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Johnson and Johnson got it right when they coined the phrase “Having a baby changes everything.” You expect that things will change by adding someone to your family, but many of us fail to realize the overall impact this has on our lives and especially our finances.
Before having children life is more carefree, less scheduled, you go out with friends on a whim and don’t have one of those school calendars on your fridge displaying all of your kid’s activities. A child is a responsibility in every sense of the word, and financially is no exception.
Early Childhood Education recently published an infographic on the cost of raising children. While a picture is worth a thousand words the numbers don’t lie, kids are expensive!
A break down of their expenses:
• Housing $69,660-A portion of that amount you pay for a roof over your head is for them.
• Childcare/Education $39,420-In my experience daycare is like having another mortgage!
• Food $36,210-They eat, a lot especially when they become teenagers.
• Transportation $30,900- Crazy but true; trading in your small car for one of those minivans will cost you $369.26 a year more in gas.
• Misc. $19,110-Ah, yes the “extras” I’m not quite sure this amount covers it for me.
• Healthcare $18,420-Doctor’s visits, trips to the dentist and expensive prescriptions add up to costly medical bills. Be sure you have adequate health insurance.
• Clothing $13,200-Hand me downs, shopping consignment and sales will help but keeping kids outfitted will cost you.
Created by: EarlyChildhoodEducation.com
If you have kids, how has having them changed your life? Your financial situation?
Suzanne is a Certified Personal Finance Counselor and a Social Media Specialist for CareOne Debt Relief Services. Suzanne writes for Divorce, Debt and Finances and A Straight Talk on Debt. Follow Suzanne on Twitter @SuzanneCramer1 and @AskCareOne where she shares her insights on divorce and managing your finances.