The wife and I have considered having kids in the next few years and I've been trying to forecast what that truly would cost.
What costs popped up that you didn't expect but actually cost a small fortune.
What did it cost you a fortnight to basically take care of this extra person in your middle-income family? I understand this can go really high or low, but on average.
Your experience would be a great help!
@John Kimble: There are for sure. But they are only the peeing ones. Accidents usually occur when the baby is absorbed by something new and forget to tell you.
When you're out and about and carrying them, it's pretty manageable. The only problem arises when they tell you they need to go but you're far from a toilet/tree/bush and they can't hold it for long when they're young.
Play mats ~ $300 for 2
Wow. Got a link?
Costco
We've hardly used the pram as we carry the bub in arm (which is good for bub's core and also our upper body and leg strength, provided you hold them properly to prevent back pain and regularly so your muscles develop as they grow)
You've given me a great idea! š”
Mum/Dad and bub boot camp! šŖš¶
Love the depth! Sounds like expensive fun lol.
Pram, Cot, Feeding chair, pump, Car carrier
Just keep an eye out on OZB for a good deal on all of these things. You can normally flip them for the same price on gumtree a few months later (if you don't have any sentimental attachment to them).
The words 'as new' only 'three months old' work wonders on gumtree/fb marketplace.
You can even make some money if you buy used and flip for a profit.
Bottles/pump/formula depending on your feeding preference (Breastfeeding is a genuine cost saver, but that choice should be made on the entire spectrum of your needs and preferences)
But breast is best!
Breastmilk is cheap,
Any deals going?
Always wondered how those families with a big fancy four week drive, 3-5 kids, and a single income coped.
Debt
And:
actually depends on your Centrelink dependency; we're only out of pocket $6.50 for a $95 daycare service simply because of siblings and low income benefits.
I have 3 kids, single income and drive a nice car and apart from the mortgage I have no debt. I am not on a huge salary either.
A mortgage is debt no matter which way you look at it
Daycare is the biggest cost for us.
$102 per day per kid, 4 days per week. Rebate only covers up to $7,500 per kid so we use this prettt quickly
Ours is $145 a day…and that is relatively cheap in our area.
Yeesh, almost may as well just live off single income
Best way is to calculate yourself because so much will depend on choices you make:
a) up front costs. Pram, cot, blankets, car seat. For example prams can go for between $100 - $x,000. Hospital costs (private v public). Any excess that might be payable.
b) year one costs. Mostly loss of income if one parent staying home. Nappies, clothes. At this age babies may not cost a lot per week. Maybe formula if you go that way.
c) year two - three costs. More money on things like food. Might be twice as much per week compared to year one. Replacement clothes as they grow, toys, etc. Part time professional care perhaps.
d) year four - five. Early Learning Centre / Day care, school. Private schools are more expensive (even fancy ELC can be $20k/year), public less expensive.
e) if kids (plural) think about when you want the second / third / fourth.
f) risk - be prepared to double the above. Things are normally fine but not always. Check your health insurance before you start. Sometimes waiting period on kids stuff can be a year. Costs can peak-and-trough a lot as well so you need reserves.
g) be flexible. Starting a family doesn't always happen straight away. Sometimes it takes years. However you plan it, things wont go to plan. It is just so variable.
It is so hard to give a figure. So much will depend on choices you need to make yourselves. In the first few years kids can cost very, very little if you can get hand-me-downs from friends and relatives. Once you hit school age costs can start to ramp up.
In my mind the potential big costs that get missed are medical. You may be unlikely to need but things like optical and dental work can go to $x,000's later in life.
But good luck with it. Kids can be genuinely hard work at times but also very rewarding.
good insight, thanks!
The biggest cost is daycare/time off work. Everything else is easy if you are careful with money.
If you can afford to be on one income for 2 years then you will be fine.
Kids will cost you money .. sure… but they also add VaLUE to your lives. They are an awesome investment… I have friendships that have cost me much more over the years and have not given me the joy that my kids have. Kids are an investment for your next 60 years
Problem is Australia's house prices aren't compatible with single incomes
I know. The first couple of years are a Sacrifice… but you can't stop living
classic chicken and egg argument…
Agree with this. If one person didn't work, we'd be seriously struggling to pay off our mortgage under 30 years and it's only a medium sized one at 500k
They aren't saying give up work for 30 years.
There are ways to supplement income from home, and a 3yro will have a good time at pre-school a few days a week.
