Can you raise a child w/modest salary?

Let me preface by saying that we have no children yet so I know nothing about this subject. We are planning on TTC w/in the year. We're by no means "rich" - we're typical middle class and we make ok salaries. For example, we're not months behind on our bills and can afford to order a pizza once a week, but we're not planning European vacations or buying $250 jeans.

From our friends with kids we alternately hear, "you don't need a million dollars to raise a child" and "you can never have enough money once you have a child!"

Needless to say, the latter one scares me! I'm super afraid that we'll be destitute once we have a child. So, as parents, what I'm asking you is, can you tell me what unexpected expenses you've had? We have health insurance (thank God) and we won't need day care (thank God again) Aside from basics like food, clothing, diapers, what other expenses can I look forward to/are you surprised by/etc?

Thanks in advance.

Message edited 8/5/2013 2:57:37 PM.

Re: Can you raise a child w/modest salary?

The cost of children's activities whether it be places you want to go for the day or classes you want to sign up for, camps, etc. These add up quickly.

I'm a believer things will work out and no you don't need a $1 million. It can be expensive but what isn't.

Can you raise a child w/modest salary?

My DH and I talk about this every now and then. We have not seen a real change in our financial situation since havign DS. THe only thing that really makes even a small difference is the daycare. Formula, diapers etc never made a difference for us.

I think you can have a child on nay salary it just depends on your priorities and how you want to live. Will you sacrifice etc.

Can you raise a child w/modest salary?

I'm sure once the child is in school things like field trips, lessons, etc will add up, but we're trying not to think TOO far ahead!

Re: Can you raise a child w/modest salary?

Re: Can you raise a child w/modest salary?

Biggest expense by far is childcare.
Diapers cost a lot.
Formula does too...
But it's nothing 2 working people can handle easily.
Clothing is easy... We got lots of hand me downs!
College is our biggest concern.

Re: Can you raise a child w/modest salary?

I think when they are young the major expense is daycare. It is almost a mortage payment. For us I worked at home prior to children so daycare was not going to be an issue. Yes diapers, wipes, formula, clothing and toys adds up but it isn't crushing. You can use coupons, shop sales for most of it. Activities do add up but they are necessary. My oldest is in swimming right now and Thats is $155 every 6 weeks it adds up but it's important to us. We have cut corners where we can. We wont ever be millionaires but we make it work.

Re: Can you raise a child w/modest salary?

Re: Can you raise a child w/modest salary?

daycare is the killer, especially when it is for more than 1 child

Re: Can you raise a child w/modest salary?

Posted by maymama

daycare is the killer, especially when it is for more than 1 child

Can you raise a child w/modest salary?

Our biggest concern was always daycare but we have managed. Everything else (food, diapers, clothes) has not made an impact at all in our finances.

Once DD is in school the money we spend on daycare will go to other activities but I'm sure they won't cost as much as daycare.

College is a big concern of mine but we'll figure that out when it happens.

Re: Can you raise a child w/modest salary?

daycare is a lot.
Diapers and formula didn't seem to make a difference for me.
We even go to mommy and me classes. I love taking her to little gym.
I utilize handme downs, shop consignment and sales.
Besides daycare it really hasn't been hard financially... don't forget you aren't going to be eating out or going to the movies as much. Your lifestyle change offsets some of the costs.
There's always free or cheap things to do with children.
I also think, people with a lot less than me make it work.

Re: Can you raise a child w/modest salary?

The only expense that is insane is childcare, so I think if you have that all covered, you should be fine.

Assuming you have good health insurance, well visits are typically covered.

Food, clothing, diapers, formula etc., didn't really affect us much budget wise. you can get really great deals.

I don't find myself spending that much money on anything else that makes me cringe.

Can you raise a child w/modest salary?

Yes. You can.

As long as you keep your head on your shoulders about what your goals are. I didn’t have a lot of the stuff most children on this board have. She didn’t have a rocker, a excer-saucer, bumbo, didn’t even have a HIGH chair until I moved to TX!

