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madoka
Joined: 27 Mar 2008
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 Posted: Thu May 10, 2012 7:03 am Post subject: Cost of raising child = $227,000 |
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Your little bundle of joy is going to require a wad of cash.
The cost of raising a child from birth to age 17 has surged 25 percent over the last 10 years, due largely to the rising cost of groceries and medical care, according to the Department of Agriculture, which tracks annual expenditures on children by families.
The government's most recent annual report reveals a middle-income family with a child born in 2010 can expect to spend roughly $227,000 for food, shelter and other expenses necessary to raise that child - $287,000 when you factor in projected inflation.
And, no, the bill does not include the cost of college or anything related to the pregnancy and delivery.
"If you sat down to tally up the total cost of having children, you'd never have them," says Timothy Knotts, a father of four and a certified financial planner with The Hogan-Knotts Financial Group in Red Bank N.J. "It's a very expensive adventure."
Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy.
http://finance.yahoo.com/news/inflation-life-cost-raising-child-145736881.html |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Thu May 10, 2012 3:39 pm Post subject: |
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| Yeah, I know a number of married couples my age that simple have no (or little) desire to have one. |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Thu May 10, 2012 7:59 pm Post subject: Re: Cost of raising child = $227,000 |
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| madoka wrote: |
Your little bundle of joy is going to require a wad of cash.
The cost of raising a child from birth to age 17 has surged 25 percent over the last 10 years, due largely to the rising cost of groceries and medical care, according to the Department of Agriculture, which tracks annual expenditures on children by families.
The government's most recent annual report reveals a middle-income family with a child born in 2010 can expect to spend roughly $227,000 for food, shelter and other expenses necessary to raise that child - $287,000 when you factor in projected inflation.
And, no, the bill does not include the cost of college or anything related to the pregnancy and delivery.
"If you sat down to tally up the total cost of having children, you'd never have them," says Timothy Knotts, a father of four and a certified financial planner with The Hogan-Knotts Financial Group in Red Bank N.J. "It's a very expensive adventure."
Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy.
http://finance.yahoo.com/news/inflation-life-cost-raising-child-145736881.html |
Having a child saved us 3 thousand a year in Taxes. 3*18=54 with compound interest it cold be more likely to be over 100,000 usd in savings on Taxes. We drink and go out a lot less now = more savings.
Even the article says "Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy."
That will save you money.
It's a crappy exagerated article. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Fri May 11, 2012 7:52 am Post subject: Re: Cost of raising child = $227,000 |
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| madoka wrote: |
Your little bundle of joy is going to require a wad of cash.
The cost of raising a child from birth to age 17 has surged 25 percent over the last 10 years, due largely to the rising cost of groceries and medical care, according to the Department of Agriculture, which tracks annual expenditures on children by families.
The government's most recent annual report reveals a middle-income family with a child born in 2010 can expect to spend roughly $227,000 for food, shelter and other expenses necessary to raise that child - $287,000 when you factor in projected inflation.
And, no, the bill does not include the cost of college or anything related to the pregnancy and delivery.
"If you sat down to tally up the total cost of having children, you'd never have them," says Timothy Knotts, a father of four and a certified financial planner with The Hogan-Knotts Financial Group in Red Bank N.J. "It's a very expensive adventure."
Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy.
http://finance.yahoo.com/news/inflation-life-cost-raising-child-145736881.html |
Holding my newborn child in my arms for the first time: priceless.
PS. We travel abroad as often as 4 times a year, eat out a few nights a week, and have enough clothes to keep us warm throughout the next ice age. |
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motiontodismiss
Joined: 18 Dec 2011
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| Posted: Fri May 11, 2012 8:20 am Post subject: Re: Cost of raising child = $227,000 |
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| No_hite_pls wrote: |
Having a child saved us 3 thousand a year in Taxes. 3*18=54 with compound interest it cold be more likely to be over 100,000 usd in savings on Taxes. We drink and go out a lot less now = more savings.
