We all know, kids ain’t cheap.  When you stare into your little bundle of joy’s face for the first time, you likely only feel amazement and awe.  You watch your child grow and develop and meet major milestones.  You delight in his first smile, laugh, and coo.

But then, you start noticing the expenses.  The diapers.  The formula.  The childcare.

It’s a good thing your baby’s so cute because he’s starting to cost you –big time.

Sound familiar?

First time parents are often shocked at how much an infant costs.  Guess what, folks–it doesn’t get any cheaper as they get older.  If you want to still be able to save money for your own retirement, make sure you regulate how much you spend on your kids!  The sooner you get a good plan together on how much you spend, the easier it will be later on when they are teenagers and asking for their own money to spend!

1. Remember, You Come First

Save for your own future first.  Sure, you want to give Junior everything, but save for your own retirement first.  You’re not being selfish.  Trust me, when Junior is 25, he’ll be glad he doesn’t need to help support mom and dad.  Plus, your kid can get student loans and other help to pay for expenses, but you can’t get a loan to fund your retirement.

2. An Emergency Fund is Essential

Keep a rainy day fund.  In addition to retirement savings, make sure to keep a rainy day fund.  You might want to look online for the best fixed rate bonds for some of the money that you’re setting aside for long-term goals.  For an emergency fund, you’ll want to have the money easily accessible.

3. Budget for the Big Stuff

Decide how much you’ll pay for major events.  While Junior’s still in diapers, long before he needs thousands of dollars for college, decide how much you’ll pay.  Maybe you want to pick up the whole tab for college.  Great.  You’ll need to plan accordingly.  Maybe you don’t want to pay anything; in that case you’ll need to let Junior know early so he can make his own college plans in high school, including how to pay.

4. Teach Your Child About Money

Teach your child to be financially independent.  The best way to regulate the amount of money you spend on your child is to teach him to be good with his money.  When he’s a teen or young adult, have him open a bank account.  Places like http://www.bmsavings.co.uk have some fantastic savings options.

With a little discipline and financially sound decisions, you can avoid bankruptcy while raising your child AND teach him how to be financially independent as he grows up.

How else can you regulate the amount you spend on your kids?