When Parenting Gets Expensive

“The cost of living is going up and the chance of living is going down.”—Flip Wilson, comedian

Each year, the U.S. government publishes how much it costs to raise a child from birth to age 17. The amount goes up every year. Researchers, however, have discovered that the amount your child costs depends on whether you’re in a single-parent or two-parent family and how much income you bring in each year. The research is clear: The more money you make, the more money you spend. The research also shows that all parents (no matter their circumstances) spend a lot of money on their kids to feed them, clothe them, house them, transport them, educate them, care for them, and keep them healthy. Here’s how to deal with the expense of parenting.

Try it...

For all parents

• Most parents feel the financial strain of parenting. Learn more about how other parents in your income group compare to you by downloading a free government report on the cost of raising a child.
  
  
• Consider getting involved with your school’s PTA (Parent Teacher Association), PTO (Parent Teacher Organization), or PTSO (Parent Teacher Student Organization) and learn more about budgets and fundraising. One group of parents, for example, got involved in a PTA and advocated for one school fundraiser a year that was accessible to all students (such as a read-a-thon or a walk-a-thon). They then got the word out and raised enough money to help fund items that some families were having a hard time affording, such as field trips or yearbooks.
  
  
• Talk with other parents if you’re concerned about the rising prices of parenting. See if you can work together to create ways to ease the strain, such as three or four neighbors pitching in to buy one lawn mower to share or finding a few parents who love shopping for bargains who can pick up school supplies during back-to-school sales.
  
  
• Talk with your kids about costs. Include them in conversations about the family budget or specific budgets, such as budgets for their clothes, school supplies, birthday parties, and so on. Most kids don’t realize how quickly certain staples (such as food, clothing, and shelter) can add up.
  
  
• Ask other parents for money-saving strategies that they use.
  
  
• Check out saving strategies for parents of young children published by Babytalk magazine.
  

For parents with children ages birth to 5

• Parents of young children often assume that once their kids are no longer eating baby food and are potty trained, their expenses will go down. U.S. government researchers have found that expenses are usually lower when kids are younger and that expenses grow as kids grow.
  
  
• With kids growing so rapidly, it’s not necessary that they have all new clothes. Visit second-hand shops or garage sales. Check with other parents who have slightly older children and see if you can borrow clothes once their children outgrow them. Some parents of young children pledge to pass along outgrown clothes to parents with younger children for free as long as they pledge to do the same.
  
  
• A significant amount of money for young children goes toward child care or preschool. Although these costs go up each year, it’s always more expensive to care for a younger child (such as an infant) compared to an older child (a 5 year old). Some parents have opted for family care with their young children to cut costs while others have pulled a parent out of the workforce to provide care for their young children. Do what fits your family best, not only financially but also philosophically.
  

For parents with children ages 6 - 9

• Parents are often shocked at the cost of school supplies and school lunches once their child starts attending elementary school. If you find that you can’t keep up with these expenses, find out if there are scholarships, subsidies, or other resources available.
  
  
• Don’t underestimate the cost of activities. Many have a published cost to participate, but there are often additional hidden costs, such as uniforms, providing refreshments, and other fees. Always ask before you sign your child up for an activity.
  
  
• Give your child a weekly allowance. Teach your child to save money to buy things she wants. That way, your child can learn that money doesn’t come in as easily as she might think it does.
  

For parents with children ages 10 - 15

• You’ll find yourself buying clothes like crazy again when your young teenager starts going through puberty. It will feel like those early childhood days, except the clothes will be larger and much more expensive. If your child insists on wearing designer labels, give him a monthly clothing budget so that he finds out what it costs to buy the clothes he wants.
  
  
• This is the age that many kids get braces, and the sticker price can be steep. Find out if there’s a payment plan so you don’t have to cough up the entire bill at once.
  


• If your child joins a band or orchestra, you may be pressured to purchase an instrument. You can usually find places that will allow you to rent your instrument of choice, but if you wish to purchase one, ask how long your child can use it before outgrowing it. There may be more advanced instruments that your child’s teacher will ask you to buy a few years down the road.
  
  
• Many kids at this age are very conscious about fitting in, and they will ask you to buy something because “everyone” has one and they have to have one too. Decide which items you are willing to buy, and consider having your child work toward certain purchases.
  

For parents with children ages 16 - 18

• As your teenagers get their driver’s licenses, your car insurance rates will jump dramatically. Ask your insurance company if there is a discount for teen drivers who get good grades. Your teenagers may also want to buy a car without realizing that there are many other costs, such as gas, car maintenance, insurance, and repairs. Teach your teenager about the true costs of owning a car before letting her jump into this idea.
  
  
• Most parents are shocked at the high cost of the senior year of high school. There are senior pictures, costs associated with graduation, college application fees, test fees, hosting a graduation party, purchasing graduation announcements, and more. Experts say this is only the beginning of trying to juggle the costs of helping your teenager launch into becoming an independent adult.
  
  
• With many school districts facing budget cuts, parents are finding bills that they never expected, such as lab fees for science, fees for purchasing books for class, the need for high-cost graphing calculators, and higher costs for teens to participate in sports, music, and the arts. As a family, talk about what your spending priorities are. Discuss which budget items you can cut back on in order to fund the other ones.