Cost of children

I know this sounds like a stupid question, but how much does having a child cost?
Has your financial situation changed dramatically after having a child?

I understand cost of daycare can vary, but how about daily costs? Did you prepare a great deal for the cost of a baby?

My Dh is such a planner, he has it in his mind that children are a huge expense and wants as much debt paid off as possible before having a baby...

Re: Cost of children

I formula feed which is more expensive than breast feeding, plus we are lazy and prefer to use the ready-to-feed (powder is cheaper). We estimate that Jake costs us approximately $250/month between diapers, wipes, formula, clothes and toys.

Obviously, when I go nuts shopping for him we spend more. But realistically, we could support him on $250 or less.

Now Daycare is a whole other animal. The average daycare center or even in-home daycare provider will run you around $250/WEEK for an infant. Costs decrease slightly as the child gets older. Nannies are more expensive (probably almost double) and the average "sitter" going rate is around $9-$10 per hour right now.

This is NOT a stupid question by any means. To be honest, we aren't feeling it as much in the proverbial pocketbook as I thought we would. But we aren't paying for child care at the moment since we are using family...but that's going to change soon. We are being given a short break to get our finances in order and then we have to pay up just like everyone else.

Re: Cost of children

Thank you so much. That was very helpful.

Re: Cost of children

This is going to sound weird but having the baby actually keeps us, at this point, from spending money. I think we spend less after having her. Think about it like this: fancy dinners, movies, time to shop has all stopped. Diapers, wipes, and formula costs money, but meals for us are now lean cuisine if we find time to scarf down a meal. Other than that, there is no cost at this point.

Re: Cost of children

for me baby costs are very hard to determine. yes daycare will cost about $250 per week for full-time care and you can also ask HR what the increase in your medical plan will be when you go from single or a couple to another plan such as family. But we did not expect to pay $1K to a lacation consultant when I had so many bfing problems- I still saved money over FF moms but still that was not the 'free" bfing we thought it would be.
Also, your child could need a certain medication or medical care. It is so hard to really ever know.
You do get tax deductions for the dependant as well as the daycare.

I will say that a case of diapers is $20-$30, depending on where you go, coupons and sales.
Clothing is really hard because how many outfits molly NEEDS vs. what she has is not the same.

But we don't go out nearly as much as we used to so that does save us money too.

Re: Cost of children

I was worried about this also.. Our pregnancy was a bit of a wonderful surprise! So we have been trying to pay all the cc bills off plus save.. Not doing so bad but you have eased my mind about how much the baby will cost to diaper, feed, clothe, etc.. Thanks

Re: Cost of children

I see the price of a case of diapers above, but no estimate for how many would be used in a year, so I'll add that to the mix -- I would say that you could easily spend $600/year or more on diapers.

Breastmilk is free, but I'll spend probably $500 by the end of the year on various breastfeeding accessories, consultations, medications, disposable pads, etc. that I needed to make it work.

Furnishing her nursery was about $2000.

Stroller(s) and Car Seat(s) for the first year add up to about $800. (Although I splurged a bit here, and your infant seat will likely be a gift on your registry).

The day care center I was looking at before I decided to stay at home was $1900/month!!!

Re: Cost of children

For us, we really didn't have a huge adjustment. Since I'm not working,anymore that is no lunches out, no dry cleaning, less gas in the car, less shopping for work clothes, less after hours socializing. All that adds up to diapers, formula, toys, etc.

Re: Cost of children

I would say getting ready for the baby is expensive (furniture, clothes, toys, diapers, strollers, etc...) but sustaining the baby isn't too bad, especially if you breast feed.

Re: Cost of children

.

Message edited 1/13/2006 8:57:41 AM.

Re: Cost of children

Re: Cost of children

Well since having my daughter and thinking that having her would be no big expense I now say that you have to be prepared for ANYTHING!

While our costs have not been outrageous and we did have money saved we definitely have had a lot of unexpecteds between breastfeeding problems and her reflux.

Our LC was $100 the first visit and $50 each visit after that and I would say we've had about 6 visits or so. We've had to rent a hospital grade breast pump for $70 a month which we didn't plan on.
We've had more doctor visits than planned so that's a copay each time and now we have to go to a specialist.
We've had to supplement with formula and now I have to use a hypoallergenic formula which is even more expensive than regular formula. We are also on our 3rd presciption for her reflux.

So with that said I think the average baby isn't too expensive, especially when you are talking about giving them what they actually need and not what's cute or what everyone else's baby has but you never know what you'll be faced with so I think its good to have some back up money available just in case.

Hope this helps and that you join us soon

Re: Cost of children

Thank you so much, you are all so helpful.

Re: Cost of children

Let's see -

Daycare for 2 is $1684/mo
Food now that I'm not doing dealing w. formula is negligle since they probably eat the equivalent of 1 adult
Birthday parties - cost about $300 at a place, about $400-500 if we do it at home since DH goes overboard with food, drinks & the invitation list.

If they were added to my insurance it would be $150/mo for family. We have no flex spending program - otherwise I'd max that out with co-pays.

I know this is listed online somewhere - one thing I can say - taxes don't encourage procreation. The first year we had an $800/per kid, following year we got hit with the ATM tax - and could deduct $200/per kid.

In the end, it seems to get cheaper as they get older. Daycare is less as they move up classes. I'm sure when they hit their teens and they want the gadgets their friend's have - we'll be in for it.

Message edited 11/5/2005 9:15:47 AM.