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      04-26-2007, 10:44 AM   #1
MoreCowbell
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How Expensive...are Kids???

I have been fortunate as my wife and I both make good livings. We don't have any children yet, I am 31, she is 27, but they are surely in our future. I, for one, am "anal" about my personal finances. I am not "cheap" by any sense of the word, but I budget myself very well and I always know where I am financially. I am the type that knows his monthly credit card bill before the envelope is even open(no, I don't carry a balance).

At present, my lifestyle is great...I rent a nice apartment in NYC(let's not make this a Rent vs. Buy thread....i've been down that road too many times recently), E90 with an E92 on the way, pay to park, always eating out(we can't cook and don't have the desire to at the moment), etc etc. We live primarily on the money that I make and my wifes salary(and bonus) is directly deposited into our investment account(all cd's and money markets at the moment) and we never touch a penny of it...its for our future. Kids are a MINIMUM of 3 years off, because my wife wants to advance nicely in her career first.

So I ask, those who have children, what do children do to your FINANCIAL bottom line monthly. How much more difficult does it make things? Sometimes I look at people who make less than we do, and I wonder..."How the hell do they pull this off???"

I want to be great parent, and I know that some of what comes with that, aside from being prepared mentally for an enormous life change, is being prepared financially.

What advice can you can offer?
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      04-26-2007, 11:07 AM   #2
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I'm 31 and my wife is 29 and we've been married quite the number of years but no kids yet and we've pondered on the same points as you have. We haven't made the decision yet but mirror your 3 year timeline.

Sometimes kids shouldn't be looked at as a financial proposition I think. I understand the need to have enough resources to guarantee a minimum standard for the child but raising/loving a child is beyond dollars and cents. I look forward to the joys of parenthood.
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      04-26-2007, 11:07 AM   #3
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I picked mine up for $69.95 if that helps.
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      04-26-2007, 11:11 AM   #4
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You are frugal. But you could save alot more by cooking instead of eat out and probably be more healthy by cooking at home as well. Kids are not cheap, they require alot of your time. But with kids, you can claim them and that is 1 advantage. College is not cheap either but there are pell grants and scholarships.
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      04-26-2007, 11:14 AM   #5
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Quote:
Originally Posted by matsarge View Post
I picked mine up for $69.95 if that helps.
Are the Amex points on that double?
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      04-26-2007, 11:16 AM   #6
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They keep getting more and more expensive as they grow.
The cheapest period is for the second kid, after the age of 2 (my second daughter) -- out of diapers and reuses clothes from the older one...

However, as they get more expensive, you adjust and give up on some things that you could afford when dating...

For example, I always wanted a 5er, but am happy with the 3er.
My wife wanted the Q7, but Odyssey does not sound that bad after all
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      04-26-2007, 11:16 AM   #7
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Quote:
Originally Posted by txusa03 View Post
You are frugal. But you could save alot more by cooking instead of eat out and probably be more healthy by cooking at home as well. Kids are not cheap, they require alot of your time. But with kids, you can claim them and that is 1 advantage. College is not cheap either but there are pell grants and scholarships.
I've never bought the entire "You save so much by eating home" theory. I actually did the math on this. We'd save about $2500 in a year. And YES, $2500 is a LOT of money, but in the scheme of things, with two people working long hours, $2500 is small price to pay for the priviledge of not cooking.
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      04-26-2007, 11:39 AM   #8
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Quote:
Originally Posted by gluck75 View Post
So I ask, those who have children, what do children do to your FINANCIAL bottom line monthly. How much more difficult does it make things? Sometimes I look at people who make less than we do, and I wonder..."How the hell do they pull this off???"
I am quite new to the whole "parenthood" thing. I have a 3 month old son and so far, the financial change has been very minor (maybe a couple hundred dollars a month). The biggest expense was buying furniture and supplies (and most of that was purchased before he was born). The other expenses mostly involve diapers (we now use cloth diapers) and clothes. Since he's breastfed, we don't have to deal with the expense of baby formula.

The biggest change is that your child comes first. There will be much larger sacrifices of time compared to financial. The expenses will likely increase significantly once he's old enough to go to school.
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      04-26-2007, 11:40 AM   #9
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Quote:
Originally Posted by gluck75 View Post
Are the Amex points on that double?
I used my State Farm card and got the State Farm dollars for it. Used it to pay for a month of insurance.
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      04-26-2007, 11:43 AM   #10
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IF you are truly more worried about your finances than about the love of your potential kid, go get fixed. (NOT AT ALL A FLAME!!)

It's GREAT to be able to go to the baseball field, see that the league needs (insert here) and just go buy it, but it's WAAAYYYY more important that you are there to see the games, go to practice, watch them fail, watch them succeed.
One thing to consider, unless you are going to be a "Disneyland" dad, you won't be working those long hours, heck you'll be lucky to work a single regular day for a few years after birth. Kids need thing like rides to Dr., clothes, milk, food, . . . I'm not talking about the $ aspect, they need YOU to go get it for them. Don't make your wife do it all, she won't be your wife for very long.

