cost of kids
- Thread starter P.S.
- Start date
Daughter, 10 months old:
$800 for daycare
$30 for diapers
$60 for food
$30 additional cost of health care coverage
$45 for copays and prescriptions (our baby has a lot of challenges)
We also spent a couple hundred in "start up" costs (toys, painting baby room, etc.) but so far the vast majority of her clothes, toys, books, videos, etc. have been bought for us-first grandkid/great grandkid for many people.
So if some one can stay home with the child and baby is nursing, they are pretty cheap the first year!
$800 for daycare
$30 for diapers
$60 for food
$30 additional cost of health care coverage
$45 for copays and prescriptions (our baby has a lot of challenges)
We also spent a couple hundred in "start up" costs (toys, painting baby room, etc.) but so far the vast majority of her clothes, toys, books, videos, etc. have been bought for us-first grandkid/great grandkid for many people.
So if some one can stay home with the child and baby is nursing, they are pretty cheap the first year!
T
TromboneAl
Guest
$527,000 (from a cost of a child calculator, assuming child born in 1999 and going to a private college. Apparently not in today's dollars -- Google for Cost of raising a child).
Cost to have a big dog: $1,500 per year.
Cost to have a big dog: $1,500 per year.
Re: Cost of kids
When you use the word "cost" do you mean financial, emotional, adrenal, or mental? Consensus seems to be that if you're deciding the size of your family based on money then you're not yet ready to start a family. And if you're approaching it intellectually then many parents would call you crazy.
I'm not aware of any financial decisions that would be made on the basis of sex. We've seen equally expensive versions of both genders. For example if you're thinking that girls' clothes are more expensive than boys' then you're in for a nasty surprise.
Aside from the philosophical issues, expenses vary dramatically with your child-raising beliefs ("trophy kid" vs "raising a tribe") and the kid's time of life. Then there's health issues and whether you plan to subsidize schools & college.
Here's some other threads on the topic, and these threads also have links to the popular magazine/website's misleading articles purporting to cost out childraising:
Retired with kids
Cost of kids OR ER
ER with kids
The kid$ question
Our daughter is approaching 13 and I'm still amazed at the size of the grocery bills. Imagine when she needs more food to support those growth spurts (she's 5'8" already).
There's a commercial airing for a new TV show called "War Zone". In one scene the father tells his teen daughter "After all, you have just 712 days until you start college" and she replies "You know how many days it is until I start college?!" The next scene shows him standing by a six-foot-tall mechanical scoreboard that updates the days remaining for each kid when he hits a button. I don't know if the show's any good, but I think I'm gonna get me one of them boards.
Phew, good luck with this thread, P.S. You've just started tap-dancing in the minefield of "How can you put a price on parenthood?!?" and "It's the best investment we've EVER made!!".P.S. said:
When you use the word "cost" do you mean financial, emotional, adrenal, or mental? Consensus seems to be that if you're deciding the size of your family based on money then you're not yet ready to start a family. And if you're approaching it intellectually then many parents would call you crazy.
I'm not aware of any financial decisions that would be made on the basis of sex. We've seen equally expensive versions of both genders. For example if you're thinking that girls' clothes are more expensive than boys' then you're in for a nasty surprise.
Aside from the philosophical issues, expenses vary dramatically with your child-raising beliefs ("trophy kid" vs "raising a tribe") and the kid's time of life. Then there's health issues and whether you plan to subsidize schools & college.
Here's some other threads on the topic, and these threads also have links to the popular magazine/website's misleading articles purporting to cost out childraising:
Retired with kids
Cost of kids OR ER
ER with kids
The kid$ question
Our daughter is approaching 13 and I'm still amazed at the size of the grocery bills. Imagine when she needs more food to support those growth spurts (she's 5'8" already).
There's a commercial airing for a new TV show called "War Zone". In one scene the father tells his teen daughter "After all, you have just 712 days until you start college" and she replies "You know how many days it is until I start college?!" The next scene shows him standing by a six-foot-tall mechanical scoreboard that updates the days remaining for each kid when he hits a button. I don't know if the show's any good, but I think I'm gonna get me one of them boards.