My priorities were easy
Feed
Cloth
Health
Happiness

Even those on a smaller budget that you’d believe can succeed. Keeping up with the Jones’ seems to be the biggest spender. Daycare is crazy and is purely supply vs demand, put simply. The extra stuff adds up too. AJ never went to a Mommy & Me class that wasn’t a freebie, never had a 1st, 2nd, 3rd, or 4th bday party. She didn’t get 50 gifts for her first bday, xmas or anything since then. She doesn’t walk around in Baby Gap clothes or Jack & Jane scarfs. She wore Walmart diapers, generic wipes were used to wipe up her poop. No fancy changing table, never owned a pack and play in her whole life. She survived.

She’s NEVER missed out one single bit either.

It’s much like life, You need to live within your means.

I’m fairly sure nowhere on a college application has it ever asked “Were you breastfed, did you have a drop side crib, what was the count thread on your sheets.”

My kid goes to Disney, Has a blast in life, smiles, laughs, eats her veggies, dresses up for Halloween and is happy, healthy and socialized. I may be the only mom without the Mercedes at the daycare but my kid doesn’t care! (yet).

No matter WHAT you do, there’s always more ways to spend money on kids if you want. And no matter WHAT you do, you will always find a way to take care of your children.

Re: Can you raise a child w/modest salary?

Child care is a big expense that lingers for years. A lot of moms end up staying home with kids, so that is something to think about. I'm a SAHM now, and that was never in our plans before. I sah because We had our kids close in age, and I wanted them together all day. If they were in day care they would have been in separate rooms.

Diapers, formula etc do cost money but nothing compared to nursery school and summer camps. Last year was tough for us paying over 1k in tuition every month for 2children, 4 k for summer camp, swimming lessons, and karate one kid is going to K so I feel much better about the $ now.

I would suggest not putting off having kids, maybe dh can find a higher paying job or you can move to a cheaper area etc. don't wait too long to have

I understand where you are coming from, we want to go for #3 and I'm so worried about $$. Dh makes a great income, but I can't guarantee we could pay for 3 kids college education 100%.

Message edited 8/5/2013 3:56:44 PM.

Re: Can you raise a child w/modest salary?

Aside from daycare, which for my kids, is just under $1500/mo. It wasnt so bad when they were babies, now that they are older, the activities cost a FORTUNE!

Can you raise a child w/modest salary?

I know it's a long time away, but do you all plan on paying for college? It would be nice, but my parents didn't pay for mine and I'm fairly well adjusted lol

Can you raise a child w/modest salary?

I would say if you can handle to pay all your bills plus afford childcare or someone staying home and a dash of wiggle room you will have no issues. College is own their own, go to state school or apply for scholarships or work FT like I had too.

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Re: Can you raise a child w/modest salary?

Re: Can you raise a child w/modest salary?

Re: Can you raise a child w/modest salary?

I'm going to be brutally honest with you. Kids cost a FORTUNE especially in NY.

Can you raise a child w/modest salary?

Ok but explain what that fortune entails and why New York makes a difference if daycare is off the table??

Can you raise a child w/modest salary?

I know you said you have health care but look into how much more your health care will go up by adding a child. Mine went up $600 to $700 per month. I was also shocked at the amount of money I had to pay for the hospital and delivery. I know my deductible cap but I switch insurance mid pregnancy and ended up having to pay the deductible for both which added up to $7k.
For month to month basics we really didn't notice a difference.
Things like formula cost us $100 per month but they only need formula for the first year then you can switch to regular milk. For the second child EBF so no money spent on formula at all.
Diapers were an additional $80 per month, expect to pay this for the first 3-4 years till they're potty trained.
Some of the things that we did not expect to have to pay for was dental bills. I though since we have dental insurance we would pay a small fee but I'm talking over $1k here for dental work on a 3 yr old.

Re: Can you raise a child w/modest salary?

Nanny/daycare alone will run you around $1200-$1800 a month. Formula, diapers, clothes, toys, extracurricular activities, family outings, bigger car, savings for college, etc. It really adds up.

ETA: It also all depends what kind of life you lead. Do you have a career?

Message edited 8/5/2013 4:32:16 PM.