Everything becomes much more expensive. Any holiday involving flights and accommodation balloons out in cost.
Everything for kids costs more: for example packet of adults panadol (Panamax) is 99c and a packet of kids panadol is $9.
Our three very active boys eat an insane amount of food and as we only give them healthy and fresh food this costs a lot of money. They would eat twice the amount of food my wife and I eat.
Never ending cycle of costs. Love it :|
Everything for kids costs more: for example packet of adults panadol (Panamax) is 99c and a packet of kids panadol is $9.
http://www.chemistwarehouse.com.au/buy/6986/Panamax-Elixir-1ā¦
Not as cheap as adult panamax, but much cheaper than the branded one.
Could always try cutting your own, if you're handy with a mortar and pestle and a scale.
Yikes, we are not even middle-income, but I always buy the most expensive Panadol for Kids brand, like $16 for a bottle which would 2-3 months. I tried Panamax, but once I dipped the syringe and 30 ml overflowed causing waste and stickiness in the bottle.
I tried Panamax, but once I dipped the syringe and 30 ml overflowed causing waste and stickiness in the bottle.
I thought you were going to say the panamax was less potent/effective/suitable, but I was pleasantly surprised when I read your comment.
Yeah, if you have a physical disability, preventing you from pouring the correct dose from a bottle (regardless of the apparatus) you should definitely spend $16/bottle on the panadol branded one.
/sarcasm
mocking people with disability now. šš½
When you have a teething toddler, and a 3 year old who also wants your attention, plus you are 3 months pregnant and throwing up every hour, there is no time to slowly dip a syringe. Plus, if you drop that Panamax bottle, have fun wiping floors before your 2 kids find it amusing to touch the shards of glass. I am sticking with the Panadol, peace of mind is such a bargain.
I only discovered this product recently. The packet says not recommended for kids under 5. Given it's the same active ingredient (paracetamol) and concentration as another brand I found, I asked the pharmacist, and he basically said yeah, it's fine, I don't know why they'd write that. Photographed the dosages on the other packet and was good to go.
your sanity.
father of 3 here.
Haha quality.
father of 3 here.
Bikies?
$64.18
I assume you already understand the benefits.
If you want the brutally honest answer, for a lot of couples it costs happiness and relationship satisfaction. Many couples I know became less lovey-dovey and more what you expect mums and dads to sounds like - but they weren't OzBargainers to begin with…
http://www.dailymail.co.uk/health/article-3186434/How-havingā¦
http://www.thedatereport.com/dating/advice/youll-probably-waā¦
http://fortune.com/2016/05/09/mothers-marriage-parenthood/
What if instead of having a baby, hubby and wifey take turns at being the baby? š¤
Apart from financial burdens, kids also cost you your life…
Most teenagers are a handful.
Also, I disagree with just providing the basic needs for your kids. Most parents forget that it's their responsibility to educate their kids, they just leave their kids to the school instead.
I urge couples who are considering having kids to ask yourself hypothetically questions like:
1) If I find my kids stealing at a young age/in their teen years, what would be the steps we take to correct their behaviour?
2) If my kids are not good at school, what would we do as parents?
3) Are we truly ready to be role models for another human being?
etc etc
It only takes 9 months to have a kid, but you would forever be a parent till the day you die.
It only takes 9 months to have a kid,
For one half sure.
The other can do it in 9 seconds! š¦
For f!#%s sake. Have a child because of the immense joy it brings. If you have doubts don't have a child.
Seriously there are too many shit parents who don't deserve children. If you have to think twice get a dog.
If you have to think twice get a dog.
Dogs deserve love too!
If you have to think twice, get a rock!
As a geologist I am offended
Report me to PETR?
They're not rocks, they're MINERALS!
š
Jesus (profanity) Christ…
The answer you're looking for is too much. You'll be handing money out, hand over fist and the dirty little parasite will be a constant drain on your financial and emotional reserves. Plus, they'll only disappoint you in what they achieve before checking you in to a substandard nursing home.
Get a puppy (better yet, a senior rescue), cheaper, more loving and far less likely to disappoint you
Haha this should be on a poster.
Well you dont have them to make money lets put it this way…
A cervix
10/10
A list of some of the immediate financial benefits a baby brings:
- Paid Parental leave - $695 * 18 weeks = $12510. Can double dip with employer maternity/paternity leave.
- $417/year in tax free income for minors (probably useless if you have a mortgage). $18k/year tax free once they're over 18.