T
TromboneAl
Guest
My advice: if you want to have kids, have one child.
You get the advantages and fewer of the disadvantages (high cost, sibling rivalry).
Our main concern when we decided to have only one child is that he/she would be spoiled and not be properly "socialized." It turned out that neither of those were a problem at all. I'm too cheap to raise a spoiled child, and with all the day care and preschool that our daughter got, she's a lot more socialized than I was.
Of course our chance of grandchildren is reduced ("I'm not going to have any kids!").
You get the advantages and fewer of the disadvantages (high cost, sibling rivalry).
Our main concern when we decided to have only one child is that he/she would be spoiled and not be properly "socialized." It turned out that neither of those were a problem at all. I'm too cheap to raise a spoiled child, and with all the day care and preschool that our daughter got, she's a lot more socialized than I was.
Of course our chance of grandchildren is reduced ("I'm not going to have any kids!").
I think you can almost spend about as much or as little as you want to to raise a kid. Certainly food and clothing are necessary, but not horrendous. If you bought second-hand clothes, toys, cribs, etc., you could probably sell them for as much as you pay for them. You do get a tax credit and an additional deduction, so that's maybe $2,000 per kid of "income".
That being said, in our case the biggest expense is education. We're choosing private education for our kids, and saving for their college as well. That dwarfs the day to day expenses by a factor of 10.
Oh, and no real differences in gender. I haven't discussed this with my wife yet, but the traditional view that the parents of the bride pay for the wedding could make daughters more expensive than sons. Of course, boys cost more in terms of car insurance.
malakito
That being said, in our case the biggest expense is education. We're choosing private education for our kids, and saving for their college as well. That dwarfs the day to day expenses by a factor of 10.
Oh, and no real differences in gender. I haven't discussed this with my wife yet, but the traditional view that the parents of the bride pay for the wedding could make daughters more expensive than sons. Of course, boys cost more in terms of car insurance.
malakito
So far, I think kids cost less than people scare you into thinking. The true accounting types here are about to gnash their teeth at me, but hear me out on this one: Before Tori we would go out do dinner, clubs, bars, lots of expensive activities, and now we go to parks, grandparents house etc. and we are having just as much fun (probably more). But everyone is correct, you can't make the decision on a rational basis. It comes down to, do you want kids? You only go around once, and I'm not looking to have a full bank account and an empty life.
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Laurence is right.
Deciding whether or not to have kids is not nor should it ever be a financial decision.
I'm not saying you should totally ignore the financial side of having children, but to base a decision of whether or not to bring a child into the world on how much it will cost you is, well.....looking for a politically correct term here....insensitive, crass and just not cool.
Have children because you want to have them, not because you can fit them into your budget or you have run the numbers and don't think they will delay your retirement.
Remember, one of them could be the next Bill Gates and you might get big discounts on software or something.
REW
Deciding whether or not to have kids is not nor should it ever be a financial decision.
I'm not saying you should totally ignore the financial side of having children, but to base a decision of whether or not to bring a child into the world on how much it will cost you is, well.....looking for a politically correct term here....insensitive, crass and just not cool.
Have children because you want to have them, not because you can fit them into your budget or you have run the numbers and don't think they will delay your retirement.
Remember, one of them could be the next Bill Gates and you might get big discounts on software or something.
REW
We actually made a profit on selling our (bought used) baby stuff. And we're doing it again with the toddler bedroom set.malakito said:
Absolutely. Our childless friends spend way more than we do. We know one couple that has out-earned us since we finished college and, by their own calculations, they're still about 10 years away from ER.Laurence said:
Well, the decision has already been made...if he "follows schedules", our little guy should be arriving in 10 weeks.
Just curious because the material I've been reading quotes really huge figures.
Was also curious, because I had the feeling like we've been spending less money these past few months, even though it feels like we've been eating out more and starting the stock-up thing. When DH showed me the numbers, sure enough, we have been spending less. This may be because instead of doing things that require money, I've spent most of my time reading the 3 years worth of Parenting magazines that my mom sent us.
If we subscribed to cable, I'd cancel that since I've found fascinating entertainment in watching the moving contours of my belly.
