Cost of Raising Children: Am I out of touch?
After catching up on some reading this holiday weekend, I never envisioned that at the ripe old age of 30 that I would be out of touch but I just had to marvel at an article the most recent issue of Money Magazine.
Of course, all kids need stuff, and there’s no reason to completely deprive them of things they’ll enjoy and even show off to their peers
Wow, I am already old fashioned and I haven’t even finished my education. There are lots of “things” children need but I doubt “stuff” is the most important one on the list.
I also wonder about the benefit of showing off to their peers. I remember playing the game of “my dad is …….” but an arms race of who has the most expensive gadget doesn’t teach children anything except that you are measured by your stuff.
If this is everyone’s approach to raising their children, no wonder the average upper middle class family spends $182,000 on each child by the age 17.
I will have to admit that I am tempted to follow what it costs us to raise our children. In a society in which the majority of households don’t budget and don’t know where they spend their money I find it hard to believe that they know how much they spend yearly on their children.
If this data is correct however I am in for a rude awakening.
