It can cost up to $13,000 a year to raise a child. Therefore, you need to do everything in your power to keep other debts to a minimum. What are some tactics that you can use to make sure that your child is well cared for despite the financial burden it may cause?

Avoid Using Credit Cards

Credit cards may come with an interest rate of up to 20 percent or more. On average, you can expect to pay 15-17 percent interest depending on your credit. However, if you pay late, that could result in a penalty rate of 29.99 percent as well as late fees and other charges. Late payments may also ruin your credit score, which may make it harder to get the best rates on car insurance or to find adequate housing.

Pay with Cash Whenever Possible

Paying with cash means that you don’t have to pay interest or worry about a credit check when it comes time to buy a car or take your child to the dentist. Paying cash can help you control your spending because you have an emotional response each time that you reach into your wallet. Therefore, you may be less likely to make frivolous purchases compared to using a credit card or even a debit card.

What If You Have Existing Debts?

If you are a parent who is expecting a child, you may have existing student loan or credit card debt to worry about. Looking into debt consolidation or debt forgiveness may help you reduce your balances and the interest paid on them. Even if it results in a short-term hit to your credit, you will feel better knowing that you can pay your bills moving forward.

Get Help Whenever Possible

Your friends and family members may be willing to help watch your child or provide food or clothing. Government programs may exist to help you find housing or provide nutritious food for your child. Instead of buying items new, you may want to consider borrowing or renting them as that may cost less while still meeting your needs.

Having a child may be one of the best things that you can do in your life. However, it can also be one of the costliest. By staying away from credit cards, paying with cash and borrowing instead of buying, it may be possible to give your son or daughter a good life without going broke in the process.