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Money Management

4 Kids’ Items I Only Buy Used — and 3 Items I Only Buy New

By Money Management No Comments

I always buy used shoes, clothing, and baby toys for my kids but I will never purchase a used car seat or high chair. Find out why. 

Image source: Getty Images

The average cost of raising a child from birth to age 18 is around $310,605, which is quite frankly a really large sum of money. I have two children, which means that if I spent that much to raise each of them, I’d have invested well over half a million dollars.

While my kids are worth any price, I don’t really want to incur such huge costs in raising them. That’s why I try to buy used whenever I can. There are some items I don’t feel comfortable purchasing pre-owned though.

If you’re trying to decide whether to spring for new or not, check out the kids’ items I always buy used as well as the ones that I insist come directly off store shelves.

These are the kids’ items I’ll only purchase used

I save a ton of money in our household budget by only buying the following four categories of items for my children pre-owned:

1. Clothes

My children outgrow their clothes around once every five minutes. And, when they aren’t busy outgrowing the pants I bought yesterday, they are getting grass stains on their shirts. I simply refuse to pay full price for brand new clothes they will hardly wear, especially when there are tons of gently used items out there for sale. I commonly find things with tags on them at consignment sales or thrift stores for $1 or $2 because kids often outgrow things before they can even wear them.

2. Shoes

The only thing my kids seem to do faster than outgrow their clothes is outgrow their shoes. And, as if that isn’t bad enough, both of my children hate to wear shoes, so they kick them off the first chance they get — and that sometimes means shoes don’t make it home with us. If you’ve ever seen a lone child’s shoe in a parking lot, now you know why (and can you please send it back?). Fortunately, I can score great deals on used sneakers, snow boots, and sandals at consignment sales and thrift stores as well.

3. Baby toys

Although my kids enjoy toys, they don’t have a long attention span for most of them, and they rarely play with anything for more than a few weeks before moving on to the next item. Since I buy toys used and can then turn around and resell them for close to what I paid, this doesn’t really bother me. If I bought new stuff, though, I could quickly see myself becoming that crazy mom insisting they spend hours playing with something just because of how much money came out of my bank account to buy it. I don’t want to be that mom, so it’s a used-toys-only mantra in our house.

4. Sporting equipment

Sports can teach great things to kids, including how to play well with others. But, this comes at a price. The average spent across all sports per child is a shocking $693 per year. Although the toddler soccer and baby gymnastics my kids take part in don’t come at quite such a high cost, I do have to buy equipment like cleats and leotards. I’ve opted to purchase this stuff used too since it’s readily available and many kids use it for only a brief time before deciding a particular sport isn’t for them.

If you’re a parent also looking to save money like me (and what parent isn’t?), you may want to consider buying these items used. To find them:

Check for specialty kids consignment sales. In my area, there are a few big ones each year — one at a local church, and others organized by a company called Just Between Friends. Check out Facebook events to find these types of sales where you live.Visit thrift stores and charity shops. Check reviews or call before you go to see if there’s a kids’ section at the store.Shop garage sales: To save time, we go to community-wide sales where we can visit a bunch of homes at once. These are usually advertised on Facebook Events as well.Organize swaps with other parents: My mom’s group has toy and clothing swaps regularly so you can get rid of stuff your kids don’t need and exchange it for things they do.

These are the kids’ items I’ll only purchase new

While there are plenty of kids’ items that you should buy used, there are three things in particular it’s best to only buy brand new. These include:

Car seats: Second-hand car seats can be really dangerous. You can’t know for sure if they’ve been in an accident and, if they have, this could compromise their safety. It may also be more difficult to determine if they have been subject to a recall if you aren’t the original owner. And, you might be missing important parts and not even know it.Cribs: Safe sleep is extremely important for children. A used crib might not be up to modern safety standards (for example, the slats may be too wide). You could also miss a recall or have missing parts with a used crib as well.High chairs. This is another item that could be risky if you get a chair that’s missing parts or not up to safety standards. Plus, I’ve seen the mess my own kids make of their high chairs and I don’t really want to inherit someone else’s old banana mush that gets into impossible-to-clean crevices.

