Comments on: Can You Afford a Baby?

By: Marilyn Rittmeyer

Marilyn Rittmeyer — Thu, 01 Jan 1970 00:00:00 +0000

You don’t take one penny with you when you die. Children are a blessing. I recommend being as generous as you are able with your children while you are raising them and as they begin their independent life as young adults. I sent my 5 children to parochial schools, which used up a lot of our budget, but it was one of the best decisions I ever made in my life. My husband and I also help out our young adult children with the downpayment on their first home, not completely giving them the downpayment but giving them a good portion of what they need. This allows them to purchase their first home faster. Just a few suggestions from a mother who has “been there, done that”.

By: thefinancefiend

thefinancefiend — Thu, 01 Jan 1970 00:00:00 +0000

After the birth of our first, we have decided that when we get pregnant with #2 (or start trying) we will save up the max out of pocket amount for our health insurance. Even though we didn’t max out the whole family with #1, we figure its a good idea to be prepared in case additional health care is needed.

As for the loss of income, we went to one income after #1 and it was really hard. We were fine for the first few months, but after a while the additional money we had on hand was gone and we realized how poor we really were. So I totally agree that its a great idea to save up money for the first year. You never realize how expensive things like diapers and formula are until you shell out the cash.

By: Golfing Girl

Golfing Girl — Thu, 01 Jan 1970 00:00:00 +0000

At first I thought the numbers sounded inflated until I did a quick summary of what I pay each year (my child is 5 years old):
daycare 7200
ballet/swim lessons 600
college savings 300
clothing 500
food 720
bday parties 190
healthcare 1716
dental 360
Xmas, easter, 150
Annual Total 11736

I consider myself very frugal, especially when it comes to food and clothing and it didn’t take long to add up to almost $12,000 and I’m sure I’m missing a lot!

By: Michele

Michele — Thu, 01 Jan 1970 00:00:00 +0000

For me having children was a given, so I prepared for it financially just as I prepared for my own needs. Children do not have to cost a lot. I had great insurance so we spent under $1000 for our delivery. Tax credits and deductions help. Craigslist and children’s consignment sales are great ways to get baby gear, clothes, and toys for very little money. Parks and libraries can take the place of expensive classes. The possibilities are endless.

One cost you didn’t mention, however, is the cost of “trying” to have a baby. For people with fertility problems, this cost can be in the thousands! Nice post.

By: Greener Pastures

Greener Pastures — Thu, 01 Jan 1970 00:00:00 +0000

I think it’s the Darwinian instinct to pass on one’s genes that drives people to have babies. I’m sure many just so – “oh, it will all work out,” or “God will provide.” There’s many religions that frown on using birth control, and families are huge!

I think you should have to take classes and pass a test to have children. And part of passing the test should be that you can afford these kids!

By: Pat with SPI

Pat with SPI — Thu, 01 Jan 1970 00:00:00 +0000

Thanks for this timely article. I just recently got married, and I’m looking for ways to be smart about money in the future, especially when it comes to children.

It kind of sucks how money can determine how a baby is raised, or if you should even have one or not, but that’s the reality, and it’s important to understand. Thanks again!

By: Trent Hamm

Trent Hamm — Thu, 01 Jan 1970 00:00:00 +0000

“People that have kids never look at it financially, they get emotionally attached and do stupid things and end up struggling for years.”

Having kids was the single best financial move I ever made. Their presence made me rethink things and get my act together. With a one and a three year old at home, I’m now in the best financial shape of my life.

By: tom

tom — Thu, 01 Jan 1970 00:00:00 +0000

People that have kids never look at it financially, they get emotionally attached and do stupid things and end up struggling for years.

By: Jesse @ PFFirewall.com

Jesse @ PFFirewall.com — Thu, 01 Jan 1970 00:00:00 +0000

Great post and just in time..well not really..my wife is due in May so we dont have time to do some of the suggested but we already did some of them! Insurance/no Insurance changes everything too

By: devil

devil — Thu, 01 Jan 1970 00:00:00 +0000

Having a baby is like buying diamonds…if you have to ask how much it costs, you probably can’t afford it.

I know a lot of people with children. Every one of them says that they had no idea that children would turn out to be so expensive. One chum has four kids under five-years-old and he’s aged about twenty years in the past two. He’s ALWAYS complaining about (a lack of) money.