pbt458 Posted October 23, 2010 Posted October 23, 2010 My wife and I want to have children, but we have very little clue how much money we should set aside to pay for the expenses (medical, clothing, food, etc.). Perhaps someone in here can lead us to a website which has more info on this or maybe someone can share their first hand experience. Thanks!
Iconoclast Posted October 23, 2010 Posted October 23, 2010 Well, it can be quite variable. Do you both work? Do you both intend to keep working? But, real question is, is this the right time to have a child, financially, emotionally, situationally (living conditions)?
stillafool Posted October 23, 2010 Posted October 23, 2010 If you put that question in your search engine you will find plenty of sites that can help you answer that question.
xpaperxcutx Posted October 23, 2010 Posted October 23, 2010 Most of the time parents worry about saving for college. With the current economy and the devaluation of the dollar, you might have to reserve at least $2000-$3000 for a family unit of three a month. This however does not include mortgages and bills. Also you have to consider where you live and the interest rates involved.
Green Posted October 23, 2010 Posted October 23, 2010 Most people who have kids don't worry about how much $$$ it costs considering the majority of people in this world who have kids probably earn less then 500$ a year. If you have the TIME and the WANT to have kids and you are married then you should probably just have one. Having a kid can really be as expensive or cheap as you make it.
on a learning curve Posted October 24, 2010 Posted October 24, 2010 Kids are expensive. If you'd like to do away with some (most) of your disposable income for 2 weeks, I'd be willing to rent my kids for a bit.
Green Posted October 24, 2010 Posted October 24, 2010 Kids are expensive. If you'd like to do away with some (most) of your disposable income for 2 weeks, I'd be willing to rent my kids for a bit. I guess with your attitude kids can actualy make you money.
emmalee Posted October 24, 2010 Posted October 24, 2010 Hi there, I'm a first time mum to a 3.5 month boy. When I was pregnant I also wondered this, and 'googled' it. I found some websites with some info, but after actually having him, I'd say it would totally depend on what your buying. There is a big price range when it comes to baby stuff eg cots/bouncers etc So actually setting up for a child could be $200 or $2000. Seriously. You could by the best of everything, or get cheaper or even second hand things. Breastfeeding is free also My partner & I have a very low income, yet our son seems to have everything he needs + more. I was worried about being able to afford things for him, but it has all worked out. I think once you start have multiple kids, thats when its expensive
Iconoclast Posted October 24, 2010 Posted October 24, 2010 We waited until we were reasonably established before having kids, to minimize the stress. It was a damn good idea. Although we could afford it, we're in 75k or so in day care expenses alone, kids are now 8 & 10. No regrets though.
Crazy Magnet Posted October 24, 2010 Posted October 24, 2010 We waited until we were reasonably established before having kids, to minimize the stress. It was a damn good idea. Although we could afford it, we're in 75k or so in day care expenses alone, kids are now 8 & 10. No regrets though. Yikes! I think you can make it as cheap or expensive as you want. I have friends who have bought designer everything for the baby with custom monogram outfits, sheets, curtains, and blankets (overkill I think). I have other friends who bought their baby supplies (high chair, crib, etc) from yard sales and second hand stores. One friend spent $5 on a high chair and bleached the crap out of it. I would have to pause before buying used baby bedding, but I keep thinking if I sent it through the wash in scalding hot water a few times it would probably be ok.
desertIslandCactus Posted October 24, 2010 Posted October 24, 2010 We waited for four years .. until we were in the house we wanted, and without the expectation of my working .. Then I had twins, but everyone gave us price breaks in the beginning .. My grandson's mother must work .. he has been in childcare from almost the beginning (because I work also) .. but he is truly a happy child (and a blessing of God) anyway.. If you are financially where you think you can manage - whether a working mother or not .. The monies paid out for the raising of a child, don't come all at once - so that shouldn't be a factor.. There's no monetary value - that having a child can compare to. So don't let any perceived figures discourage you ..
xxoo Posted October 24, 2010 Posted October 24, 2010 I agree with those who say that kids are as expensive or as affordable as you choose....generally. Medical issues can throw a curve ball and be very expensive, even with insurance. I guess the biggest practical money issue I've found having children is that it is that much more important to have 3-6 month's living expenses in the bank. As a childless couple, you can hustle extra jobs and work night and day to make the rent if necessary, you can live in less than ideal situations, tolerate a water shut-off, etc. With kids, these situations are FAR more important to prevent if at all possible. Kids need stability and safe environments, and some "emergency" money in the bank makes that much easier to achieve.
