What a kid costs - minimum
In this bare bones simulation, we cut out the nanny, tutoring / activities, reduce clothing by 66% (used clothes), remove college savings, remove after care, and reduce the vehicle upgrade to a car seat.
In this case, a stay at home parent is providing care the first 5 years, plus afternoons when the child is in K-5. This is useful to compare with the other simulations, where a nanny or daycare was used. So the question is, does the savings on paper from staying home combined with the the closeness and care the child gets from a full time parent out weigh the lost wages and career advancement of having both parents work?
Birth Medical Bills 5000
Furnishing Nursery / Baby Supplies 2000
Car Seat 250
Formula or Breast Pump + Parts + Effort 200
Furnishing Bedroom 1000
Health Insurance / Co-pays 200
Child Tax Credit 2000
Standard deduction effective "bonus", depends on tax bracket 1000
Paid maternity leave 10000
Wealth Meta Admin
Dec. 6, 2019, 8:59 p.m.
Dec. 6, 2019, 8:47 p.m.