12-23-2009, 09:30 PM
ztirffritz wrote:
I think that all told so far, my son has cost me just about $400. That includes, the birth, clothes, food, and diapers...oh, and $15,000 for his college fund.
Don't forget all the missed wages and lack of sleep! And just wait until they start preschool and activities. I was very frugal with my kids (generic diapers, few new toys, hand-me-downs, few vacations, 1 stroller over the last 5 years), but preschool here in LA is expensive. Also, we spent a lot more on a bigger home in a good public school district and a bigger car. By far the biggest "expense" is the lack of time to do other things. If you want to be wealthy, don't have kids! Just kidding, of course.
On the plus side, you get $1k tax credit per year per kid (if your combined AGI is under ~ $110k) and you get to deduct $3500 or so per dependent. Lastly, the first $800/yr in investment or interest income that your kids make is tax free!