’ll need to be prepared for the fact that just getting where you’re going will be more expensive than it was in the days before children.  The $500 airfare you paid for you and your spouse will mushroom to $1,000 when your three year old and your newborn are added.

Speaking of discount pricing, once your kids get “older”—which in many establishments means reaching the age of 10—they will be charged adult prices.  This can include theme parks, restaurants and other entertainment venues.

And, as you’ll discover when they start moving beyond 10, they begin to eat like adults.  That can have a material affect on your restaurant bills.

Moral of the story: what ever you pay for vacations now will roughly double in a few years.  A weeklong trip to Disney World or even the beach can cost thousands of dollars.

If you don’t normally establish a budget for vacations, you’ll need to have one when you have kids and more so as they get older.

Extracurricular school activities

When I was a kid, some kids were in extracurricular activities but most weren’t.

It’s very different today.

It seems that nearly every school age child is in a sports — or music-program of some sort.  Many are in both.

When your children are in elementary or middle school, the in-school activities are usually free or have only a small fee ($50-$100), but when they reach high school you can safely assume you’ll need to pony up roughly $1,000 per activity per child.  If junior is in three activities, that will be $3,000 per year.  If you have two children in high school and each are in three activities, you’re looking at $6,000 per year—now we’re talking real money!

You probably won’t be covering those fees out of your checking account, so you’ll need a budget for this one too.

Junior’s first car

Even a car that’s well-used can cost a few thousand dollars, and by the time your kids are of driving age they’ll almost certainly cost more.

If you have more than one child, well—you can do the math.  The point is, this is another major expense category that will require advance planning—a budget.

There may be a tendency to think, “I’ll let my kids worry about paying for a car—I have enough expenses to cover”, and while that’s a legitimate point, teenagers often need a car long before they have the ability to afford one.

You’ll have to be prepared for this one as well.

Tutoring, test preparation and summer camps

This is really a miscellaneous category.  It’s filled with “nickel and dime” expenses—a few hundred here, a few hundred there—but collectively it adds up to real money that you’ll need to be prepared to come up with.

School agenda is being accelerated in districts across the country.  No where is this more apparent than in math and science, two subjects that are difficult for a large number of students to begin with.  In addition, since No Child Left Behind, pass-fail exams have become the order of the day.  Later on, there are college entrance exams.

All will need to be prepared for.

For many, this will require one-on-one tutoring, enrollment in out-of-school support programs (Kumon, Mathnasium, etc.) and the use of various test preparation services.

Then there are summer camps!

Most kids today seem to attend them fairly regularly.  Now there are different types of camps—some are daytime only, some are away from home, some are a few days, and some are a month or more. Some will be less than $100, others will be more than $1,000.  The point is, your children will probably be in one or more most summers.

In a typical year, you’ll probably pay out upward of $1,000 per child—although this expense can go as high as you want!  With two or more kids, you could be paying several thousand per year.
College education is an important event to budget for, but as you can see there’s a whole lot to be prepared for before your children reach that point. By budgeting for them in advance, you can insure that you’ll be fully prepared when they come up.

Can you think of any other large expenses for children that should be budgeted for?

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5 Kids Expenses to Budget For – Apart from College