But the BIGGEST gain you will get, and it's worth ALL the money in all your accounts, is to see the love and amazment and trust as that little person looks up to you for guidance, and a hug.
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      04-26-2007, 11:55 AM   #11
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They are expensive! Private education for two from Pre-K through 12 will be over $250,000 in tuition alone. i applaude you trying to plan for the financial impact of your future decisions but kids are the best investment you can make... the return is immesurable.
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      04-26-2007, 12:02 PM   #12
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Quote:
Originally Posted by UncleWede View Post
IF you are truly more worried about your finances than about the love of your potential kid, go get fixed. (NOT AT ALL A FLAME!!)
I don't think you read my entire post. My point was, I simply wan't to discuss the FINANCIAL burden...which I agree...is just a SMALL piece to the puzzle.
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      04-26-2007, 12:03 PM   #13
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Quote:
Originally Posted by GreyGhost View Post
They are expensive! Private education for two from Pre-K through 12 will be over $250,000 in tuition alone.
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      04-26-2007, 12:04 PM   #14
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i applaude you trying to plan for the financial impact of your future decisions but kids are the best investment you can make... the return is immesurable.
I couldn't be more excited to (eventually) be a dad.
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      04-26-2007, 12:08 PM   #15
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Quote:
Originally Posted by GreyGhost View Post
They are expensive! Private education for two from Pre-K through 12 will be over $250,000 in tuition alone. i applaude you trying to plan for the financial impact of your future decisions but kids are the best investment you can make... the return is immesurable.
Wow, private school. Lucky kid.
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      04-26-2007, 01:13 PM   #16
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Quote:
Originally Posted by GreyGhost View Post
They are expensive! Private education for two from Pre-K through 12 will be over $250,000 in tuition alone. i applaude you trying to plan for the financial impact of your future decisions but kids are the best investment you can make... the return is immesurable.
Their was a statstical analysis i read somewhere (not some ghetto website, it was a goverment website, just dont remember what it was) that said it cost close to $400,000 to raise a child up to the age of 18. And this doesn't include college tuition either.
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      04-26-2007, 01:17 PM   #17
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Originally Posted by gluck75 View Post

Kids are a MINIMUM of 3 years off, because my wife wants to advance nicely in her career first.

Have you gotten a production number yet??
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      04-26-2007, 01:31 PM   #18
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I never considered how expensive kids are because money comes and go.
The love of my 2 sons are priceless on any financial situation.
I recommend you to spend time with kids in you family, then you will understand my point.
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      04-26-2007, 01:41 PM   #19
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Have you gotten a production number yet??
Production numbers 1 and 2 are status 110 "Not yet Scheduled for Production"

If I am able to create 2 different models in the initial production run, we probably won't allocate any more after that.

BTW...my brother and his wife just had a little boy. After delivery, they kept the boy in the Pediatric ICU(Kind of like a VPC for Babies) and he was just taken home. The kid is adorable...i'm a proud uncle.
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      04-26-2007, 02:43 PM   #20
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Quote:
Originally Posted by GreyGhost View Post
They are expensive! Private education for two from Pre-K through 12 will be over $250,000 in tuition alone. i applaude you trying to plan for the financial impact of your future decisions but kids are the best investment you can make... the return is immesurable.
Private School FTW
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      04-26-2007, 02:45 PM   #21
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I don't find the financial change all that much in the younger years. I don't send my kids to a private school. Beyond that, the costs are the things you might imagine...larger grocery bills, clothes every few months, sports, rec programs, summer camps, entertainment, toys, books, etc. I've never stopped to add it up but it might come out to $2K or $3K a year per kid if I did. It's nothing. The bigger impact is on your lifestyle that you have to impose on yourself that might affect your finances...such as committing to being home for supper and trying not to work weekends. A bigger issue might be does your wife plan to stay home with them until they're both in school all day? Or are you OK with daycare workers raising them for their formative years? It is truly a luxury to be able to make that choice but since you're in this forum, I'll assume it's in your power to do so. You don't get a "do over".

When they reach university....now there are some bills!
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      04-26-2007, 02:58 PM   #22
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Arm and a leg.

Seriously, they're bloody expensive.

But, unless you're some kind of religous, the point in life is to spread your genetic material as far and wide as possible. IN that sense, it doesn't matter how much it costs as long as you manage to keep them alive long enough so they can reproduce.

Tell you what though, the first 9 months they just lie there crying, eating and crapping, but then they get interactive and slowly get under your skin to the point where you really, and I mean *REALLY* don't mind forking over craploads of money for ludicrously overprices baby/toddler merchandise.

Seriously, you won't mind spending money on your kids.
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