- 2 years ago
- Wedding: April 2017
sunworshipbride : So I’m in the US, the suburbs of a big Midwestern city, so my numbers will be different than yours. Since I’m TTC, I’ve talked to my sister a lot about this as she has 3 kids.
My sister is a doctor and her practice, because it was small, did not cover FMLA, so she had no income for the 12 weeks she was on maternity leave. Obviously since I’m not a doctor, I won’t lose that much, but since I am a Realtor (and too don’t get paid if I don’t sell) and work contract, I too will not have any income when I’m on leave. So for me, it’s a bit hard to judge, but based on what I’m making now between the 2 jobs, I’ll be out a minimum of $20,000 pre tax, more likely more.
To add a baby to our insurance costs an additional $35/month. That’s an additional $420 a year.
I’m budgeting around $3,500 out of pocket insurance cost since that’s our deductible. But then our cost is 20% after that so like my friend, total around $5,000.
I’m budgeting $1,000 for nursey furniture. My mom said she would buy us a crib (as my friends are also of the TTC age and I don’t have one to borrow). We’ll need a couple of dressers and a recliner too. And paint and decorations.
Diapers, wipes, baby bottles and such – probably a minimum of $50 a month. That’s $600 a year.
And all that is for the first year alone. Kids get more expensive as they get older. My oldest niece has asthma and a lot of allergies. Her medications alone are around $300 a month. She’s 7 and just started dance. You don’t want to know how much that cost.
So the conservative estimate of $1,000,000 to raise a child to age 18? I can totally see it.