What Do Kids Cost - Middle of the Road
In this simulation a nanny and then daycare are budgeted for which allows both parents work (mostly). After school care is budgeted for up until age 11. A modest college savings is provided for, but this assumes the child will attend a public university and pay for part of it themselves. Another budget wallop in the first year is upgrading to a larger safer vehicle (yep wagons and minivans start to make sense).
Birth Medical Bills 5000
Furnishing Nursery / Baby Supplies 2500
Vehicle - Upgrade to a boring but safe wagon or SUV 25000
Formula or Breast Pump + Parts + Effort (first year) 200
Nanny part time (1st year) 2500
Furnishing Bedroom 2000
Daycare/Preschool (until kindergarten) 1600
Aftercare K-5 (until age 11) 3600
Summer Camps 3000
College Savings 175
Tutoring / Activities (starting at age 6) 200
Health Insurance / Co-pays 200
Child Tax Credit 2000
Standard deduction effective "bonus", depends on tax bracket 1000
Jan. 30, 2020, 8:27 p.m.
Nov. 20, 2019, 5:47 p.m.