Basically, if any item could present a safety risk when purchased used, steer clear. You’re better off paying a little more on your credit cards to avoid the risk of your child getting hurt.

The good news is, with plenty of other items that it’s OK to buy used, you can — and should — save money without taking unnecessary risks. Give it a try and see what your local consignment sales or garage sales have on offer.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Where Are Millennials Buying Homes in the U.S.?

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 It may be a daunting real estate market, but in these cities, millennials aren’t deterred. AYA images / Shutterstock.com

Editor’s Note: This story originally appeared on Construction Coverage. According to the National Association of Realtors, the average age of first-time homebuyers is 36 years old, which means that the millennial generation — generally regarded as individuals born between 1981 and 1996 — has reached the stage in their lives where buying a home is often a top priority. Yet recently…

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The Most Unionized Cities in America

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 Union membership rates remain strong in these major metro areas. TravelEatShoot / Shutterstock.com

Editor’s Note: This story originally appeared on Construction Coverage. Labor unions in the United States have faced major challenges over the last several decades. Anti-union initiatives by employers, the growing prominence of the gig economy, and shifting labor laws, among other factors, all contributed to a steady decline in union membership. But recently, interest in unionization has…

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The 5 Best Deals From Costco’s September 2023 Coupon Book

By Money Management No Comments

Some notable deals can be found this month, especially if you’re looking to upgrade your electronics. Check out some of the top picks. 

Image source: Getty Images

What’s better for your personal finances than Costco prices? Costco sale prices, of course. And we’re smack in the middle of all the sales from the September 2023 Coupon Book. (Deals extend through Sept. 24, 2023.)

Of course, the best deals are subjective — the best deal for you is going to be a sale for something that you’d already planned (and budgeted) to buy. But here are a few stand-out deals that offer the best prices we could find on some well-regarded products.

1. Get $300 off: Yardistry Greenhouse

We’re coming up on the time of year to consider how you’ll over-winter all those lovely garden plants. The greenhouse from Yardistry is well-reviewed and looks like it will hold up for seasons to come.

Regular price: $1,499.99

Sale price: $1,199.99

Discount: 20%

2. Get $150 off: Casper Memory Foam Mattress

Ideally, we spend eight hours a day in our beds, so they should be comfortable. While the Casper Select 12″ Memory Foam Medium-Firm Mattress isn’t for everyone — about 5% of reviews are 1-star — it has a 4.4-star rating on Costco.com, so it must work for more folks than it doesn’t. As far as mattress prices go, the sale price is solid for a queen-size memory-foam mattress.

Regular price: $649.99

Sale price: $499.99

Discount: 23%

3. Get $140 off: Samsung 3.1.2 Channel Soundbar

Surround sound has become increasingly less necessary as soundbar technology improves. The Samsung 3.1.2 Channel Soundbar (HW-S80CB/ZA) has decent reviews around the web. If you’re looking to upgrade your home audio setup, this could be a great deal for you.

Regular price: $699.99

Sale price: $559.99

Discount: 20%

4. Get $50 back: P&G rebate

Folks who don’t mind a couple extra steps in their savings can get a decent return on most P&G items this month. If you spend $100 on eligible items, you can get $25 back (as a Costco Shop Card). Another $100 in spending will get you an extra $25, for a total of $50 max back per membership number. You’ll need to scan your receipts online as proof of purchase to get the Costco Shop Cards.

Regular price: $200

Sale price: $150 (after rebate)

Discount: 25%

5. Get $40 off: Keurig K-Supreme Plus bundle

If you’re still using an older Keurig model without the water reservoir, then consider an upgrade. (No one enjoys trying to pour water out of a mug into a tiny opening while half asleep.) This Costco bundle also includes 18 K-Cup pods to try, including a few Kirkland Signature blends. It also has a reusable coffee filter so you can use your own beans.