- Family tax benefit a/b (if you're eligible)
I'm sure there's plenty more ways to make money (or save tax) from your kids. So it's not all doom and gloom with kids and expenses.
Its (definitely) over 9000
Think of infinity, and double it!
But keep an eye out for specials on children on Ozbargain - should cut the costs down a bit.
But then you miss out on the fun of making them :)
I have lost count.
But its worth it, makes life more meaningful.
Think of it like uncle Ben's advice to parker in a different way.
"with kids comes great responsibility" minus the powers and paychecks.
You need to factor in a reduction in transport costs when you are too old to drive.. your kids can drive you around
Your youth and sanity :)
Just remember: the days are (damn) long but the years are short
They cost a lot more than you have planned for. Coming from someone who couldn't have kids for 10 years, all i can tell you is don't look at the financial aspect of it too much. You will reach stage of your life when you have a nice car, nice house, great lifestyle but you feel that your life is still empty and missing something. Once you have kids that gap in your life is filled and you will experience such happiness that buying you 28 Ferraries will not be able to give you.
I may have missed the comments but all these people's estimates are assuming you have a healthy child. Although even healthy kids get sick more often than adults, which require visits to doctors and chemists. This will put pressure on parents and end up being sick, which will require even more medications as well as days off work.
Our daughter was born with health complications meaning one of us had to stay home to look after her (=single income for the last 13 years)
My wife took almost 8 years to get back to part time work. I know where you're coming from. My wife has her own (multiple) health challenges. That's another thing people don't consider: If you have one big health issue that requires special care you get support. But you can have a ton of relatively minor issues and you get nothing.
Consider this also: If you have a child with medical issues or special needs, you don't get to take them back for a refund. Ours have minor health issues.
I know a couple of people at work who have one child with extreme special needs. One of them is going to retire earlier to look after her when she's too old for NDIS full time care. (He also has a daughter fortunate enough to not have any issues and still manages to find the time for her). He has a special mini-van on lease while his is working, modified for a wheelchair. Still manages to ocassionally find time for 2 hobbies that I am aware of - guitar and bike riding. But it's a hard slog, and I don't think he's going to have much money to retire on after those children's needs are met.
$45k of after tax income each year for 18 years, per child. I guess that means nobody on an average family income has kids. Or maybe those figures are nonsense?
Factor in Family Tax Benefits for low income earners, it is not far of the mark….
FTB part A max payment is a touch under $7k, for those earning under $53k gross.
They would have to devote just about every cent of family income to the child to cover that cost table.
It should be retitled "what a child costs if money is no object".
Kmart + BigW ftw!!!
Here is my real life experience:
Holidays also become allot more expensive - see all these great deals for say $1,000 and under on Ozbargain - lets say the accommodation and modest spending money is another $1,000 - so you are up for $2,000 for yourself to go on a holiday - or say $4,000 per couple. With kids the cost of a modest overseas holiday is more like $10,000.
Going out for meals also becomes allot more expensive - case in point, Saturday night - Burgers and Hotdogs at a boutique burger bar for the family = $70
I also forgot to mention that with 2 kids both parents working full time is pretty hard work, so your wife is probably going to have to stop work for a while or at least work part time, so depending on your income split you are down at least 25-50% of your current income.
My oldest is now 6 years old - so I think we've still got some serious spending ahead of us.
Pram, Nappies, Food, Clothes etc is an expense but trivial in comparison to having to buy multiples vehicles, houses etc etc.
I guess we've tried to maintain our quality of life while expanding our family, sure we could probably all still fit in the 2 bedroom apartment and shared 1 small hatchback - but realistically if you want to maintain a 5 star existence, its going to be expensive.
You can replace 'had' with 'want' for most of these.
wtf? Multiple SUV's? I grew up in a family with a single, 10-year old sedan!
And I guess you now live shoeless on a street corner!
No way my precious Tarquin is slumming it in a car that has had a stranger in it, he could get germs!
First world problems…
The cost will be that you will stop thinking for self and start thinking for them. They will make you run for money. People with a mortgage and kids can't be as flexible as renting dinks.
The flexibility of having to move at the drop of a hat with young children sounds fun.
Child care is the biggest expense for us, we have 3 under pre-school age and we paid ~$43k last year in fees (after rebates). Two of them will be going to preschool next year (privately run religious type) and even though we won't get any rebates or handouts from government/centerlink, we will be better off ~$7.5k/year per child.
