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Yes. Lots of money. People always talk about the cost of diapers and formula. It must be because you go from zero to $$$ on those 2 items. But I think they get more expensive. They eat a lot when they get bigger their clothes get more expensive, their activities get more expensive...
Meyerland, I think those numbers are from baby to 18 years old, cumulative, not per year.
Yes, but averaged out its about 12,000-14,000 a year.
After housing and loss of income/childcare (which is a lot), I think the rest can be very cheap. You don't need to buy crazy amount of toys, designer clothes, etc. There are a lot of activities that are available for cheap, also through rec centers. You just have to do your homework. We live in an area with the "Joneses" but we certainly do not live our daily lives trying to keep up with "Joneses". My husband had I decided that it was worth sacrificing in other areas to make sure our 3 kids lived in a very safe area with top notch schools.
It's really not the diapers or the formula that add up a lot. It's daycare. But it's not just daycare.
For example, I'd like to take spouse on a date for a date night. It'd cost about $30 or $40 for a sitter in our area ($10/hr for 3-4 hours).
Tickets to ballgames. No discounts for kids. So for 4 of us to go to a ballgame, we'll looking right about $100. $50 for Mom and Dad, $50 for the kids. Not much more expensive than leaving them at home.
Ice skating rinks - add about $10 per kid to go including rentals and skate time. So a family of 4 we're looking at $40 for a couple hours time.
Skiing. Don't get me started there. $320 for a set of six lessons + $50 for gear rental + $50 for lift tickets.
Any one of these things isn't too bad. But it seems like every month there is something new. I didn't drop cash like this (but still did lots of stuff) as a kid because I grew up in an area where a lot of stuff is free. I don't live there today and where I live is more expensive.
I still think this applies to an upper middle class lifestyle. There are many parents who make less than $100,000 a year. Heck, there are many families that make less than 50,000$ a year. They aren't spending 250,000$ on their child. That comes to 14,000$ a year which is a lot of their budget.
You could spend that easily in the younger years with day care costs, but I don't see that past that unless you do private school or have very expensive hobbies.
I get that this is the median, but I think this scares the crap out of potential parents.
I'm sure there are ways to cut costs. Yeah, those who don't make as much do make due with much less, so I was fairly sure it was median figure vs. a minimum figure. However, either way, it's still a high figure.
Yes, but averaged out its about 12,000-14,000 a year.
And when one considers daycare/loss of income that alone could easily cover that in some parts of the country. Then factor in increased housing costs (I'm presuming they consider the increased costs associated with moving to a preferred school district and perhaps the cost of a 3-4 bedroom SFH rather than a condo or 2 bedroom home) and perhaps moving from a 2 door car to a 4 door car or minivan)....Those things are the big pricetag. Then you get into the diapers, food, clothing, college savings, braces, sports or other activities. Those things cost money and much of it has little to do with "keeping up with the Joneses".
It's really not the diapers or the formula that add up a lot. It's daycare. But it's not just daycare.
For example, I'd like to take spouse on a date for a date night. It'd cost about $30 or $40 for a sitter in our area ($10/hr for 3-4 hours).
Tickets to ballgames. No discounts for kids. So for 4 of us to go to a ballgame, we'll looking right about $100. $50 for Mom and Dad, $50 for the kids. Not much more expensive than leaving them at home.
Ice skating rinks - add about $10 per kid to go including rentals and skate time. So a family of 4 we're looking at $40 for a couple hours time.
Skiing. Don't get me started there. $320 for a set of six lessons + $50 for gear rental + $50 for lift tickets.
Any one of these things isn't too bad. But it seems like every month there is something new. I didn't drop cash like this (but still did lots of stuff) as a kid because I grew up in an area where a lot of stuff is free. I don't live there today and where I live is more expensive.
For those who say they are not that expensive, do they play sports? Go to dance class? That can be a pretty good chunk of money right there.
Do you take them on outings? Where?
Do you have school fees or is everything pretty much covered? Just last night I wrote checks for $30 each for school photos and field trip checks for $15 and $30. Just the bus for the field trip is $9. What am I going to do? Not pay for it? Not let them go? Not everything is optional.
We adopted our girls when I was 55 and DH was 63. We had to consider retirement plans as well as many other expenses most younger parents don't think about. We joined the Mothers of Multiples Club in Atlanta (girls are only 4 months apart) and saved tremendous amount of money on everything from furniture, gear, clothes, toys, etc. Then we turned around and sold it all over again, many times for the same amount we paid.
We rarely had sitters (adult kids volunteered from time to time) had no day care costs except I did have a mother's helper 2 mornings a week for 3 months when they were two and I had surgery.
We decided we over scheduled our first kids and decided these girls did not need many outside the home activities to be well rounded. One wanted dance lessons for the school year, they both have in home piano lessons for 3 years. Now in middle school one is taking violin (recycled from son) and the other is taking flute (recycled from daughter). They enjoy Girl Scouts and that's about it. They got their lap tops from hand me downs and I buy their clothes only on sale from Lands End and Kohls.
As it turned out DH worked full time till he was 74 and is still working part time doing technical writing but this was purely his choice and not a necessity for income.
We bought more house than we need to live in the school district we preferred and right now our biggest expenses are groceries and mortgage. Two cars paid for but we have never had car payments in 38 years of marriage.
I think it is too easy to get caught up in "only the best for little Johnny" when second hand will be just fine and most parents tend to get caught up in keeping their kids way overscheduled thinking worn out kids are smarter kids. I don't see it this way.
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