Bundle of Debt or Bundle of Joy
"Mom can I have this?"."Dad can I have that?" and it begins. By "it" I mean the constant spending of money that parents don't have to spend on $300.00 IPod's or $80.00 shoes. But, do people really know what their getting into when they have children? With the price of: diapers, wipes, milk, bottles etc. Who can really afford babies? Everyone says they cannot wait until their 18 but, at 18 parent's are still taking care of their young adults.
Whether it's paying for college or changing diapers, children are expensive. As humans we don't think about the cost children. According to "Maternity leave, Bundle of joy shouldn't call for bundle of debt", an article, states "Mothers before or after maternity leave have done no financial planning at all". Thus meaning, no one every really thinks about the cost of children. Although, the cost is a very important aspect when having babies. Research shows that children cost anywhere from $125,000- $250,000, aging from baby to 18, this price is not including college unfortunately. A shocking $9,000- $11,000 is spent on babies their first year alone. This $9,000-$11,000 is simply spent on diapers, formula, furniture, clothing etc. This information can be found at http://www.surebaby.com/costs.php.
Which brings us to the topic of teenage pregnancy, if adults can't afford children, then can teenagers afford children? Sadly, no; with teenage pregnancy you're not only giving up money you don't have but, your also giving up an education, and your chance at enjoying being a young adult. "People who have children in their teens are less likely to get a high school diploma or go on to college. They tend to earn less in the working world, and children born to these teens struggle to keep up with their peers. For many, beating back poverty becomes the overriding concern". This is information from an article titled "A baby changes everything: The true cost of teenage pregnancy's uptick" at http://www.msnbc.msn.com/id/35448556/. People of all ages should think about the cost of children before having them, or even planning them. Children stick with you past 18 years so, getting prepared to have children can come in handy. When I say getting prepared I mean getting financially stable, this can benefit all mothers in the long run.
This topic/blog really interested me because I too often wonder do people actually know what they are getting themselves into when having a child. The argument is very much easy to follow and the title explained the topic well. Actually, the title is really what caught my attention. It is so true and catching because, are you really getting 'a bundle of joy" or "a bundle of debt". Whose to say? I too agree that people of all ages should be financially stable before having a child. The cost of a child is increasingly high and is best why people shouldn't become teenage parents. As you have said the cost of raising a child is between $9,000-11,000 the first year alone and this doesn't include insurance or medical cost,and even daycare. The cost of these factors increase the amount of raising a child also. Do you think expecting parents or parents in general need to know & learn how to budget to help decrease the amount spent on raising a child, especially the first year? This link may help you in furthering this & on ways parents can save.http://www.wisegeek.com/how-much-does-it-cost-to-raise-a-child-in-the-united-states.htm
ReplyDeleteI am still a child myself evan though I am 18. My parents are paying for all of my expenses even though I am at school so I can understand how expensive it could be. Now they have more payments on their hands as in my groceries and tuition and what ever items i may need throughout the rest of my time here.
ReplyDeleteWell actually at http://www.babycenter.com/cost-of-raising-child-calculator, you can calculate the cost of raising a child with just a few simple questions. Tishira, this is a topic I believe everyone should know about, expecting mothers or not. To answer your question, I do think that expecting parents or parents in general need to know & learn how to budget to help decrease the amount spent on raising a child, especially the first year. Without budgeting, money will be spent on unnecessary things. People need to know what is a necessity and what is considered leisure especially when expecting. Maternity leave cannot add up to what you would make if you were on the job. According to an article, "Bundle of joy shouldn't call for a bundle of debt", at http://www.parentcentral.ca/parent/article/617800, the maximum one would receive for maternity leave is $447 weekly,starting two weeks after the baby is born. Mothers have 15 weeks of maternity benefits, if a mother choose to work during that time they will be deducted dollar-for-dollar from their benefits. My point being, if parents budget their money before and after the baby their problems will be a lot less.
ReplyDeleteTashina, I completely understand because I still go to my parents if I need something, and I get upset if i don't get it. Most parents feel obligated to giving their child what they want to make them happy but, if the money isn't budgeted correctly then how can a parent give their child what they want?
I truly believe that children can be an expensive thing. I know firsthand being my mother’s child who also has twins besides me. Having to grow up raising my twin sisters was hard. Every time we would go shopping and it came down to them it was always twice the expense at one time. Your title really gained my interest due to the fact I witness firsthand the struggles of raising a child by watching how my sister does it. She is only 20 with three children under the ages of 5. If she would have looked at pre planning for her children’s expenses as broken down at this website she would have been more prepared. http://financialplan.about.com/cs/familyfinances/a/CanYouAffordKid.htm An argument I would have liked to see expanded on was ways a parent could budget to cut back on the expenses of having a child. This site laid out key factors in budgeting for a parent. http://learn.bankofamerica.com/articles/money-management/are-you-financially-prepared-for-your-first-child.html Overall this post was very eye opening in many ways. As college students most of us ask our parents for funds constantly and do not think of the hurt it causes their pockets. Not everyone has rich parent who gives us $1,000 allowance no sweat. Most of us know people who could benefit from planning financially for a child. This blog helped point out important numbers.
ReplyDeleteI too have family members whom have twins, and have three children each a year apart under four years old at the age of 22. It is very hard to raise these children especially twins. According to http://remotecontrol.mtv.com/2010/04/06/how-much-does-it-cost-to-raise-twins-more-than-you-probably-think/, when having twins medical cost alone are $130,000 from birth to discharge. But, sadly that's not all. A set of twins can use up to 200 diapers a week, so in the first year the amount spent on diapers is $5,500 to $6,000. For these babies to use these diapers you have to feed them. Formula for a set of twins can cost a parent $45.00 a week, totaling at $3,340 a year. Remember everything is doubled and of course that will cost more.
ReplyDeleteIn conclusion to this blog, I believe people should plan ahead of time for babies, and become financially stable before having children. I do understand that sometimes babies aren't planned so planning is harder to do. In this situation things thing saving, and putting aways money just in case can come in handy!
Children are very expensive. I know this from experience and being an only child. To answer your question “Do people really know what they’re getting into when they have children?” I think the answer is clearly no. I’m 18 and in college and I still need my mother to help me out financially. If I had a child right now I don’t know how I would be able to take care of it whatsoever. You claim “A shocking $9,000-$11,000 is spent on babies their first year alone.” That’s a lot of money by itself and you aren’t even including yourself needing food, shelter, and transportation. I do agree with you that with the enormous growth in teenage pregnancy, a lot of teens are not only giving up money they don’t have, but they are missing out on an education and their chance of being a young adult. A baby really does change everything. Reading this blog really encourages me more to wait until I am sure I am financially stable before having a child for my sake and the unborn child’s. Do you feel like teenagers having babies so young has an effect on the United State’s economy in any way?
ReplyDeleteIf you are not financially ready to take on the responsibility of a child then it really should not be any question. People do not realize how much you are hurting the kid if you cant support he or she's every need. What you want to do is no longer an option its all about them. You never get a break its a life long job. Being in college I realized I needed my mothers financial support in order to be here and succeed. There is no way that people that are not financially stable can take care of a newborn baby. I know that if I can barely take care of myself then a baby is out of the question. I agree that if you don't have a financial plan you won't be able to take care of someone else without struggling or help from other people.
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