Sunday, July 1, 2007

kids cost how much?

well, we're expecting big changes around here . . . perhaps the biggest. i'm not talking about site changes or job changes. i'm talking about a change that's due in about 9 months from now. which got me thinking, what is the cost of raising a child? my best guess was several hundred thousand dollars and perhaps more depending on the amount of schooling he gets.

my o so thoughtful wife sent me this tidbit:
According to government estimates, the average middle-income family will spend roughly $10,000 on child-related expenses in the first two years of life ($8000 for a second child), and some experts suggest that figure may be too low. You can count on spending at a minimum of $25 a week ($1250 per year) on diapers, formula, and baby food alone.
while that didn't sound too terribly bad (read: life changing), it sounds way too low to me. what about college savings? what about moving into family cars instead of the old roadster? what about the cost of delivery (or more accurately, the cost of insurance and co-pays and deductibles)? a nanny? birthday parties?

and that doesn't even take any consideration of the costs leading up to birth . . . i think i need a drink or another job.


J at IHB and HFF said...

Congratulations and remember your tax changes, which I mentioned in my article on baby costs.

aggressive saver said...


you're absolutely right! i completely forgot about the tax 'advantages' of having kids. as a matter of fact, i didn't really realize the impact until i read your post. i don't think the news has settled quite yet. thanks!

Anonymous said...

Congrats and good luck pal!!!

I have 3 myself.

If you're curious about how much kids cost to raise, read this site/ article: KIDS COST.

It's pretty interesting.

As a side note, no matter how much they cost, they are worth it!

God Bless