Regular price: $139.99

Sale price: $99.99

Discount: 29%

Picking the right card for high-ticket items

A lot of the deals this month are for fairly substantial purchases, like electronics and furniture. As such, you should give a little consideration to how best to protect your pricey products.

Costco’s satisfaction guarantee is pretty awesome; it has a long return window, and most reports are that Costco will take care of complaints quickly and easily. However, it does have its limits. Most electronics and appliances, for instance, are only returnable within 90 days of purchase. And what happens after that?

A lot of rewards credit cards also happen to offer various purchase protections that could come in handy here. Of particular interest may be the extended warranty feature on some cards, which doubles the manufacturer’s warranty on all sorts of items.

Check your favorite rewards cards to see if they offer any useful purchase protections. Don’t forget that Costco only accepts Visa credit cards.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Visa. The Motley Fool has a disclosure policy.

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9 Housing Markets With a Lot More New Listings Now

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 Discover the cities where buying a dream home just got a little easier. pbk-pg / Shutterstock.com

New home listings have languished this year, with 12.7% fewer nationwide in August compared with one year earlier, according to an analysis by real estate platform Zillow. Yet, things have improved nicely over the past month. In that time, listings are up 4% nationwide — and much more in some markets. Following are the markets with the largest one-month jumps in listings across the 50 largest…

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Interest Rates Are Unlikely to Budge Before 2024, Data Says. Here’s How to Benefit From That

By Money Management No Comments

A recent poll finds that Americans don’t expect rate cuts by the Fed anytime soon. Read on to see how you can take advantage of this development. 

Image source: Getty Images

What happened

When the Federal Reserve gathers in late September, the central bank is likely to leave interest rates alone — or so says a group of economists asked in a recent Reuters poll. In fact, the general consensus is that interest rates are unlikely to go up or down prior to the second quarter of 2024.

So what

The Federal has raised interest rates 11 times since March of 2022 in an effort to cool inflation. And its effort has been paying off.

In June of 2022, annual inflation peaked at 9.1% as per that month’s Consumer Price Index (CPI), which measures changes in the cost of consumer goods and services. By comparison, in August of 2022, annual inflation was measured at 3.7% by the CPI.

But while inflation levels have receded, the Fed’s ultimate goal is to get the CPI down to 2% on an annual basis. It’s this level, the central bank feels, that’s most conducive to long-term economic stability. As such, the Fed is unlikely to cut rates until inflation gets closer to that mark. If anything, it may decide to raise rates one more time in 2023.

“Though we continue to expect the Fed to remain on hold at the Sept. 20 FOMC meeting, we would not be surprised to see most officials continue to project one more rate hike by year-end in their updated ‘dot plot,'” said Brett Ryan, senior U.S. economist at Deutsche Bank, referring to the interest rate projections released by Federal Reserve policymakers on a quarterly basis.

Now what

Many consumers are eagerly waiting for the Fed to cut interest rates so that borrowing becomes more affordable. Right now, it’s expensive to sign a personal loan, auto loan, or just about any loan, even with excellent credit.

But while elevated interest rates are bad news for borrowers, they’re great for savers. So if you have money you’re able to move into a savings account, you may want to do so in the coming months to take advantage of higher rates before Q2 of 2024.

It could also pay to lock in a certificate of deposit over the next few months, while rates are still up. The interest rate on your savings account can change over time with market conditions. But when you open a CD, the rate you sign up at is the rate you’re guaranteed to continue receiving until your CD matures.

If you’re interested in opening a CD, you may want to wait until after the Fed’s Sept. 20 meeting to do so. If the central bank does decide to raise rates, you may find that you’re able to snag a higher rate on a CD following that announcement.

Savings accounts and CDs are risk-free provided you bank at an FDIC-insured institution and limit your deposit to $250,000. At a time when stocks are expensive to buy, it could pay to park some cash in a CD and wait things out, since many CDs are paying 5% interest or more.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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