…As far as those who say that the pregnancy and birth/setup are the most expensive parts, I wish you were paying for my child! The average cost of raising a child these days is
$250,000!!! A quarter of a million dollars.
Article: Raising your quarter million dollar baby. I’m not trying to say they aren’t worth every penny. They are! But for a family that is already in over their heads in debt, it does not seem right to plan to bring a child into the world that you can’t afford to support…
I agree that pregnancy and birth aren’t the most expensive parts, but parents do not have to spend $250,000 per child. That article speaks of “average”, but let’s face it-- the “average” American lives an expensive lifestyle with or without children. My family and I live well, but the only child of *mine *that comes even close to the dollar amount they claim it costs in that article is the child who attends a private school. Otherwise, according to that article we must be rich to afford our seven children.
Rather than be frightened by what people spend on average, read further into what the article says.
Housing
Cost through age 17: $44,580 to $100,080
This is the biggest single expense of raising children, comprising anywhere from 33% to 37% of the overall annual expense.
What you can do
You could ignore one of the basic assumptions used by the USDA in calculating additional housing costs. You could decide not to move up into a larger home. The table assumes that for each child you have, you’re going to add 100 to 150 square feet of living space to your home.
The article tells what people spend and do on average. Someone who is in debt won’t be able to invest as much in housing, but they still have to live somewhere. Very few people can afford to buy a home for cash, so most people take on “debt” in the form of a mortgage–which also provides some tax benefits in the USA. On average, people with children buy houses, and those with more children usually buy bigger houses. Okay, but housing is not just an expense–it’s also an investment. Granted, the housing market, like the stock market faces ups and downs, but over a lifetime housing ends up being a good investment.
Food
Cost through age 17: $26,490 to $39,470.
This accounts for 15% to 20% of the overall expense.
What you can do
Set strict limits on the more-discretionary forms of food spending. For instance, tell your children they can spend no more than $5 a week on fast food.
Tell your children they can spend no more than $5 a week on fast food, they suggest?
That’s not a “limit” on my budget–that’s way over the average weekly expenditure. Fast food is a rare treat–and it
is a treat since we don’t do it much.
Before we had children, we went out more because we had more “free time”, but those dates and dinners out weren’t free. In fact, we went to nicer and more expensive restaurants. Last week my family of 7 ate out and the bill with tip came to $50. We easily spent $50 eating out when we were dating–and we ate out much more frequently.
Explore the American lifestyle further. Many American’s live in debt–but it is not because of children. Living simpler and tightening one’s budget is the way to get out of debt. Except maybe for student loans or extended lay-offs, debt is usually incured because of some irresponsible choices in the past that leads people to live outside of their means. Becoming a parent can help us to learn to live more responsibly. Rather than just working to get out of debt, parenthood gives greater meaning to work and life.
I have no idea about the original posters livestyle, debt or financial picture. I strongly agree with the recommendations to see a financial counselor. But I just wanted to address the article posted because it is a little misleading. The article does not and
can not assess what the financial picture of a couple would be without children. Would they invest in housing? Would they spend more on entertainment and dining out? Would they find career success? No one can really compare their financial picture after 18 years with a child and know for certain what their financial picture would have looked like without that child.
Consider also how God values a human soul–He paid far more the $250,000. Raising spiritually healthy children is a good investment–both on earth and in eternity.
teachccd
Considering that a (non-Catholic) friend of mine got pregnant after sleeping with her husband only twice in several month and she was on birth control and they used condoms, I think that if God wants you to have a baby before you feel like your family is ready for it, He’s going to work in you to make it happen b/c it doesn’t get much more closed off to procreation than that and, seeing how much you’re struggling with this decision, I very sincerely doubt you’re going to deliberately close Him out. Children are wonderful. They are a blessing. They are a trial. They are a constant source of amazement and worry and love and frustration and excellent teachers of patience and understanding. So, when you do have your finances straightened out, you have an amazing thing to look forward to!