When they go into 1st grade, we will be closer to ~$10k/year per child better off.
Private school education for 3 children $13k year
Day care (baby sitting in my eyes) $43k year
With the work my wife did, we made more money (FTB-A/B) with my wife not working. But no bank would give us a home loan, because it was 1 income supporting 4 dependent.
*in before "use family day care": we tried and due to the restrictions of number of children per FDC under 5, no one in our area could take us on.
*in before "use family": Closest family member is ~700kms away
Advice to save $$:
- Breast feed if you can. ignoring the health benefits, it's a butt load cheaper than formula
- Stop thinking that you child is a prince/princess:
e.g. we bought $400 leather bound high chairs when we had our twins.
which took a long time to clean (and kids are messy!)within a few
months we sold them for $20 ikea high chairs which took
2 minutes to clean.
- Buy a simple pram that meets your needs. Bugaboo and the like look cool and all the other parents at the park will look at you in awe. But the $200 one which looks the same but doesn't have the label will do the same thing and allow you to buy smashed avo every weekend.
- Buy enloops and chargers in every size. no matter how many you think is "enough", it's not..
- If you only have 1 child, you don't NEED a suv… save the cash
- you kids won't care what clothes they are in target/big W/best and less essentials ranges, stay away from the licensed crap.
- An advancement of the above, join mothers/fathers groups on facebook and buy used clothes in bulk. As our kids grow out of a size, we sell them as a bulk lot and we have usually bought them as a bulk lot also. We do buy those "special" clothes every now and then.
Glad to see this thread. I recommend everyone who is planning on having a kid/s to go through an evaluation process.
Once your partner is pregnant (you could go through public hospital and save money)
First year expenses are about 2k approx (clothes, cribs, change tables etc)
Kids get sick a lot so medicines are going to cost an avg 30/month (that's average)
Also factor in loss of pay when you can't work as you have care for sick child
When they go to day care about 140/day (you will get back $7500/year from govt) double this if you have two kids attending day care in the same year. Also factor in cost of after and before school care and vacation care
Optional classes (e.g swimming, dancing are about $20/week each)
Add about $200/month in groceries each week
When they start school I hear its about 2-3k per year (books, uniform, excursions etc)
Holidays would cost you double what you pay now (more or less)
Entertainment would cost you about 200/month
Baby sitting would cost about $25/hour
Clothes would cost you 50-100/month (kids grow fast so you will need to buy clothes often)
$30/month for sick kids? What am I doing wrong?! I have a failure to thrive anaemic toddler and I think his assorted medicines have cost maybe $50 over 2 years o.O
Antibiotics are $15 neurofen is $15 for example. Btw my kids are young and go to day care and pick up illness from other kids.
Ouch, looks like daycare has an awful lot of extra costs to it! Fortunately the only antibiotics my son has had so far has just been straight after birth - although I highly question how necessary they were :/
My wife and I recently had a child and the biggest financial impact has been loss of income, as my wife works only 3 days per week now (i.e. earning 40% less than she did pre-baby) - not to mention taking the initial 6 months off.
The second biggest cost is day care which is $65 out of pocket each day. This includes the 50% rebate provided by the government which is up to $7,500 per year. After that, it will cost us $130 per day.
Besides these major factors, there are the costs of setting up the baby's room and all the furniture/equipment that you need. We bought most things second hand to keep these costs to a minimum.
But as others have said, the decision to have a child should not be made 100% from a financial point of view - if this were the case you would never have one!
costs are definitely higher with kids(i have 3) but don't forget a lot of the money you spend now simply shifts across to the kids. eg instead of going out to fancy restaurants once a week that money goes towards food clothes etc. also instead of buying that new fancy tv you hold off and use the money for something else.
If you are not a complete retard and don't have a "keep up with the Joneses" mentality then you can raise kids rather easily. Parenting might be a lot of work but it isn't an heroic act.
The moronic articles you read about how much kids cost are nonsense. If we were to believe them no one would ever have children for fear it would utterly bankrupt them.
Just start plowing the Missus.
I can't really say biggest costs but I can advise on best ways to save.
Buy a cot that converts to a toddler bed.
A Car seat that converts to a larger seat.
Cloth Nappies
Make your own baby food.
Cot: $70 (got another one later for free)
Pram: $150 (brand new)
Clothes: $50 for sizes 000-1
Baby Monitor: $40 (brand new) but I could have got one second hand cheaper
Play Mats: $5 each
Toys: I've gotten HEAPS free online from other people.