Ella whispers Posted October 24, 2010 Posted October 24, 2010 I read somewhere years back that it costs 24.24 an hour to raise children. My daughter is 18 and I feel that number is close. You don't have to buy them all the coolest things all the time, even the necessities can be very expensive. Most of my friends with small children now pay anywhere from 800-1000.00 per month for daycare, and there is no break for short weeks, most places still charge if the kids aren't there.
TinaniT Posted October 24, 2010 Posted October 24, 2010 Less than you would expect though there are decisions to be made, concessions and compromises. Someone once told me that kids always cost a little more than you have, no matter what you have, but somehow you always make it work .... Not to say you should throw caution to the wind if you are living paycheck to paycheck, but just a note that you never feel ready. Prepare the best as possible, but know now there is no dollar amount that is going to give that. And remember most the cost of having a kid is spread out! And if you are careful (I love secondhand and ebay!) it's a lot cheaper than it seems at first.
on a learning curve Posted October 25, 2010 Posted October 25, 2010 I guess with your attitude kids can actualy make you money. Oh geesh. Yes, my offer was so serious. But, in all seriousness, OP - You might want to consider what is important to you and your wife, and what you are reasonably able to afford. There are plenty of kid-related expenses to think about: -child care - reflect on the possibility that your child may have special needs, and what that might mean for your ability to provide. - extra curricular activities; figure skating, hockey...whatever your child may be drawn to. - education. putting one child (let alone 2 or 3) through school is very expensive. Not to scare you, but it's a good idea to think about all the possibilities. Best of luck!
porter218 Posted October 25, 2010 Posted October 25, 2010 well my kids are in daycare because I have to work and that runs $1250/month for my daughter until she hits 3(1yr from thursday) and $950/month for my son since he was 3. He is now 5 and it is still $950/month for afterschool care because I am not off work at 3pm when school gets out. I recommend not going the cheap route with baby furniture because it is no longer useful after toddle years, which actually makes it more expensive because then you have to buy a new set. So assume to spend about $2,500 or so on furniture and bedding for mid range good quality stuff. These cribs can turn to full size really nice beds when the child is ready. You will not feel the financial strain at first until they are getting towards 1yrs old. Factor in frequent change in clothing size and shoe size. Breast feeding will save you a good amount of money...invest in a good quality pump if you have to go back to work - $150-$300. If you are careful about spending you can get away with about $800/yr in clothing for the first 2-3yrs then it goes way up after that. Factor in ballet, horseback riding, soccer, swimteam, karate, whatever the kids may want to do in that respect. Food increases after the baby hits 1yr but that one should be easy to fit into any budget. It isn't cheap at all, but worth every penny!! I don't mind sinking about $40,000/yr on my two kids(geez, I never added it up before...I think I'll cry now)...and if you like to vacation like I do, add in the extra airfare and resort fees for them. That figure isn't including the 'start-up' expenses of furniture and room decor.
xxoo Posted October 25, 2010 Posted October 25, 2010 well my kids are in daycare because I have to work and that runs $1250/month for my daughter until she hits 3(1yr from thursday) and $950/month for my son since he was 3. He is now 5 and it is still $950/month for afterschool care because I am not off work at 3pm when school gets out. I recommend not going the cheap route with baby furniture because it is no longer useful after toddle years, which actually makes it more expensive because then you have to buy a new set. So assume to spend about $2,500 or so on furniture and bedding for mid range good quality stuff. These cribs can turn to full size really nice beds when the child is ready. You will not feel the financial strain at first until they are getting towards 1yrs old. Factor in frequent change in clothing size and shoe size. Breast feeding will save you a good amount of money...invest in a good quality pump if you have to go back to work - $150-$300. If you are careful about spending you can get away with about $800/yr in clothing for the first 2-3yrs then it goes way up after that. Factor in ballet, horseback riding, soccer, swimteam, karate, whatever the kids may want to do in that respect. Food increases after the baby hits 1yr but that one should be easy to fit into any budget. It isn't cheap at all, but worth every penny!! I don't mind sinking about $40,000/yr on my two kids(geez, I never added it up before...I think I'll cry now)...and if you like to vacation like I do, add in the extra airfare and resort fees for them. That figure isn't including the 'start-up' expenses of furniture and room decor. porter's post helps show how much the cost of raising kids can vary, depending on resources, childcare needs, and choices. Considering the median household income in the US is somewhere in the low $50k, most families would have very little to pay for basic living expenses if they spent $40k/yr on their kids!
