5 Ways To Reduce Financial Burden Of Having Kids
Kids cost a bomb to raise and nurture. That said, they’re a form of long-term investment, even if investors don’t talk about them since they don’t rake in returns for a long, long time, but there’s no reason why you can’t make some money to reduce your burden while taking care for them!
1. Sell Their Pre-loved Clothes
Kids grow up fast, and clothes and shoes that fit them half a year ago may be too small now. Same goes to their cribs, prams, baby toys, and anything else that your toddler was no longer needs. Children constantly need new clothes for the first few years of their lives.
2. Share Their Experiences With Toys
Who says you can’t have fun with (or make money off) your kid’s latest new toy? There’s a market out there for unboxing new toys on YouTube, and some of these channels have become the most viewed YouTube channels worldwide, such as DisneyCollectorBR.
3. Provide Child-raising Tips To Others
Blogs and vlogs are two good ways to earn some passive income by having them star your kids and your experience raising them. Young parents love seeking advice online, so by monetizing your blog (or vlog) you stand to earn by each page view you receive via advertising network, affiliate marketing, and so forth.
4. Let them do chores around the house
When they’re old enough, your kids can help you conduct simple chores around the house like throwing out the rubbish, sweeping and mopping the floor, and washing and getting the laundry. You can even pay them for chores done as a way for them to earn their pocket money – but are you losing out in the process? You’re not, actually.
5. Save Money With Income Tax Relief
It’s a small sum, to be sure, but it’s still better than nothing. Each child you have below 18 years of age will give you RM1,000 in tax relief each year. You probably purchased a ton of books and magazines for them, too, so you can add it towards your maximum RM1,000 tax relief for such purchases as well.
In the worst light, we see kids as money-guzzling machines, and they see us as walking, breathing ATM machines, but there’s no reason why the situation cannot be reversed. Let your kids earn their keep – whether they know it or not!