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5 Ways To Reduce Financial Burden Of Having Kids
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5 Ways To Reduce Financial Burden Of Having Kids

by programmerJuly 19, 2015

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.

sell children clothesImage via Flickr

 

If you’re not planning to have more children that you can hand down those items to, you may as well make some money selling these pre-loved items to other parents who may need them more than your attic does. You could be surprised by how much some items can bring you if they’re in good condition when sold.

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.

 

You can also write reviews about those toys so that other parents can find out how good or bad they are for their child, regardless of what the manufacturer says. If your kid is particularly bratty and  kicks away the new branded toy you bought for them, well, save it up properly, because you never know how much it will sell for several decades down the road. Your kid will probably live to regret that.

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.

parent bloggersImage via Musings of a Mom

 

Plus, you’ll get to chronicle your kids’ lives as they grow up, and get paid doing it. What a way to kill two birds with one stone!

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.

 

By getting your kids to clean the house for their allowance, you’re saving on a lot of money that you’d otherwise spend on a third-party cleaner who probably won’t be as motivated (or admittedly, as sloppy, at the beginning anyway) as your kids to do the job.

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.

Tax relief

Once they’re above 18 years old, you’re still able to claim tax relief of up to RM6,000 per annum provided they’re still studying. That’s an extra RM18,000 you’re earning per child, at the very least!

Conclusion

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!

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