Cost of having a child

Out of curiousity, I tried to find some stats online as to what the average cost is for a couple to have a child.

I found a Today's Parent article (http://www.todaysparent.com/pregnanc...06_4980&page=1) :

"According to a 2004 report from the Manitoba government, it costs about $167,000 to raise a child from birth to age 18, and that does not include the approximately $44,000 for a four-year university degree (projected to rise to $74,000 by 2019). What does that mean in real terms? According to David Bach, author of The Automatic Millionaire, most couples find their expenses rise 10 to 20 percent after the birth of a child, and if one parent opts to stay home, their income drops."

$167,000 for 18 years is an average of $9277.78.

Do you feel that this is accurate? What were your costs for the first few years of your child's life?

Actual spending on children (at least mine) does not add up to $9000 a year. That would mean I'd be spending $1500 a month for my two children and there's no way I EVER spend that much. We spend a little extra on groceries, and clothing costs are a little higher (but we're lucky to have two girls so clothing can be handed down). We've signed both the girls up for soccer for the summer but for the most part we search out the free activities (library programs, etc).

However, if you factor in things such a needing a 3 bedroom house instead of a condo, needing larger car (especially if you have more than 2 children), lost income as a stay at home parent or child care costs, life insurance policy, etc I could see that number being correct.

The costs also decrease as you have subsequent children. When our second child arrived, we didn't need a new crib, highchair, and other paraphenilia because we already had them.

wait till your kids play hockey....

LOL. I already decided I'd put them through hockey.

So how much does hockey cost, anyway?

Originally Posted by chococrazy

"...and if one parent opts to stay home, their income drops."

Who knew?

Originally Posted by bionicbadger

wait till your kids play hockey....

Don't forget the Children's Fitness Tax Credit for for parents of children under the age of 16. This might help.

http://www.cra-arc.gc.ca/whatsnew/fitness-e.html

Originally Posted by chococrazy

So how much does hockey cost, anyway?

Mine didn't play hockey but I think I heard something like 400-500 a season for little guys? Could be alot more now, not too sure. Registration, skates & equipment costs, plus lots of time and bingo to raise money for the team.

Anyways, kids cost lots. I can't put a number on it a but it will cost a heck of alot more once we help them get into a home.

It's the 'cost' of having both parents not working full time that jacks that number up the most, I'll bet. For us personally, we miss out on $50K per year by having us both work part time instead of full time. Worth it, of course, to be home with our kids instead of putting them into daycare.

Originally Posted by Bullseye

It's the 'cost' of having both parents not working full time that jacks that number up the most, I'll bet. For us personally, we miss out on $50K per year by having us both work part time instead of full time. Worth it, of course, to be home with our kids instead of putting them into daycare.

We have lost some income because of that, as well. Of course, we've never paid a dollar for child care over the 5.5 years of my oldest son's life, so there is some payback.

To this point, our kids are very cheap (affordable? what's the right word here ) They don't eat much, their entertainment costs are low (this last year is just the beginning of sports leagues), they don't need a lot of stuff beyond the gifts they receive every 12 seconds (it feels like). Our RESP contributions are definitely the single largest payout during the year for them.

Obviously this will change as they play sports (maybe we'll stick with basketball and ultimate frisbee instead of hockey and polo) start doing things with friends, begin to explore their own hobbies/needs/wants/etc and of course head off to school, but during their younger years, kids are pretty easy....er....financially.

I'd say if you have to ask the question then your not parent material. A real parent will find a way to make it work.

The quote makes no sense as it states that the average family income is $90K to $180K a year and is at least double the actual stats.

The university/college can cost much less than what you've read. Kids can live at home and go to the local ones. University is more like about $5K and college $3K per year. A 3 year college kid comes out at $15K and your univerity one at $20K. Most teens can save almost that much with a part time job and summer work.

Originally Posted by g0f15h

I'd say if you have to ask the question then your not parent material. A real parent will find a way to make it work.

The quote makes no sense as it states that the average family income is $90K to $180K a year and is at least double the actual stats.

The university/college can cost much less than what you've read. Kids can live at home and go to the local ones. University is more like about $5K and college $3K per year. A 3 year college kid comes out at $15K and your univerity one at $20K. Most teens can save almost that much with a part time job and summer work.

ouch...guess i overpaid for my degree...$4K per term or close to 10K a yr including books/fees/etc AND this was like 5 yrs ago! Hope our kid will qualify for a scholarship

Originally Posted by Bullseye

It's the 'cost' of having both parents not working full time that jacks that number up the most, I'll bet. For us personally, we miss out on $50K per year by having us both work part time instead of full time. Worth it, of course, to be home with our kids instead of putting them into daycare.

In our case, because my wife will be staying at home, we're selling one of our cars. The cost of an extra car is a pretty substantial expense as well (payment, insurance, gas). Of course, not all stay-at-home parents can do without a car, but just about all working parents require their own car (in these parts, anyway).

Our startup cost (I know that sounds ridiculous) was around 2K.
I'd say monthly, we spent around 200$ per month before daycare.
Now that daycare is starting I'd say around 350$ per month (we're in Quebec so daycare is 35$/week)
I try to set aside 100$/month (20K over 18 years) to help him in school but I certainly don't plan on paying for my kids university degree alone...they'll learn to work for some also. Helps that post-secondary schools are 50% cheaper in Quebec...can't know for sure that it will stay that way though.

Originally Posted by g0f15h

I'd say if you have to ask the question then your not parent material. A real parent will find a way to make it work.

That is complete and utter bull*****. A responsible parent doesn't just go into having a child blindly without thinking about the costs along with the other responsibilities. I for one, wouldn't just willy-nilly bring children into this world just because I want them, I would want to bring them into this world and give them the best opportunities possible. And in order to do so, I need to know how much it will cost and see whether or not it's supportable. I'm not willing to go homeless for the sake of having a child. I guess I'm not a "real parent"

Originally Posted by g0f15h

I'd say if you have to ask the question then your not parent material. A real parent will find a way to make it work.

Resisting saying something that will get me banned, but I took great offense to what you wrote.

I'd say that financial planning before having a child is a smart thing to do, and has no bearing on if someone is 'parent material'. Of course as a parent you HAVE to find a way to make it work financially. Im thinking ahead and you're saying I'm not parent material? Whatever.

Originally Posted by g0f15h

The university/college can cost much less than what you've read. Kids can live at home and go to the local ones. University is more like about $5K and college $3K per year. A 3 year college kid comes out at $15K and your univerity one at $20K. Most teens can save almost that much with a part time job and summer work.

I'd like to give my kids the option of going to a university that they want to go to, even if it means that they move out and stay in residence. Education and the experience of living away from home was important to me, and I'd like to be able to do the same for my kids. I've decided I'm going to assume that they will want to move away from me and my fake parenting skills, and budget for that