Financial Cost of Children

Oct 11, 2004 at 9:09 PM Thread Starter Post #1 of 72
Edwood

Edwood

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Not that I have any immediate ideas or anything, but has anyone taken the time to calculate the actual financial cost of raising a child year by year from early infancy to college?

Especially the beginning part.

So many people plan out buying a car or house, but I'd imagine it should take alot more to raise a human being.

-Ed
 
Oct 11, 2004 at 9:12 PM Post #2 of 72
Quote:

Not that I have any immediate ideas or anything, but has anyone taken the time to calculate the actual financial cost of raising a child year by year from early infancy to college?


if i did i would have remained single !

not cheap and definately not for a selfish person
 
Oct 11, 2004 at 10:01 PM Post #4 of 72
...well, except for that college thing.....

The big money drains are eating out (even fast food) and entertainment (movies, fun parks, etc.)

3.5 kids and what I've learned so far:

- Time is worth more than money to a pre-teen.
- TV commercials will cost you money.
- Grand parents can and will spoil the kids. Its called payback.
- If they want something really bad, have them gather up all the toys they don't want anymore and have them SELL them to buy what they want. Best thing that can be done to keep their room clean. Recommend doing half way between the longest gap in birthdays and Christmas.
- $20 at Wal-Mart buys an outfit. $20 at most other stores buys a shirt (maybe). $20 at a yard sale will outfit a kid for 3 days and some of the clothes will still have the tags on them.
- Nothing makes you feel as loved as screems of "DADDY!!!!" followed by a dog-pile when you come home from work.
biggrin.gif
 
Oct 11, 2004 at 10:31 PM Post #5 of 72
Quote:

Originally Posted by Audio Redneck
...well, except for that college thing.....

The big money drains are eating out (even fast food) and entertainment (movies, fun parks, etc.)

3.5 kids and what I've learned so far:

- Time is worth more than money to a pre-teen.
- TV commercials will cost you money.
- Grand parents can and will spoil the kids. Its called payback.
- If they want something really bad, have them gather up all the toys they don't want anymore and have them SELL them to buy what they want. Best thing that can be done to keep their room clean. Recommend doing half way between the longest gap in birthdays and Christmas.
- $20 at Wal-Mart buys an outfit. $20 at most other stores buys a shirt (maybe). $20 at a yard sale will outfit a kid for 3 days and some of the clothes will still have the tags on them.
- Nothing makes you feel as loved as screems of "DADDY!!!!" followed by a dog-pile when you come home from work.
biggrin.gif



Dude,

You are a FATHER,there is a difference.

I was just gonna say that hearing your kids say those words is worth every dime.

Anyway,kids are'nt as expensive as one might think but eating out and vacations can get expensive in a big hurry. Then private schools will take whatever else you had left. Clothing,supplies,toys,food,are'nt as bad as some make it out to be. Stuff like music lessons,martial arts,hobbies and sports are hella expensive and I've spent thousands on this "non-essential" stuff.

College is another story and I pity the parents who don't have to pay out of pocket for a child's education.
 
Oct 11, 2004 at 10:33 PM Post #6 of 72
Quote:

Originally Posted by Edwood
Not that I have any immediate ideas or anything, but has anyone taken the time to calculate the actual financial cost of raising a child year by year from early infancy to college?


More than they're worth on the black market.
 
Oct 11, 2004 at 11:02 PM Post #7 of 72
Well boys are not so bad up until they are 6, girls are another story. They look so cute in those clothes that fit for a very short time. If you have multiples the cost goes way down as hardly anything is ever worn out.

At 6 your son will start travel hockey. This can cost a bit. Ice time, coaches fees, equipment and trips to cities from Denver to Maine and of course Canada. This continues until about 18. Each year costs more than the last. At around 15 they eat as much as 2 grown men during the season and still have trouble keeping the weight on. During this time your older daughter never looses the urge for clothes, then she will need a car as will your son a couple of years later. When she hits 18 it is off to college for 4 years. 2 years later he is away. In state tuition is not all that bad but at least one of them will want out of state. Well your daughter finishes college and gets a job and you start to think the end is in sight. Well back she comes to live at home because her place of employment is so close and the money tight.

