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Re: Cost of kids
Old 06-19-2006, 09:55 PM   #21
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Re: Cost of kids

To echo a previous post, I have seen some pretty comprehensive government estimates of the cost of raising kids. The best I can remember is that it costs the average American family a little over $10,000K per year to raise a child to age 18. There are also estimates as to how much that average may change depending on your particular socioeconomic status. Look and you will find them.

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Re: Cost of kids
Old 06-19-2006, 10:47 PM   #22
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Re: Cost of kids

Originally Posted by accountingsucks
I am by profession an accountant... (doing bookkeeping, tax returns, easy non stressful stuff)
I assume my wife would have a salary of about $35,000 and that a child would cost $1,000 a month to raise for 18 years (and then 3% inflation after that).
OK, I have nothing to add to what you said...

You definitely ARE an accountant, there's no arguing about that!

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Re: Cost of kids
Old 06-20-2006, 08:35 AM   #23
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Re: Cost of kids

$12000/yr is probably a bit high _IF_ you don't mind hand me downs and don't need all the latest and greatest stuff. Your medical insurance is paid in Canada, right? IF you send em to public school, it's just about free. House and cars are big concerns though - 1-2 kids can fit in most sedans pretty easy. Once you get to 3, you're probably talking SUV/minivan or cramped quarters. For the house, does your current house have an extra bedroom or spare space you can use? Can you use bunk beds?

If you have family/friends/coworkers, you'll probably get most of the basic start-up baby stuff you need in the form of gifts (if Canadian custom is similar to US custom). Our monthly cost for food/formula/milk/diapers/wipes/consumables/occasional splurges is no more than USD$200-$300/month. Almost all our daughter's clothes were hand me downs or gifts though. I don't see this increasing a lot in the future either. By the time she's eating us out of house and home, she'll (hopefully) be out of diapers and growing a little more slowly so clothes don't have to be "upgraded" as much.

We have Grandma to babysit our daughter during the day for $200/month, but market rates probably start at $400-500/month minimum. This will be your biggest expense for the first few years.

When they go to school, childcare costs will drop significantly, even if you have to put em in an after-school recreation program/child care of some sort.

Not sure about canadian tax benefits for having children, but in the US I get about $1800/yr in tax benefits per kid. For me, this offsets a significant portion of child expenses.

Hope this helps!
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Re: Cost of kids
Old 06-20-2006, 06:27 PM   #24
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Re: Cost of kids

Daycare is definitely the biggest cost. Our two kids cost $250 per week [combined]. However, our friends are paying $250/week for one kid [probably kindercare or one of the chain childcare centers]. That adds up to $12,500/year for 50 weeks.

Friends and family certainly helped out with the baby room furnishings, clothes, highchair, etc. Like others have said, you can certainly be cheap on stuff like toys, clothes, furnishings ['cause they're going to get broke]. My 4 yr old's favority toys are the $0.50 giant bubble wand, the $1 little pull-string helocopters, or just rolling down the hill.

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Re: Cost of kids
Old 06-21-2006, 06:37 AM   #25
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Re: Cost of kids

We adopted my son, we knew the lawyer so it was very cheap (about 2500). He was still in diapers when he showed up and had one toy and one set of clothes. So essentially we had to buy everything for him. It seemed as one expense was replaced antoher took it's place, so he never became cheaper.

As other have stated the biggest expense has been daycare and food. We have him in an after school program that runs about 200 per month and spend about 250 per month on food. How can somone who only weighs 45 pound eat so much food and still stay scrawny? We will be funding some of his college in one of those state programs. I know it's not the best, but for the cost of two years tuition he can go four years and the amount required to pay for one of those will not delay my retirement by more than a year or two. It's more than I received, but he'll still have to work for a place to live or stay at home.

You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
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