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Re: cost to raise a child thru college: $355,906!
Actually the figure struck me as low but our kids all went through or are in the process of a private education K - 12. Ten years ago we set up a 529 Plan for each of them. Each state (US) has a plan available. The interest earned on the the investments is not taxable and over time the money can grow pretty steadily. We wished that we had started a little earlier but it has been a huge help to have that fund available to pay college tuition, housing, books and board. Even at an in-state university we are shelling out about $18K per year. I strongly recommend getting into a 529 plan as early as possible.
I think when you have children as parents you are very happy to go with out certain things ...for what they give you back is ten fold !
Things are different in the uk ..but we still plan and save for things .
Hmm, so 4 kids at 1.4 million dollars. Well worth the money to us having the experiences I have had and will have with having our kids. My wife and I both have very stable jobs that we are not in fear of loosing (i've been at my same job over 10 years now).
For us, the focus never what we could get for ourselves if we didn't have kids. The focus for us was giving a child the kind of life that we wanted ourselves. My wife and I are lucky though in that we live in a part of the country where money goes a very long way. Average house around these parts (2,000 + SQ feet, 3 bedrooms) goes for around $175K. Say what you want about Texas, but we never experienced the whole insane Real Estate boom.
But, it's a decision each couple needs to make on their own and we all will come to different conclusions where the right answer could be totally different for each couple.
Hey, I love my kids and have no regrets about having them.
Not everything is about money.
However, I have read threads recently on TAM where people yearn for kids, ignoring the real economic impact or even the time and attention issues for each child. The more kids you have, the less attention and resources for each child.
My thinking in posting the link was to show in dollars and cents what that means.
I think the college costs are low. The US government released data showing that the average cost to raise a child to 18 in this country is around $250,000.
According to the calculators at finaid.org (found by googling) college tuition costs for a child born in 2011 would be another $225,100. That’s using a current tuition rate of $15,000/year at a four-year college/university and a 7% inflation rate (college tuition increases by 1.5 times traditional inflation). Wow!!
Heh, I'm like you michzz. Whenever H gets the baby bug I remind him of the dollars and cents.
Speaking as someone with SEVEN kids (yes, you read that right...seven) let me just say I think that number is low-ish as well.
Of our seven kids, we have allowed all of them to fund college in their own way, but contributed to:
Son#1: bachelor's degree, wedding, computers
Son#2: bachelor's degree, computers, wedding next year
Son#3: private school, setting up his 1st apartment, computers
Son#4: massive amounts of musical instruments, computers, 1 yr. college, setting up 1st apartment
Daughter #1: private school, associate's degree, 1st apartment
Son #5: private homeschool, gaming computers to do both high video and design them, and musical instruments
Daughter #2: private homeschool and computers
That's not to mention just normal "day-to-day" life costs like doctor visits, food, shelter and clothing. Our family lives very simply, we garden, we will never be anywhere near "rich" ... but I do not regret having children, not one.
Speaking as someone with SEVEN kids (yes, you read that right...seven) let me just say I think that number is low-ish as well.
Of our seven kids, we have allowed all of them to fund college in their own way, but contributed to:
Son#1: bachelor's degree, wedding, computers
Son#2: bachelor's degree, computers, wedding next year
Son#3: private school, setting up his 1st apartment, computers
Son#4: massive amounts of musical instruments, computers, 1 yr. college, setting up 1st apartment
Daughter #1: private school, associate's degree, 1st apartment
Son #5: private homeschool, gaming computers to do both high video and design them, and musical instruments
Daughter #2: private homeschool and computers
That's not to mention just normal "day-to-day" life costs like doctor visits, food, shelter and clothing. Our family lives very simply, we garden, we will never be anywhere near "rich" ... but I do not regret having children, not one.
I wish my husband thought like you! Your life seems pure beautiful! It is not about the things you HAVE but the people you LOVE!
God Bless you Wonderful Man!
A civil ceremony or a simple outdoor one will get a kid hitched as thoroughly as a lavish wedding and a trip to the Army recruiter solves the college tuition issues. Kids can be ridiculously pricey but they don't have to be. I was working and paid for everything I needed after age 14 and even was able to help my parents with household expenses.
Kids can be fun and rewarding. Kids can be pressure and financial burden.
Depends how people think.
I have a son with my ex, he was never in the way of the marriage. He is always a happy boy. Seeing my son growing up into a wonderful big boy and soon wonderful man, I always have a big smile when I see him. I don't mind spending money on him, although I know we shouldn't spoil him too much.
Now with my Canadian husband, he doesn't want children, it is fine with me also. Without children in a marriage is also a lot of fun. No fights about children at least. We save money on children so we can spoil ourselves a little bit.
Kids are loving and wonderful. I love kids. Often curious to know if I had a child with my husband, how handsome or beautiful he or she would be. This can only remain to be a mystery.
Things definitely are different in the UK humpty dumpty. Here single mothers do best. You get free house, free health care and benefits per each child that you have. Free bus service etc. Schools are free anyway, free school lunches, and even some universities are free - depending on where you are.
Some women fake being single just so they can have a flat and all the benefits and then they end up staying with their kid(s) at the boyfriend's and just living at their free accommodation sporadically.
Hence UK is full of teenage pregnanicies therefore not always a luxury reserved for those who can afford it.
I saw that same calculator because my wife and I are expecting our first in July 2011 and I noticed that it takes into account things you already have or need anyway! Like mortgage, taxes, and cars. Sorry, but I need a place to live, will get taxed anyway, and need a car to get around. Take some of that out of the picture and the cost goes down a lot. Day care seems to be the worst of it. I don't think we plan on paying for college, I had to take out loans to get through it and I'm doing just fine. They can do it too. I worked harder and appreciated it more because it was ME that was footing the bill, not mom and dad.
Adding more...just went to the calculator and if you take college (don't plan to pay for it, probably can't afford to!), housing (I need a place to live too!), and transportation (need to get around, and if I wasn't toting the kid to soccer practice I'd be running out somewhere else anyway!) out of the picture, the cost drops to below $140K and first year under $8K.
cost to raise a child thru college: $355,906! 
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