Suspect that our biggest expense will be childcare, since for non-pecuniary reasons, I still need to work full-time. And then after that, education and related expenses.
Heard an interesting "article" on NPR awhile back that the male:female newborn ratio has been falling for some time in the US and some scientists are attributing this to the rise in single parents, in reality single moms. The idea that boys required more (in terms of calories, energy, hence dollars) to produce and rear, hence more females born in a manner of natural selection.
Nords: thanks for the thread links. I especially enjoyed TromboneAl's daughter's letters.
Just curious because the material I've been reading quotes really huge figures.
Was also curious, because I had the feeling like we've been spending less money these past few months, even though it feels like we've been eating out more and starting the stock-up thing. When DH showed me the numbers, sure enough, we have been spending less. This may be because instead of doing things that require money, I've spent most of my time reading the 3 years worth of Parenting magazines that my mom sent us.
If we subscribed to cable, I'd cancel that since I've found fascinating entertainment in watching the moving contours of my belly.
Suspect that our biggest expense will be childcare, since for non-pecuniary reasons, I still need to work full-time. And then after that, education and related expenses.
Heard an interesting "article" on NPR awhile back that the male:female newborn ratio has been falling for some time in the US and some scientists are attributing this to the rise in single parents, in reality single moms. The idea that boys required more (in terms of calories, energy, hence dollars) to produce and rear, hence more females born in a manner of natural selection.
Nords: thanks for the thread links. I especially enjoyed TromboneAl's daughter's letters.
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
P.S. said:
Congratulations. Your life is going to change in more ways than you can imagine. Most, but not all
, for the better.REW
Congratulations! I have no idea how much my children have cost me and I don't think that I would want to know if it were possible. I have a 27 year old son and a 16 year old daughter and the daughter has definitely cost more than my son. The difference is just in their personalities. My daughter is much more outgoing and has been involved in much more than our son, so her involvement has cost money. My son did eat alot more than my daughter, but my son would eat anything and my daughter is very picky, so probably spend more on food for her than him. My son lived with us when we had debt (such as our mortgage) that we were paying off and our daughter has lived with us without any debt and we also have higher incomes now, so have a tendency to give her more.
Dreamer
Dreamer
SteveR
Moderator Emeritus
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You can find any number of sources of data on the average cost to raise a child as others have already noted.
I have finished (almost) raising two and the good news is that the major costs that are the most visible are college costs. These are big and are payable in a short period of time vs the general cost-span of raising a child. The last 4-5 years are expensive compared to the earlier years.
So, like any other thing you are going to fund, the cost of a child's education should be looked at like any other long term financial need. Save and invest early, use the power of compounding and tax savings if you can, and do a little at a time instead of worrying about it 3 years before they start school.
I was not lucky enough to have a spouse that saw the value of saving for anything. After the divorce, I started saving and was able to fund public university education for both my kids. I would have been retired by now but saving for education and retirement and managing living expenses required I continue to work a bit longer than planned. I don't mind since it allows my investments to grow and I can fund the remaining years educational expenses from my paycheck while leaving investments to continue to grow.
The key to kids is to remember to enjoy them; despite what you think, they grow up darn fast.
I have finished (almost) raising two and the good news is that the major costs that are the most visible are college costs. These are big and are payable in a short period of time vs the general cost-span of raising a child. The last 4-5 years are expensive
compared to the earlier years. So, like any other thing you are going to fund, the cost of a child's education should be looked at like any other long term financial need. Save and invest early, use the power of compounding and tax savings if you can, and do a little at a time instead of worrying about it 3 years before they start school.
I was not lucky enough to have a spouse that saw the value of saving for anything. After the divorce, I started saving and was able to fund public university education for both my kids. I would have been retired by now but saving for education and retirement and managing living expenses required I continue to work a bit longer than planned. I don't mind since it allows my investments to grow and I can fund the remaining years educational expenses from my paycheck while leaving investments to continue to grow.
The key to kids is to remember to enjoy them; despite what you think, they grow up darn fast.
retire@40
Thinks s/he gets paid by the post
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I keep track of grand totals, not what each person in my family costs to keep around.
It's a whole different mindset after you have a child. If you must, you forego something for yourself just to give a little more to your child.
