I came across this article about the cost of raising a child and have to admit that I’m officially in panic mode. As a parent of a 5 year old, I already had a sneaky suspicion that this journey was not going to be a cheap one.
For a two parent family making less than $57,000.00 a year, the article states it will cost approximately $160,000.00 from birth to highschool. This isn’t even including college. That’s $9,411.00 a year and I’m sure it’s much more than that when they’re older. I realized this most when my daughter asked for a Wii. I’m saddened by the thought of not getting by on Dollar Store gifts anymore.
Judging by the expensive weekend that I just went through, once the home and food (those are my expenses too, not just hers) are deducted, most of what is left is spent on her. So, it’s possible that the cost of raising a child is actually way more than the $9,411.00 that was figured.
I suppose articles like this are common right now because of the recession and people contemplating whether it’s a good time to have a child. Granted, if I could do it over I’d probably do it right so it wouldn’t be a struggle, but I’m positive that there’s never a “good time”. It’s very seldom that the situation is perfect and ideal, something will always come up.
Reminded me of the movie “Up” that I took dear daughter to see this weekend. (Expensive as they are, it’s still one of the cheapest outings.)
In the beginning, a couple meets when they’re children and get married, always sharing the dream of moving the entire house (literally) to Paradise Falls. They start throwing their change into a jar but something always comes up and the move to Paradise Falls is put off their entire lives. It’s a very seize the day kind of movie.
Kids are expensive. Especially if your goal is to raise an intelligent, productive citizen. I work on budgeting and saving (and just being cheap) so that she can have a decent life. I may have done things differently if given the chance, but at this point, I wouldn’t trade her for anything. It is what it is, and it’s one part of the budget that can’t be cut.