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Tag Archives: college savings

How Much Does It Really Cost to Raise a Child?

costs of having kids

We’ve all read those reports about how it costs almost a quarter of a million dollars to raise a child to age 18. That makes each year of life around $13,611 for middle income families. I have no idea about the rest of the world, but thought it might be fun to share average expenses for our kiddo. She will be nine in a few months, making us half way to adulthood. Here is a breakdown of our costs to raise a child. Keep in mind that we only have one kid, are upper middle class earners, and live in a low cost of living area. Where you live can be a huge influence on how much you spend. Also, as an only child, our daughter probably has the benefit of many more splurges that would be possible with multiple children. Necessary Expenses Food This is a hard category to break down because I don’t track grocery spending into kid vs adult.  Most of the time, we all eat the same things. Having a child means buying a little more. The two notable exceptions are the gallon of organic milk I buy every ten days at $5-$6 a pop and ...

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Advice for a Beginning Investor

I had the pleasure of discussing investing with one of my friends recently. She and her husband hadn’t really started saving for retirement. They also had a baby last year and wanted to look into options for college funds. I am certainly no expert, but I’ve learned a thing or two over the years, and I love to talk about money. It’s just hard to find anyone to talk with most of the time! It turns out they had already met with a financial planner who gave some recommendations, but she was unsure about his advice. It turns out she had already done quite a bit of research and just needed to pull the trigger. I think lots of people are in the same boat and end up doing nothing because they are scared of making the wrong investment choices. There is never a better time than now to start investing, and you don’t necessarily need a financial planner to do so. Financial Planners, Friend or Foe? I have nothing against having a financial planner. I know there are some amazing ones. I just don’t think any of them live in my town. I met with one a few years ...

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