Baby Carrier: $20
Car seat: $125 (infasecure reversible one that converts to forward facing.)
I never bothered with things like a capsule, bassinet, baby bullets, or any of that garbage.
I paid upfront for all the bedding etc for a cot, which cost a bit but I didn't realise how much I could buy from online.
If you're looking to do it as cheap as possible I'd recommend just buying as much as you can second hand or shopping the baby sales. End of season sales at kmart etc, are amazing for cheap clothes.
The biggest expense I found was a humidifier and a thermometer, my son got a really bad cold and I just went out and dropped $200 on those without even thinking.
I was a low income household when I got pregnant, my partner was a student, working part time and I worked from home to support us. We're obviously in a better position now, and my son is 4 so I can't comment on school yet but as long as you don't care about having the latest and greatest prams etc then it won't really cost you all that much. Live within your means. Simple.
Kids are worth every cent regardless.
So are my pets. Kids may be the biggest cost and high maintenance pet you can have, great if you can manage them.
Strangely I don't usually refer to my son as a pet…. ;)
$1.5mil +/-5%
Don't compare kids with finance everything changes once you have kids. You will save on many things and loose on many things you would also need to replan your life.
Need a license to drive, don't need a license to have kids.
If cost is a factor in the decision making process, then I'd suggest leaving it for now.
I sometimes wish I wasn't single and had kids by now. But it's threads like this that make me enjoy the single life. Thank you OP :p
The grass is always greener :p
until you poison it
Just watching my auntie bring up her twin daughters - I'd like to add that it's also up to the child. She had very little money, and health issues, her daughters are wonderful self sufficient and self sacrificing people.
They were active, bike riding, bush walking scouts (female equivalent) and didn't always hassle for shiny electronics or clothes.
Those kids helped my auntie raise them, and are really lovely people.
I, on the other hand, was a bit of a whiner.
$43
Is that the cost of birth control for a couple?
Just a stab in the dark!
I will soon have 3. We will have to buy an SUV soon, as unfortunately we can only afford a small-mid sized car when we bought last time. (We bought brand new, all because we got tired getting ripped off buying 2nd hand, and having to pay expensive servicing and maintenance fees and then eventually having to give it away for free.) Housing became less of an issue when we move rural, and changed jobs where work is 5 minutes away. Childcare is expensive, but worthwhile as we get subsidies being a single-income family, but we consider it as part of the kids education, as we are not born in Australia and do not have Aussie accent. Nappies, toys, clothes, snacks and medicine are common part of our expense, total is probably around $80 a month. My two are very closed in age, and we stopped using hand-me downs as my second started wearing the same size as our first. For our 3rd, we also need to buy another carseat or to make it cheaper, switch my eldest to booster.
Gave a + because I don't know why someone would neg your comment.
Anyway. Just in your situation:
- you don't need an SUV with 3 kids. Any decent hatchback will be fine. We have a Prius (2008) which has plenty of room for 3 kids (inc one which was in a baby seat for a while). When you have 4 kids, that's when you need a 7 or 8 seater. And never buy new. Either import, buy near new or 2nd hand (pay for a pro inspection on any cars you are serious about). We still have the Prius, but imported a Nissan Elgrand E51 for when we all need to be in the same car (e.g. football matches…. another thing for the OP to look forward to… watching their kids play sports).
We have a Prius (2008) which has plenty of room for 3 kids (inc one which was in a baby seat for a while).
In NSW the kids need to be in a seat or booster till 7yro.
Some smaller cars are not wide enough to accommodate 3 rigid seats/boosters. I remember we looked at a Forrester, which is by no means small, and the back doors couldn't close with 2 seats and a booster in the back.
Very hard to put a number on it but its big. You won't need a 3 or 4 bedroom house if you don't have kids for example. Or a bigger more fuel hungry car. Your grocery bills would reduce by 50% (maybe more) if no kids, power usage, clothing, school costs (even public isn't totally free), holidays cost more and mostly have to be taken during peak school holiday periods, lost income especially when they are young, hobbies and sports, etc, etc, etc. Then they grow up and want you to pay for their wedding (now relevant even if they are gay) and help for a deposit on a house.
On the plus side its someone to give a toss about you (hopefully) when you're a dribbling old fart.
@ihbh: I've heard of babies being toilet trained by 9 months…Still don't get how it's actually done though! I'm sure there's plenty of accidents :/