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Do you find that having children is expensive in your family?
I have 1 kid and 1 on the way. It seems expensive to me. Between clothes, formula, diapers, and childcare for 2 kids, kids are definitely the #1 or #2 expense in our family, only competing against a mortgage payment for our house.
I think it is worth it.
Just wondering what others find with their kids...not wondering specific numbers, more along the lines of "yeah, they're expensive" or "boy, they hardly cost me anything".
It costs a lot the first few years if you count day care or loss of one income. Its expensive to raise a child if you want them to have the upper middle class lifestyle. It depends on what you want to provide your child.
My cousin spends very little on her kids. They live on a farm and her mom watches the children when they are little. They wear mostly hand me downs and live frugally. It will cost them more as they get into things like FFA and raise animals(Future Farmers of America).
It costs my family more because our child is in dance and she doesn't get hand me downs anymore. There is more pressure to have a "cool" birthday and stuff in the city.
I think it costs more in time than anything else. That's the real change in your life. You have this little person who is always around.
I think most young parents are in denial about expected costs. Especially teens who don't think much about their future in the first place.
To do it right it does cost a lot and you don't have to give up a career to realize those costs. Even without child care the cost for a larger house in a nice neighborhood, food and medical like braces, sports gear, vacation and education costs and then we get into higher education.College is almost out of reach for middle class families and some are doubting the value these days. I know the value and don't think it should be denied if the kid has any future at all.
I don't spend much on clothes, didn't spend any on formula, and used Target brand diapers. But kids are still expensive. Our biggest expense has been loss of one income (mine) which we could have traded for daycare expenses for three, also expensive. Other than that, I'd say living in the house we currently have (typical middle-class 4-BR, 2.5-BA, fenced yard) is probably the largest expense we incur, versus if we were just a couple without kids. Their activities, although optional, are also pricey.
IIRC, the average cost to raise a child to the age of 18 went up from $180K to $230K-$250K since about a decade ago. So there shouldn't be any delusions about that. However, it can still throw people in for a loop about just how expensive it can get, as I know some folks end up underestimating certain costs. Those costs above don't account for pre-school nor college.
I know someone who makes 11x their mortgage, saves $$, but he and his wife still need to plan things out meticulously to make sure they can afford all the expenses like dance classes, various programs, and $$ stashed away for college and other expenses prior to then.
IIRC, the average cost to raise a child to the age of 18 went up from $180K to $230K-$250K since about a decade ago. So there shouldn't be any delusions about that. However, it can still throw people in for a loop about just how expensive it can get, as I know some folks end up underestimating certain costs. Those costs above don't account for pre-school nor college.
I know someone who makes 11x their mortgage, saves $$, but he and his wife still need to plan things out meticulously to make sure they can afford all the expenses like dance classes, various programs, and $$ stashed away for college and other expenses prior to then.
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.
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.
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