porter218 Posted October 25, 2010 Posted October 25, 2010 porter's post helps show how much the cost of raising kids can vary, depending on resources, childcare needs, and choices. Considering the median household income in the US is somewhere in the low $50k, most families would have very little to pay for basic living expenses if they spent $40k/yr on their kids! Yes.. it does vary for sure. The huge chunk of that 40k/yr is childcare for two. Which unfortunately in my city those prices are almost universal:(. But less in some cities. So if childcare can be avoided by using a family, close friend or something like that to watch your child if you go back to work then it becomes waaay more reasonable. The best option is if you can live off of your Hs income to stay home with the child till pre-k or kindergarten. Since I have no H then that option isn't there:(. In any case though, you do need a decent amount of disposable income to have a baby.
JamesM Posted October 25, 2010 Posted October 25, 2010 This is a personal viewpoint. If you are going to have kids and are planning on sending them to daycare, then sit back and ask why you want kids. The cost of children are as expensive as you want. There are basic needs that do need to be met, but there are many, many "needs" that parents think are needs that are not. Here are some questions to ask.... http://moneyfor20s.about.com/od/budgeting/tp/Can-I-Stay-at-Home.htm Some find that the left over money after daycare costs is not worth losing the time that is lost when you do not raise your own child(ren). I remember back when we had our first. We were concerned and worried about the expenses. We already had enough expenses with two of us working. But it came down to how we changed our lifestyle. At the time, my wife and I both worked full time and felt we needed both incomes. My wife sat down and planned how it would be possible for her to stay home. After figuring in the costs of daycare and additional expenses for her to work (and she made a good wage at a hospital), she decided that her staying home could be done if we cut back on spending for ourselves. Her biggest desire was to be there to watch her children grow. The idea that someone else would raise her child while she worked did not set well with her. And so it happened. She stayed home with our first one and second one for awhile. At the time, my secretary also had a baby, so my wife babysat her baby at the same time and made some cash. Being that we were close to my work, my secretary could stop by at lunch and see her baby. After a year or so and another child, my wife did pick up a third shift position and kept that up for a few years. This allowed her to get out and yet it meant that our children had at least one parent at home with them. We never used daycare and we never had problems with bills. Now all of the kids are in school, and we both have jobs that allow us to be home when they get home from school most of the time. If you want children and want to be the best parents, then you will make it happen. You may have to use daycare, but you may be able to minimize daycare and maximize your time with your children by how you choose your job or hours. If you want to keep your life as it is and fit children into your life without making changes, then you will find it very difficult to say the least. We have no regrets about having children. We do wish that we had started younger. And we do wish that we had saved more along the way. We are very happy that we did not send them off to daycare and miss some of the best times of their lives. While daycare is definitely necessary for some/many, it is not necessary for some/many. Cutting back expenses and living mores imply will allow you to have the pleasure of actually raising your own children versus paying someone else to be their parents. I know that not all will see it my way, but I do challenge you to plan your life around your children and spend less. As for college (BTW daycare can end up costing more), paying for your children's complete college costs does them a disservice IMO. Helping them pay for college is a better way. Offering them loans is better than simply giving them a free ride. Saving money for college now is a good idea, but I think it is more important that you spend as much time with them as possible. These days will be gone before you know it, and the biggest regret parents have when looking back is not "I wished I had saved more money and spent less time with my kids" but instead "Ya know...we could have done with less so that I could have spent more time with my kids." When it comes to raising children, time is much more valuable than money.
InternationalPlayboy Posted October 25, 2010 Posted October 25, 2010 Our first child didn't make a huge impact on our daily expenses - she was well-clothed, well-fed, well-cared for, etc. And our bills didn't seem to go up exceptionally. The second child is when I began noticing the costs of having kids. Not that she was any different, it was just instead of having one mouth to feed we had two. I know families with four kids who pull in roughly similar money as we do - and I just assume they're loaded financially or will never retire.
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