{"id":911,"date":"2024-08-02T14:04:54","date_gmt":"2024-08-02T14:04:54","guid":{"rendered":"https:\/\/www.needhelppayingbills.com\/Financialliteracyhelp\/?p=911"},"modified":"2024-08-02T14:22:51","modified_gmt":"2024-08-02T14:22:51","slug":"having-kids-when-not-financially-stable-cost-to-raise-a-kid","status":"publish","type":"post","link":"https:\/\/www.needhelppayingbills.com\/Financialliteracyhelp\/blog\/having-kids-when-not-financially-stable-cost-to-raise-a-kid\/","title":{"rendered":"Having kids when not financially stable – Cost to raise a kid"},"content":{"rendered":"\r\n\r\nAs the readers of this blog know, I have mentioned my background quite a bit. I have also written multiple times about poverty, in particular single moms. There are also posts about how tragically kids “suffer” for poor decisions their parents make, whether having babies when single, too many kids, etc. What is interesting is that data shows that people are having less kids<\/strong> (if any) and the average age of birth continues to get later in later<\/strong>, in particular in urban and suburban parts of the country.\r\n\r\n\r\n\r\n\r\n\r\nMy dad \u201cformally\u201d abandoned his kids (and me) when I was 12 or so (but he was out of the picture for year(s) prior to that); there was zero child support; my mom thrust back into workforce; being raised by a single mom after that; etc. And while many had it worse, I too came from in effect a struggling single mom and we were not financially stable.\r\n\r\n\r\n\r\n\r\n\r\nI have also written about how single parents (and in particular moms<\/a>) may be the largest demographic group when it comes to poverty and we even reported on the huge number of emails that come to us from single mothers as they can\u2019t pay the bills or care for their kids. And also anyone who reads our forum also sees the overwhelming number of requests<\/strong> from single parent (mostly mothers) who are struggling. Find the forum here.\r\n\r\n\r\n\r\n\r\n\r\nThe good news is the trend is going in favor of people having birth later in their life, having fewer (or even no) kids, and also working on their finances\/careers to become stable<\/strong> before having a kid. Younger generations, including millennials, are also putting off child birth by postponing it and also having few kids. But bringing a baby into a financially unstable home is still a major crisis in the US\u00a0as\u00a0shown\u00a0from\u00a0poverty\u00a0stats<\/strong>, and of course the child is the one who is harmed the most.\r\n\r\n\r\n\r\n\r\n\r\nWhile I do not have children of my own, I have plenty of nieces, nephews, and have acquaintances\/friends with kids. While I am not in their shoes, I am exposed enough to the parents to get a \u201cfeel\u201d for what their financial challenges are. And all of them made a conscious decision to be career and financially stable (as much as possible) before having kid(s).\r\n\r\n\r\n\r\n\r\n

Annual costs of a baby – kid<\/h2>\r\n\r\n\r\n\r\n\r\nStudies vary, and the USDA says it may be 11k to 18K per year<\/a> to raise a kid prior to their 18th birthday. That amount is exclusive of higher education expenses. Other studies, such as from Brookings<\/a>, show similar costs. What did you think it costs to raise a kid in today\u2019s day and age?<\/strong> Please go with annual average from zero to 18.\r\n\r\n\r\n\r\n\r\n\r\nEven though if someone does decide to have a baby in todays day and age they better plan and account for that kid to get a college education and\/or some form of technical degree<\/strong>, as without when the kid has a minimal chance to support themselves in the future. In fact, the poverty rate for a college educated person is 5%. The poverty rate for high school only is 15%, poverty rate for those with no GED is 30%, and some college is 10%. In other words, having a college degree puts a kids chance of living in poverty to be minimal.\r\n\r\n\r\n\r\n\r\n\r\nBut please include all the other countless costs\u2026cost of delivery and all doctor visits, child care, food, housing (as you need more space for a kid), medications, all the countless supplies (cribs, car seats, etc.), toys, additional life and\/or health insurance, and more.\r\n\r\n\r\n\r\n\r\n\r\nHere are the stats from the US Census Bureau on poverty<\/strong>. First keep in mid the national poverty rate is about 12%. Now dig into the details on poverty –\r\n\r\n\r\n\r\n\r\n