To help your money go further, you might be able to impose a few of these strategies that can reduce the costs of these common child-related expenses.
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Child care Many of the increased tax credits and deductions parents enjoyed during the height of the pandemic are reverting to their original limits. As a result, parents should be prepared to get less back this year, says Alton Bell II, principal accountant and founder at Bell Tax Accountants & Advisors in Chicago.
Additionally, you could contribute to a dependent care flexible savings account, which allows you to use pre-tax dollars to pay for child care. Bell suggests maxing out that account for the year and also utilizing an employer FSA match if your company offers one. One cost-saving strategy is to plan your shopping ahead of time to avoid buying items you don’t need. Dominique Broadway, a personal finance expert and founder of Finances Demystified in Miami, Florida, switched from going to the store to using grocery delivery services so she knows exactly how much she’ll spend.
Health care Premiums can become a noticeable expense when you pay them monthly. Adding copays every time you visit the doctor increases your out-of-pocket costs even more.
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