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I hear a lot people say that a child can be a financial burden as if it's common knowledge - but is that because they choose to make it that way? Parents get ~$4000 tax deduction/child tax credit/childcare credit which saves them thousands and offsets some of the monthly cost.
I would like to see a break down of child related expenses. I'm talking necessities - not private schools, designer clothing, buying a home in the most expensive neighborhood (because your kid NEEDS the best schools), $50k nannies, saving for an Ivy League college or buying obscene amounts of toys.
It seems that if one has a parent/aunt/stay at home mom friend to take care of childcare (years 0-4) - raising a child can be downright cheap (assuming no major health issues).
Am I missing something?
My kids are in elementary school. I just paid over $1000/month for child care for them over the summer. During the school year it is about $200-$500/month depending on my work schedule.
I did stay home for a few years. A standard half-day, 3 day/week preschool was about $200-$300/month per kid. That was nothing compared to the hit I took when I wanted to go back to work. My income was down 20% from when I quit. I have lost a great deal of lifetime earning potential, plus the earnings I lost just by not working for 5 years. That's somewhere around $250,000. (Ya, staying home is WAY more expensive than day care).
At this age, the kids eat at least as much as I do, so double the grocery bill for you and your spouse. That's probably a good $300/month for groceries for 2 kids. We don't eat out much.
I just paid about $200 each for them to play soccer, and $80 each for their uniforms. That's their only sport and it isn't the "top" league or the "top" level of play.
They do need clothes of course. They go through a $50 pair of tennis shoes about every 3 months, plus clothing. I spend maybe $100-$200 per kid a couple times a year.
I just spent about $75 per kid on school supplies, plus school fees. That is for "free" public school.
I think its all about how many children you have and HOW you do it.
For example a child who is breastfed, cloth diapered, not in daycare and homeschooled is cheaper than a child who is formula fed, disposable diapered, in daycare and public schooled. (even if all those things dont happen to the same child, the price difference is still there).
How is homeschool cheaper? A parent has to stay home to school the kid. That could be a lot of income lost, depending on the person, plus the parents have to pay for all the materials, or at least some, depending on the program. Same for a parent who stays home. It is way more expensive to stay home than to pay for day care.
This. And that's if you have a healthy child. I have one with autism, as well as chronic medical problems. No one can truly budget for that.
Absolutely. I didn't mention the numerous $20 copays we paid the first 2 years of our kids lives, and the $3000 I just paid for a certain therapy over the last few months. Glasses, braces...
Totally depends on location though and it's partially offset by tax credits and deductions. Several churches around here offer infant care for around $6,000/yr...cheaper for toddlers. After tax deductions, day care credit and child credit - much of this is offset.
Full time? 7am-6 pm? Very doubtful. Infants are the most expensive because fewer babies per caregiver are allowed by law. Cost decreases as they get older. Why are you arguing with everyone? Ten years ago I paid over $9000/year for 1 child in day care.
When my oldest was a newborn, we briefly considered putting him in a well-regarded professional daycare center, so I could return to work. I nearly threw up when I learned it would cost $17k for full-time care!
To raise a child properly takes time and money. I spend way more Money on my kids then I do On myself. I suppose you could raise kids 'on the cheep" bare minimun of clothing, cheep ffod, no dentist/ortho, no school supplies or extra circs, impose on family to "watch" your kids while you work, never spend any extra on gas to drive them to friends or outings.
I woud suggest that if youare concrened about child rearing expenses dipping into your income, then you should not have children.
When my oldest was a newborn, we briefly considered putting him in a well-regarded professional daycare center, so I could return to work. I nearly threw up when I learned it would cost $17k for full-time care!
I stopped working to become a SAHM. Just sending my child to a heavily-subsidized parochial preschool for three afternoons a week cost me nearly half of what this guy states is the going rate for full-time care in his area. Yeah, right!
It is way more expensive to stay home than to pay for day care.
That really depends on the parent's earning potential. If, say, the mom makes $25-$35K, she would essentially be dealing with all the hassles of being a working mom for about $10K a year after daycare, not to mention work commute, lunches, sick leave, etc. Totally not worth it. And that's for one child, throw in childcare for two and you're essentially paying more for working than staying home. And that's not counting a potentially higher tax bracket.
Not to mention, one parent staying home can make it much easier for the working parent to get ahead and increase their earning potential considerably. They don't need to worry about childcare, errands, sick days, staying late or working weekends, travel, move if need be, etc. So it's really not so cut-and-dry.
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