how much does it cost to raise kids?

United States
March 26, 2007 4:00pm CST
I just got a life insurance thing in the mail. It claims it takes $360,000 to raise a kid to age 18? In Jamaica, its more like $3,600 I think. How much does it take? If you cook and pay bills anyway, is there any difference in cost? Why?
1 response
@eden32 (3976)
• United States
26 Mar 07
I guess it would depend quite a bit on what we're including in the total. Then you'd have to take into account how you want to raise your children and where your priorities are. I am a mother of 3, and my partner & I both work. We both work from home, and we both choose to work less hours than what would be considered full time. Our income is fair, but we're not wealthy. Our lifestyle is pretty frugal by choice. Our children are homeschooled, we take vacation cheaply (camping) but frequently, and our focus is on doing things not buying things as a family. Our children are not interested in following fads and aren't concerned with having the latest & greatest new gadgets. Well are less interested in those things than most kids anyway-lol. Not including household bills, which we would have with or without kids- off the top of my head I think we spend less than $1000 per kid, per year on things like clothes, education supplies, entertainment, scouting fees & holidays. $360,000 per kid for 18 years works out to $20,000! I can't imagine what a kid needs in a year that totals that kind of money. Housing of course is a big expense, and I suppose without kids we could live in a much smaller house- but we'd only 'save' a small percentage. It's not like housing pricing double per bedroom. Our 3 bedroom house is only about 300 more per month than a studio apartment would be.