Raising our daughter K hasn't been toooo expensive - yet. The diapers and pull ups have been the biggest financial commitment so far, and they are almost done.
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Four ideas to save on the cost of child raising.by Michelle Vandepas | More from this Blogger
As she gets older though, I can already tell she's going to be the kind of gal that wants ballet lessons, horseback riding lessons, after school activities, nice clothes. Since birth I've been shopping the thrift stores for the best in clothes, and for a young girl I've done pretty well. I found that the trick is to really take your time and not buy something just because it is cute - will it go with other things in her wardrobe? Is it in good shape? Could it pass for almost new? We've also had birthday parties for her and invited friends who've all given very nice presents. Thank you friends! No, I think the expensive part of raising a child is still to come. For instance, I cringe already when I think about her driving. According to experts, the cost of raising a child can range anywhere from $180,000 - $250,000 and up, depending upon your income and place you live. Everyone tends to agree that as the child gets older - the expenses rise. The cost of raising a child also seems to be directly related to how much income the family has. It is the old adage that the more you earn, the more you spend. If you are in a higher income range, you are also more likely to buy extra curricular classes such as music or ballet, and send your children to private school. What am I doing now to help prepare for her future costs? Here are just four ideas: 1. Teach the value of money to our daughter, including earning money, and a cash allowance. 2. Model responsible spending with open discussion in our home - which our daughter will participate in as she grows older. 3. Save save and save some more for her future. 4. Coach her now on making choices (based upon my wishes - if there are two choices for her to make, either choice would be fine with me) i.e. Would you like music classes or dance classes this semester - choose one! optional reading: Number Crunching: A College Fund Learn more about Michelle Vandepas  In a previous life, Michelle was president of a medical manufacturing company, and then in private practice as a holistic business consultant. Relevant money tags |
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