Costs of raising a child
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Anonymous
| I'm a low income person with an 8 year old. I'm trying to project out my costs (not just for raising her but for everything) over the next few years to help me make some important decisions, and I'm looking for your input on how the cost to raise her will change over the next 10 years of her life. I feel like we're at a relatively inexpensive stage right now -- she doesn't need baby gear, she's not as into toys, but she isn't into any expensive electronics or sports yet. So I know costs will increase. But how much? Assume she's not super into clothes, I'm not buying her the latest fad with everything, and she doesn't have an expensive sport. How much more expensive will things get? |
Anonymous
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A lot depends on your school district. Kids want to feel "normal".
Any childcare needed, including summer camps, will be important to consider. Medical co-payments might be expensive. Also consider glasses and orthodontia. You need to consider whether she will have any high school extracurriculars with field trip traditions (band, choir, Model UN). If your income is stretched, the school or extracurricular may have ability to cover for you if you need help. Always ask if you need help. Some families want to help because they were helped. And schools are more conscious of inclusion now. Plus your daughter may be motivated to get a high school job (this can be a good thing). |
Anonymous
| 8 years old is not an "inexpensive" time. We dropped about 10k that year on dance, soccer and fencing lessons. |
Anonymous
| Also wait until she turns 15 and can get her driving permit. Insurance is 2k minimum. I think we have ended up spending 20-30k a year on each child from (in no particular order) orthodontics, sports, dance, travel sports, after school clubs, art lessons, music lessons, a car, computers, phone, phone plans, ipad, xbox, xbox membership, streaming apps, clothing, uniforms, spending money. |
Anonymous
| This does not include various vacations/trips we take throughout the year or private school either. |
Anonymous
You realize this isn't helpful to OP, right? She said she's low income. She won't be spending $20-30K on these things. |
Anonymous
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Cell phone at 9th grade if not earlier.
I had my kid on Boost Mobile prepaid for a year. |
Anonymous
| If you are low income there is financial help for some activities and sports. |
Anonymous
None of that is required. Those are your personal choices. |
Anonymous
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OP concentrate on saving now everything you can
The YA is going to be inna Great Depression it will be ugly and unkind, Prepare now. No one needs fencing lessons or select soccer at this point in time Not wrong |
Anonymous
Poor people don’t do that stuff, or if they do they’re not paying 10k |
Anonymous
+1. Maximize any assistance out there, save every penny you can save, and invest (if you have money for that) wisely |
Anonymous
Low income people don’t spend money on dance and fencing. In reality, 8 isn’t that expensive. At that point, you really don’t need childcare. You just need the basics of food and clothes. When you hit MS, your child can use their electives and join free in school clubs to satisfy their interests. Same for HS with more options - amazing electives, sports, theater, music and so much more and all free. Things that might cost you money are your school activity fees. But not all schools have them and there are funds available for those who need them in some schools. You might want to consider braces. There is drivers ed in 11 th grade and college applications if that is the route your child chooses in 12 th. Summer of 11th they can get a job. At some point electronics will come in. You can get away with just a smart phone until college but at college You need a laptop. You can always do more but that’s an option not a requirement. And you can say no to a phone but that’s the one thing I wouldn’t say no to. |
Anonymous
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Agree with what's been said. The big expenses coming up include:
Braces Electronics (new cell phone every 2-3 years, laptop for school) And the biggest one of all, college. Although if you are truly low-income, perhaps there will be financial aid headed her way |
Anonymous
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How poor? I was on medicaid back in a day getting paid below minimum wage. It was de-memorializing and exhausting. The tax refund was what made my wage minimum wage.
My kid went to public schools prk4-12. He got free lunch, transportation, and aftercare. He did no activities. I sold my little condo after 12 years and put the equity into stock market where it did 5-6x in 1-2 years. I got off medicaid and skipped middle class. I learned all about investing, got a finance degree from local public for cheap and barely work now. Kid is starting CC in September and he is getting a job to open a Roth for him. Got to shield the money from taxes. All the tax credits and deductions available to him should pay for his CC this semester. He will not be on my tax return and I can't touch the 529 or he wouldn't get anything back. Get some personal finance and tax books to read. I don't pay taxes. Well, I do, but I get them all back and then some. The money I bring home is nearly doubled by government and then I double it again in my Roth within a year. I have a second kid, so still filing as HH for years. No need to have both of them on my tax returns. Got to maximize it all. Second kid is cheap too. Public schools all the way, $193 a month for health insurance, and some robux here and there. |