Having children andraisingthem can be quite expensive even if you’re thrifty. It can be a real shock for new parents. But that’s the reality of the situation. You have to come to terms with the fact that yourexpenseswill skyrocket in areas you might not even have considered.
One anonymous dad got dragged online aftersharinghow he wanted to cut costs and bought one of his daughters cheap shampoo and conditioner. In response, she ran away from home. Scroll down to read the full story, a very important update, as well as to see what the internet had to say about the dad’s actions.
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It can be very expensive to raise kids in this day and age
The story runs deeper than just expensive versus cheap shampoo and conditioner. The author of the post spilled the tea that hehad doubtsthat his middle daughter was even his because she had a different type of hair, for which she needed special hair products.
Alternatively, he felt that she was using the products ‘too quickly’ but didn’t do enough research to check whether his gut feeling was true or not. While it’s important not to waste resources of money, it’s also vital not to be too cheap with hair products or cosmetics, so that you don’t damage your hair or skin.
The reality is that raising kids will require a lot of money. According to Investopedia, based on the data from the Brookings Institution think tank, the average middle-income family with two kids willspend $310,605to raise a child from when they were born in 2015 till when they’re 17 years old in 2032.
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However, a few people had different opinions from the majority
The dad later shared an update about how his daughter ran away from home to get away from him
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Your expenses as a family will depend a lot on your lifestyle and where you live
The costs of raising a child can vary wildly depending on where the family lives, their home type, theirlifestyle, their financial goals and thriftiness, dietary preferences, childcare situation, etc.
The biggest expense when raising kids is, unsurprisingly, housing (and definitely not shampoo and conditioner). Housing is estimated to eat up around a third of the family’s income. It includes everything from the mortgage or rent to utilities, taxes, insurance, repairs, maintenance, and household goods.
In the meantime, food is going to cost an average of a quarter of the family’s budget. Naturally, there will be variations in this cost depending on where you live and what your diet is like.
Someone on a thrifty food spending plan can be expected to pay an average of $975.30 per month, based on the data from October 2023. A low-cost food plan will set you back $1,059.90 per month. A moderate plan is around $1,313.60 per month. And a liberal spending plan costs around $1,585.81 per month.
Next, there are childcare costs to consider. These can range from 7% to 23% of the family’s annual income. Some other less obvious expenses include transportation, healthcare, insurance, clothing, family trips, hobbies, and extracurricular activities.
However, Investopedia notes that these calculations don’t include the costs of college education. So, that $310k+ in expenses can balloon even further.
The average annual cost for a year of in-state college at a public institution in 2023-2024 was $24,030, including tuition, fees, and room and board. Meanwhile, the average cost was $56,190 per year in a private college.
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