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Savings that will be negated by having to save for the child's college education. And seriously, spend $300k+ to save $54k in taxes? |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Fri May 11, 2012 9:12 am Post subject: |
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Seriously having kids is NOT a fiscal decision. 
oh and that article was interesting but did not factor in a lot of things....such is life. |
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yodanole
Joined: 02 Mar 2003
Location: La Florida
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| Posted: Fri May 11, 2012 2:10 pm Post subject: |
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Consider training....It takes a lot of time to train a cat or a dog......and dogs are smarter than children.......and cats are a lot more cooperative 
Kids do a lot of stuff which involves money and even more time instigating damage control protocols. And I'm not even talking about garden variety incidents like spilling juice into your plasma TV or taking your car out of gear on that hillside the one day on which you are between insurance policies because it's a holiday.
And if your 6 year old decides to rescue the puppy from in front of the oncoming cement mixer, then financially, it might as well have been a stock market crash. Yeah I said dogs are smarter than children. That doesn't apply to puppies.
And whether your 6 year old child is Johnny or Jenny, consider the legal fees these days when they're caught "playing doctor" by the teacher. If the cops don't handcuff them and taze them to death, how long will it be before legislation will be enacted requiring them to register as sex offenders?
No, choosing the parent trap is not a financial decision. And the majority of us can't even recoup any of that as farm labor. |
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motiontodismiss
Joined: 18 Dec 2011
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| Posted: Fri May 11, 2012 3:19 pm Post subject: |
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| PatrickGHBusan wrote: |
Seriously having kids is NOT a fiscal decision.
oh and that article was interesting but did not factor in a lot of things....such is life. |
Yeah it is. Not in the sense of profit/loss, but in the sense that if you can't afford them you shouldn't have them. |
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byrddogs
Joined: 19 Jun 2009
Location: Shanghai
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| Posted: Fri May 11, 2012 4:31 pm Post subject: |
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| motiontodismiss wrote: |
| PatrickGHBusan wrote: |
Seriously having kids is NOT a fiscal decision.
oh and that article was interesting but did not factor in a lot of things....such is life. |
Yeah it is. Not in the sense of profit/loss, but in the sense that if you can't afford them you shouldn't have them. |
right on |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Fri May 11, 2012 4:55 pm Post subject: Re: Cost of raising child = $227,000 |
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| motiontodismiss wrote: |
| No_hite_pls wrote: |
Having a child saved us 3 thousand a year in Taxes. 3*18=54 with compound interest it cold be more likely to be over 100,000 usd in savings on Taxes. We drink and go out a lot less now = more savings.
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Savings that will be negated by having to save for the child's college education. And seriously, spend $300k+ to save $54k in taxes? |
My parents didn't have to save for my education. They made it clear from as early as when I was in kindergarten that I would either have to work (I did,) save money beforehand (I did,) get scholarships (I did,) and/or stay local (I did, but was lucky that local was NYC.) I took out no loans, and am debt free. Sure, they did have to pay for other things, but education wasn't one of those costs. |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Fri May 11, 2012 4:59 pm Post subject: |
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| Your little bundle of joy is going to require a wad of cash. |
If you live in the USA. In the UK, for example, you have a health service that's free at the point of entry and a university fee loan system that will kick in when your child starts earning above 21,000 a year. As a parent you don't have to pay anything up front. So that works out to $256 a week or 159 pounds for food and clothing. Think how many fish fingers and Primark trainers you could buy with that. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Fri May 11, 2012 5:32 pm Post subject: Re: Cost of raising child = $227,000 |
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| madoka wrote: |
| Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy. |
Indeed, I made the choice to not go that route a long time ago. Now piles of cash, travel the world, pursue my interests, live free, can't complain. |
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byrddogs
Joined: 19 Jun 2009
Location: Shanghai
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| Posted: Fri May 11, 2012 5:48 pm Post subject: Re: Cost of raising child = $227,000 |
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| KimchiNinja wrote: |
| madoka wrote: |
| Talk about a life-changing event. That's a lot of vacations, clothing, and restaurant dinners you may no longer enjoy. |
Indeed, I made the choice to not go that route a long time ago. Now piles of cash, travel the world, pursue my interests, live free, can't complain. |
Congratulations! Here's a pat on the back for you. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Fri May 11, 2012 6:25 pm Post subject: |
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| The life is the pat on the back, but thank you. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Fri May 11, 2012 8:29 pm Post subject: Re: Cost of raising child = $227,000 |
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| KimchiNinja wrote: |
| Now piles of cash, travel the world, pursue my interests, live free, can't complain. |
Me too. Plus two kids who have grown into nice adults, two of the nearest & dearest people in my life. |
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