“I find that many parents waste a lot of money on extraneous activities and enrichment classes for their children,” says Andrea Kennedy, a certified financial planner and author of Own Your Financial Freedom.
“There’s nothing wrong with wanting your kids to be well-rounded, but ask yourself if they really need to be playing five different sports on top of attending art, music and dance classes every week.
“My advice is to be more focused. Set aside a certain amount of money every month for such activities and classes, and then decide how exactly to spend it. Look at where your children need help and utilise the money wisely. By the end of the year, you’d have saved quite a bit.”