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How Much Do You Spend On Your Kids?

Posted by on Feb. 2, 2013 at 1:43 PM
  • 65 Replies

So my husband and I (despite years of trying) don't have any kids.  We make a decent amount of money, so we don't qualify for the EIC on our taxes.  Just for the heck of it I put that we had 1 child into the tax program (I changed it back, I am not commiting tax fraud), and instead of making $20,000 to much to qualify we only made about $500 to much.  Why is that?  Do people honestly spend $20,000 a year on ONE CHILD?  I mean maybe rich people do (I don't know how, but I am sure they find a way) but EIC is for poor people.  Why on earth would poor people spend that kind of money?  I don't care that I don't qualify, and I think it is great for people that do, I just don't understand the giant jump from a couple to a family of three.  Do you think that you spend even close to that on your kid each year?


by on Feb. 2, 2013 at 1:43 PM
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Replies (1-10):
Lyssa0587
by Gold Member on Feb. 2, 2013 at 1:46 PM
1 mom liked this

When you add up the extra amount of rent you have to pay for extra rooms and extra food that you are buying for them, clothes, any other necessities...yes, it is very possible to spend 20,000 a year.

Pnukey
by Jenn on Feb. 2, 2013 at 1:47 PM
2 moms liked this

It wouldn't be that much for toys and fun, but rather, having to have a bigger house, a bigger car, and then yes, more food, medicine, and what not. It adds up.

LovelyMommy24
by on Feb. 2, 2013 at 1:49 PM

Very possible.

lovinglife0682
by on Feb. 2, 2013 at 1:50 PM
Easily. Add college funds, car, house, clothes, school things. The list could go on and on.
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MsRkg
by Gold Member on Feb. 2, 2013 at 1:51 PM
It is quite easy and very possible. A lot of the expenses for children add up very quickly.
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rachelv817
by on Feb. 2, 2013 at 1:52 PM

I guess we just already pay for a large house, and are planning on getting a larger car to allow for car seats, before we ever have kids so the financial changes won't be so huge for us.

quickbooksworm
by Ruby Member on Feb. 2, 2013 at 1:52 PM

I am an accountant and costed my son once.  On average, I spend about $700-800/mo  on his expenses.  That is the difference in a one and two bedroom apartment, the mileage and gas to school, karate, and home, daycare, food, clothing, all the extras, etc.  It may even be more, I was just averaging a few months when I didn't have a lot of expenses.

brettsmomma
by ~Tammie~ on Feb. 2, 2013 at 1:52 PM
1 mom liked this

its easy to spend 20,000 a year on a child.

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km1970
by Gold Member on Feb. 2, 2013 at 1:53 PM
2 moms liked this

 By the time you factor in food, housing, clothing, utilites, school related costs, medical costs including health, dental, eye insurance, extracurricular activites, transportation costs, childcare costs(if applicable), savings...etc. Yes, you could easily come close to the $20,000 mark.

anotherhalf
by on Feb. 2, 2013 at 1:53 PM

Oh yeah.  Having a child increases the costs of a lot of things:  food, clothes, gas, car maintenance, rent, after school activities, books, toys, medical insurance, medical check ups, dental check ups, braces, glasses, not to mention the lost income when a parent stays home.

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