Housing
Most couples move into a bigger space as the family expands. Rents have fallen, so now is the best time to look at other locations where accommodation may be cheaper. Consider moving away from the city centre. A three-bedroom house in Mirdiff may cost less than a one-bedroom flat in Bur Dubai.
Childcare and babysitting
Getting a nanny can be costly. You don't just pay for the salary, there's accommodation, food and visa costs to think of. A good idea is to get help from friends who also have families. "There is no need to pay for babysitters if couples can support other couples over child-minding. Often, families can arrange joint outings and weekend pastimes so that babysitters are not required," suggests Steve Gregory, managing partner at Holborn Assets.
Food
Parents don't usually sit down and review how much they spend on food for their children. However, by making little changes in their consumption habits and in the way they shop for food, they can stretch the household budget further. "Bulk shopping is cheaper. Waste as little as possible, but buy items that will not spoil in bulk. Frozen items are almost always cheaper than fresh. Rather than shop every day and cook every day, consider what can be stored in the home freezer, and cook half for today and half for next week. This works for most meat dishes. Freezers and microwaves are great for saving money on foods," Gregory says.
Clothing
Malls are peppered with children's shops featuring expensive brands. Don't be easily tempted. At a young age, children don't understand the concept of designer labels. Try hand-me-downs and go for bargains. Besides, children outgrow their clothes faster than you can buy new ones.
Allowance
There is so much pressure for parents to give their children pocket money. If you really have to, do it once a week only. "This is theirs to spend or save as they wish. If they save for things they want, perhaps help them by contributing towards them, but teach them the value of money as a major life skill. You won't be able to do this if you are undisciplined with your own money," says Gregory.Get the children involved in discussions about money. "This helps them to start to understand how income is used and the financial goals the family has identified to work towards. In this way they can develop sensible attitudes and values regarding money," adds Gurnos Stonuary, business services director at Nexus.
Toys, leisure, extra-curricular activities
"Find things that involve no expense or little expense. Your children want your time, not your money. A walk on the beach, camping in the desert, swimming in the sea, visiting a local park, feeding the birds are examples of things that require your time rather than your money. Spending the weekend in the shopping mall is not," advises Gregory.
Out-of-school activities tend to become more expensive as children get older. Encourage them to save and contribute from their little savings. "Also, some children tend to start something with enthusiasm but quickly drop it when something more interesting comes along. By encouraging your child to save and contribute to their current activities, you will make them appreciate that dropping out wastes their money," says Stonuary.
Birthdays, gifts
Set a budget you can afford and stick to it. If your money allows you to hold a party only for ten people, don't invite 15 or more than that. "If it's a kid's party, it's not necessary to invite the parents, but explain to them how the party will be held, in the invitation," says Gregory.
Buy gifts during sale periods. "You may be able to find the perfect item months ahead of celebrations, if you are thinking about it in advance. In the same vein it may be cheaper for you to buy your gifts when you are travelling in a different country - buying gifts this way also opens up the opportunity to give more unusual presents," says Stonuary.