Your son is now approaching the end of his 4 years when he proudly tells you he has been selected to do some post graduate work at Cambridge in England. Before you figure out how much this will cost your pride overwhelms you and you write a few more checks. Upon returning from England your little one now all grown up tells you that Law school is what he wants to do. Not to worry it is only a 3 year program and he now only has 1.5 years left.

The end is again in sight. Well almost. Your daughter's boyfriend mysteriously comes over alone one day and asks if it is OK if he marries your daughter. This sounds good at first until it is explained that the brides parents pay for most of the wedding. So next May she will be married and gone.

Would I do it again? In a heartbeat.
 
Oct 12, 2004 at 12:57 AM Post #9 of 72
Quote:

Originally Posted by ReDVsion
More than they're worth on the black market.


Hmmm, yes. I once had a friend email me a list of questions to answer, ya know "Learn more about your friends" sort of deal. One of the questions was "What would you name your first born". I think his answer was "Michael" or something similar.

My answer to "What would you name your first born?" was: eBay auction #47911453
 
Oct 12, 2004 at 1:03 AM Post #10 of 72
Quote:

Originally Posted by Snake
Hmmm, yes. I once had a friend email me a list of questions to answer, ya know "Learn more about your friends" sort of deal. One of the questions was "What would you name your first born". I think his answer was "Michael" or something similar.

My answer to "What would you name your first born?" was: eBay auction #47911453


watch out about that. your friend spilling the beans on the name. easily stolen. my friend stole my future daughter's name for his own daughter - who knew 2 years ago that the name would ever come in handy for one of us? i plan to kidnap the child and raise her as my own.
 
Oct 12, 2004 at 1:15 AM Post #11 of 72
Quote:

Originally Posted by Audio Redneck
3.5 kids and what I've learned so far:


Just out of curiosity, how did you have half a kid?

As far as the cost of raising a kid, I think it's pretty much relative to how much you spoil them. You could have a kid that's happy with his home-burned music CDs and his PortaPro's while driving around a Pinto, or a kid who wants a Cadillac Escalade, the latest clothes, the latest music CDs, and other costly things. How they end up is a matter of luck, with a bit of nudging in the right direction.
 
Oct 12, 2004 at 1:16 AM Post #12 of 72
Quote:

Originally Posted by Jahn
watch out about that. your friend spilling the beans on the name. easily stolen. my friend stole my future daughter's name for his own daughter - who knew 2 years ago that the name would ever come in handy for one of us? i plan to kidnap the child and raise her as my own.


lol
tongue.gif
I don't have to worry about that, but I must openly admit that my sister picked a gorgeous name for her first child. So telling me a future child's name is absolutely no risk.

Anyway, back to your regularly scheduled program...
 
Oct 12, 2004 at 1:19 AM Post #13 of 72
In the beginning, not very much, and you'll get a lot of stuff as gifts. Biggest expense is probably diapers.

But don't get lulled into a false sense of security.

Education, including the extras like music lessons or sports or religious training or tutors. Think about what just $50/wk comes out to over 10 years, if you're lucky to get by with that little.

Summer camp.

Extra person(s) on vacation (we don't even take vacations anymore), the choices of which will be much more limited.

Health insurance (BIG TIME if you, like I, don't have a good deal with your employer)

Responsible parents should have a pretty big life insurance policy.

Maybe you'd otherwise live in a smaller house.

Want to go to a movie with your wife? Add $20-30 bucks for babysitting on to the ridiculous ticket prices, plus the hassel of having to set everything up several days in advance. Will you still go to the movies at $50 a pop?

And with #4 due next month, I've got to buy a mini-van or something when my family car is paid for and in good shape.

Luckily, it's only money.
 
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