I would not hesitate to give up buying a papaya for myself so I could buy my kid a book he wants.
It's a whole different mindset after you have a child. If you must, you forego something for yourself just to give a little more to your child.
I would not hesitate to give up buying a papaya for myself so I could buy my kid a book he wants.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The purpose of life is life. It would be sad to forego having children because you think they cost too much. If all else fails, do what the underclass does- fob as much of thee cost off on society as you can.
At least you will have your kids.
Besides, w/o kids who would you IM with all day?
Haha
At least you will have your kids.
Besides, w/o kids who would you IM with all day?
Haha
1 kid, 5 months old. Costs have been relatively low. $130 per month for health insurance - low deductible. Maybe $100 for everything else for the baby. Healthy baby. The utilities are a little higher. Gas for hot water is $5-10 more per month. Electricity, maybe the same. We use a little more water too. We already had a 4 bedroom house, so housing was not an "additional" cost for us. All together, around $250 extra allocable to the baby.
I don't buy much of the typical "baby junk" that people seem to need tons of. We've received tons of gifts of clothing, and have not bought a single article of clothing.
Startup costs were $500 or so including health care, baby stuff, etc.
Considering the tax savings are around $150/month, we really aren't spending that much money.
We also spend less each month now. Dining out has decreased significantly (perhaps 60% less than pre-baby). We don't spend as much on discretionary purchases (toys) because we don't have the time or energy to go shopping. I also feel motivated to curb spending, because I know I have another mouth to feed and support. Factoring in our reduced spending and the tax savings, our child may not cost us anything currently.
When she starts eating more food and requiring purchased clothes and toys, I'm sure costs will increase. College costs should be relatively pain-free, assuming the state schools here are as reasonably priced in 2022 as they are now. A wedding - well, she's going to be old enough to pay for it herself!
The benefits are unquantifiable. At this point, I can't resist posting a picture of our daughter. It was taken on April 15 of this year.
I don't buy much of the typical "baby junk" that people seem to need tons of. We've received tons of gifts of clothing, and have not bought a single article of clothing.
Startup costs were $500 or so including health care, baby stuff, etc.
Considering the tax savings are around $150/month, we really aren't spending that much money.
We also spend less each month now. Dining out has decreased significantly (perhaps 60% less than pre-baby). We don't spend as much on discretionary purchases (toys) because we don't have the time or energy to go shopping. I also feel motivated to curb spending, because I know I have another mouth to feed and support. Factoring in our reduced spending and the tax savings, our child may not cost us anything currently.
When she starts eating more food and requiring purchased clothes and toys, I'm sure costs will increase. College costs should be relatively pain-free, assuming the state schools here are as reasonably priced in 2022 as they are now. A wedding - well, she's going to be old enough to pay for it herself!
The benefits are unquantifiable. At this point, I can't resist posting a picture of our daughter. It was taken on April 15 of this year.
I don't have a solution to the food situation, except to avoid the convenience foods advertised on TV. Good luck with that.justin said:
As for clothes/toys, it's Goodwill & garage sales. Our kid was nine years old before her (childless) uncle & aunt took her to Toys'R'Us for her birthday. It was her first visit inside a full-blown retail toystore and it's a good thing she knew what she wanted before she went in the doors.
Nearly four years later she still has that stupid electronic Techno dog.... I wonder what it'd "fetch" on eBay.
TargaDave
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TromboneAl said:
That was my intention until the wife and daughter wore me down. So I'm 46 (wife's 45) with a 14 and 7 yr old. Absolutely no regrets, though I'll likely reach 60 with a kid still in college
. I think it's actually easier financially and stress wise when your older. Any other late starters?Mr._johngalt
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TargaDave said:That was my intention until the wife and daughter wore me down. So I'm 46 (wife's 45) with a 14 and 7 yr old. Absolutely no regrets, though I'll likely reach 60 with a kid still in college
I agree! Had our first when I was 20 and our last when I was 40.
Almost had a nervous breakdown with No. 1. No. 3 was a cakewalk
(Best mistake I ever made)
. Right now she is a PITA, but she willgrow up eventually.
JG
